Corel Appoints Executives from Avid and TrendMicro to Lead Expansion of Digital Media Business
Corel Corporation (NASDAQ:CREL) (TSX:CRE), a leading developer of graphics, productivity and digital media software, today announced the appointments of Jeff Hastings as President and General Manager, Digital Media and Jeremy Liang as Senior Vice President, Software Development, Digital Media.
A seasoned technology executive with more than 20 years of experience in the digital media sector, Hastings has proven expertise in driving consumer market demand for advanced digital video and audio solutions. As General Manager at Pinnacle Systems, the consumer division of Avid, Hastings was responsible for all aspects of the company’s global operations and for driving the strategies behind Pinnacle’s successful consumer campaigns with products covering video editing, TV tuners for the PC, mobile media, home music making, and digital media adapters. Hastings holds a bachelor’s degree in computer science from Purdue University.
Liang joins Corel from Trend Micro where, for the last ten years, he has served as EVP of Engineering, EVP of Information and Engineering Operations, and most recently EVP of Information and Chief Security Officer. Liang holds a masters degree in computer science from New Mexico Tech and a bachelor’s degree in computer science from ChiaoTung University, Taiwan.
“We are delighted to have Jeff and Jeremy join our team as we drive the next phase of growth for Corel’s digital media business,” said David Dobson, Corel CEO. “With digital cameras, camcorders, and HD/BD enabled devices becoming more accessible, we see opportunities to attract new users with powerful, intuitive software that they can use to create more engaging and entertaining content. Jeff’s and Jeremy’s knowledge of the market and the leading edge technologies shaping the landscape will be instrumental in helping us to deliver even more value to our customers and partners.”
“I am excited to be joining Corel and have enormous confidence in the vision that the team has articulated for its users and the market as a whole,” said Hastings. “I look forward to working with my colleagues across the Americas, Europe and Asia to ensure that, with each new release, we deliver exciting new capabilities to the market, while maintaining the high-quality, user-friendly experience that Corel is known for.”
In his new role, Hastings will be responsible for leading all aspects of Corel’s digital media business and further solidifying Corel’s leadership position in the consumer digital media category.
Having lead the successful integration of InterVideo and Ulead, Randy Eisenbach will resume his responsibilities as Corel’s senior executive responsible for the optimization of Corel’s global systems and processes. Eisenbach will focus on driving continued business transformation in support of the Company’s long term growth and profitability objectives.
To access Jeff Hastings’ bio, please visit www.corel.com/executivebios.
This news release includes forward-looking statements that are based on certain assumptions and reflect our current expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. Such risks include competitive threats from well-established software companies that have significantly greater market share and resources than us and from online services companies that are increasingly seeking to provide software products at little or no incremental cost to their customers to expand their Internet presence and build consumer loyalty. We rely on a small number of key strategic relationships for a significant percentage of our revenue and these relationships can be modified or terminated at any time. In addition, our core products have been marketed for many years and the packaged software market in North America and Europe is relatively mature and characterized by modest growth. Accordingly, we must successfully complete acquisitions, penetrate new markets or increase penetration of our installed base to achieve revenue growth. In addition, we face risks related to the acquisition of InterVideo, Inc., including the risk that disruption from the transaction may make it more difficult to maintain relationships with customers, employees, or suppliers. We face potential claims from third parties who may hold patent and other intellectual property rights which purport to cover various aspects of our products and from certain of our customers who may be entitled to indemnification from us in respect of potential claims they may receive from third parties related to their use or distribution of our products.
These and other risks, uncertainties and other important factors are described in Corel’s Annual Report dated February 23, 2007, filed with the Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA) and Corel’s other filings including Corel’s form 10-Q for the quarter ended February 28, 2007 under the caption “Risk Factors” and elsewhere. A copy of the Corel Annual Report and such other filings can be obtained on Corel’s website, on the SEC’s website at http://www.sec.gov. or on the CSA’s website at http://www.sedar.com. In addition, these and other risks can be found in InterVideo’s previous reports filed with the SEC under the caption “Risk Factors” and elsewhere, including InterVideo’s 10-Q for the quarter ended September 30, 2006, which can be found on InterVideo’s website or on the SEC’s website at http://www.sec.gov. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.
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