Apple Computer Creates New Spinout Company
Cupertino, CA -- July 11, 1990 - - Apple Computer Inc. Wednesday announced the formation of a new spinout company, General Magic Inc.
Former Apple employees Bill Atkinson, Andy Hertzfeld and Marc Porat founded the new company and will serve as General Magic's executive team. Apple will become a minority investor and General Magic's largest corporate shareholder. Apple also has the first non-exclusive license to manufacture and market the spinout's technologies. Apple chairman and CEO John Sculley will serve on General Magic's board of directors.
According to General Magic's founders, the new concern will design and develop a new class of "Personal Intelligent Communicator" products.
"We're excited that Apple will be working closely with these industry pioneers as they develop their revolutionary new vision of computing and communication," Sculley said.
Sculley also said that Apple chose to spinout the project because the new concern will address market segments outside of Apple's mainstream business.
"The spinout relationship gives Apple a venue to expand the portfolio of its activities while focusing the company's resources on advancing personal computing," Sculley said. General Magic said that Apple's management and many of Apple's employees have been actively involved in developing the concepts that led to the creation of the spinout. "With John Sculley on our board, we expect the relationship between the two companies to be strong and productive," General Magic's founders said.
Bill Atkinson, a 12-year Apple employee, will maintain his ties with the company by becoming an Apple Fellow Emeritus.
Apple, and the Apple logo are registered trademarks of Apple Computer Inc.
General Magic, the General Magic logo, and "Personal Intelligent Communicator" are trademarks of General Magic Inc.
Regis McKenna Inc.
Jane Anderson, 415/354-4451
Apple Computer Inc.
Christopher Escher, 408/974-2202.