QDesign
Corporation Announces Corporate Restructuring
Vancouver — November 1,
2002 - QDesign Corporation, a leading vendor of technology solutions
for delivering digital music, announced today the completion of a corporate restructuring started in September 2002. While details of the restructuring were not released, the transaction included the sale of the company's US subsidiary and specific video and security intellectual property assets.
Thomas Carhart, who joined the company as CEO in January 2003, has left the company to pursue other interests. "QDesign wants to express our appreciation for Tom's efforts this year, and we wish him well in his future endeavours.", said founder Richard Beaton, who has been appointed to the position of President and CEO.
"Divesting the company of some valuable but non-core assets allows us to once again focus our resources on innovation in audio compression and signal processing technologies", said Beaton. "This reorganization allows us to reaffirm our commitment to our long-standing customers in the professional audio, new media and broadcast industries by giving us the resources to support and enhance our existing products and to develop new technologies in 2003."
The company will consolidate operations in Vancouver, leveraging core expertise, applications, and signal processing intellectual propery assets into new products in the coming year.
About QDesign
Founded in 1995, QDesign Corporation is a world leader in digital audio technologies,
delivering state-of-the-art solutions to the broadcast, new media and Internet delivery industries. With the release of the world's first real-time MPEG-2 audio compression
software in 1996 and the subsequent introduction of MP3 software encoders and the QDesign
Music and QDX technologies, QDesign has established a reputation for providing the most advanced audio compression solutions. From the inclusion of the QDesign
Music Codec in Apple QuickTime as the audio compression solution for Internet
streaming, multimedia authoring and digital music, to the high-quality, scalable QDX audio format, QDesign has received numerous industry accolades
for delivering the best web audio products. QDesign audio technologies
appear in hardware processors, digital audio production, radio automation and
distribution systems as well as consumer multimedia software and devices. For
more information on QDesign and its products, please visit: www.qdesign.com.
Contact:
QDesign Corporation
Media Relations
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