June 12, 2003 - LONG BEACH and SAN JOSE, CA – Pioneer Electronics (USA) Inc., a leader in the development and manufacturing of home electronics technology, today announced its license agreement with TiVo Inc., (NASDAQ:TIVO) a creator of television services for digital video recording. Pioneer becomes the latest licensee of the TiVo digital video recorder (DVR) service. Pioneer is currently working with TiVo in the development of products that will be available later this year.
Pioneer has a long history of innovations, including the world's first DVD recorder, laser disc player, combination DVD-Audio and SACD DVD player, and digital sound projector. The company is recognized as a leading manufacturer of home electronics products. Pioneer's agreement with TiVo is consistent with Pioneer's global vision for the future.
"TiVo is truly a pioneer in the DVR category. It gives me great pride to announce that Pioneer is working with TiVo in the development of new products that will add features to the standard DVR that consumers have not yet experienced," said Tom Haga, president of the home entertainment division of Pioneer Electronics (USA) Inc. "The combined expertise of Pioneer and TiVo will undoubtedly bring new innovation that consumers desire."
"We are pleased to have a leader like Pioneer as a licensee of the TiVo technology. Pioneer's long history of developing revolutionary home electronics products offers exciting possibilities for new TiVo-enabled products that we'll see in the marketplace very soon," said Mike Ramsay, TiVo CEO. "Holiday shoppers are going to see TiVo products with more exciting features than have ever been offered before."
Founded in 1997 with the mission to dramatically improve consumers' television viewing experiences, TiVo (NASDAQ: TIVO) is a creator in television services for digital video recorders (DVR). TiVo's leadership has defined and inspired the entire category, earning the company patents for pioneering inventions associated with DVR software and hardware design. TiVo was the first to deliver on the promise of consumer choice and control over TV viewing, building a loyal and passionate subscriber base with over 97% of customers surveyed recommending TiVo to a friend. This enthusiasm has contributed to overwhelming growth over the past year, and the total subscriber base exceeds 703,000. TiVo is headquarted in San Jose, CA. Additional information is available at www.tivo.com.
Pioneer Electronics (USA) Inc. is headquartered in Long Beach, Calif., and its U.S. Web address is www.pioneerelectronics.com. Its parent company, Pioneer Corporation, is a leader in optical disc technology and a preeminent manufacturer of high-performance audio, video, computer and cable equipment for the home, car and business markets. The company focuses on four core business domains including DVD, display technologies, Digital Network Entertainment and components. Founded in 1938 in Tokyo, Pioneer Corporation employs more than 34,000 people worldwide. Its shares are traded on the New York Stock Exchange (NYSE:PIO).
This release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements relate to,
among other things, TiVo's business, services, business development, strategy, customers
or other factors that may affect future earnings or financial results. Forward-looking
statements generally can be identified by the use of forward-looking terminology
such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or
similar expressions or the negative of those terms or expressions. Such statements
involve risks and uncertainties, which could cause actual results to vary materially
from those expressed in or indicated by the forward-looking statements. Factors
that may cause actual results to differ materially include delays in development,
competitive service offerings and lack of market acceptance, as well as the "Factors
That May Affect Future Operating Results." More information on potential factors
that could affect the Company’s financial results is included from time to time
in the Company’s public reports filed with the Securities and Exchange Commission,
including the Company’s Annual Report on Form 10-K for the fiscal year ended January
31, 2003, as amended, filed with the Securities and Exchange Commission. We caution
you not to place undue reliance on forward-looking statements, which reflect an
analysis only and speak only as of the date hereof. TiVo disclaims any obligation
to update these forward-looking statements.
TiVo, Season Pass, WishList, TiVo Basic are registered trademarks of TiVo Inc. in the United States and other jurisdictions. All other company or product names mentioned may be trademarks or registered trademarks of the respective companies with which they are associated.