Princeton Video Image, Inc. of Lawrenceville, N.J. has completed the sale of nearly all of its assets to PVI Virtual Media Services, a newly formed entity owned by Princeton Video Image’s two secured creditors and largest stockholders. PVI Virtual Media Services is continuing Princeton Video Image’s business under the name PVI.
PVI Virtual Media Services provided Princeton Video Image with interim financing to fund its operating expenses after filing for bankruptcy. In light of the completion of the asset sale, Princeton Video Image said it expects to file shortly with the Bankruptcy Court a chapter 11 plan of liquidation that will distribute its remaining assets to creditors in accordance with the bankruptcy code. It is expected that there will be no distributions to Princeton Video Image’s shareholders under the plan and that Princeton Video Image will subsequently be dissolved.
PVI Virtual Media Services will continue Princeton Video Image’s business of providing real-time virtual advertising, programming enhancements, virtual product integration and targeted interactive services for televised sports and entertainment events.
For more information visit www.princetonvideoimage.com.