Pinnacle Systems invests in Jungle

Pinnacle Systems has entered into an agreement to purchase a majority interest in Jungle KK, a privately held software re-publisher based in Tokyo, Japan.

Pinnacle's investment will be approximately $4 million consisting of a combination of cash and stock. The investment deal is expected to close on July 1, 2003.

Pinnacle Systems plans to offer Jungle's products and Pinnacle's consumer video product line, the Studio family, the Pinnacle Instant Family, the PCTV line as well as consumer audio products such as MyMP3 Pro and Clean to the Japanese market.

Jungle KK will manage the distribution and sales of these consumer products.

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