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FRONT PORCH DIGITAL
20000 HORIZON WAY, SUITE 120 / MOUNT LAUREL NJ 08054
T. 856.439.9950 / F. 856.439.9960 / www.fpdigital.com
EXHIBIT 99.1
FRONT PORCH DIGITAL ACQUIRES CONTENT MANAGEMENT SOFTWARE DIVISION FROM
MANAGEDSTORAGE
FRONT PORCH DIGITAL POSITIONED TO BECOME A LEADING GLOBAL PROVIDER OF DIGITAL
CONTENT MANAGEMENT SOLUTIONS FOR THE BROADCAST AND MEDICAL INDUSTRIES
MOUNT LAUREL, NJ, August 1, 2002 -- Front Porch Digital Inc. (OTCBB:FPDI) today
announced that on July 31, 2002 it acquired ManagedStorage International's (MSI)
DIVArchive software and solutions division located in Toulouse, France in
exchange for common stock. The acquisition will rapidly expand Front Porch
Digital's market reach to include companies in Europe, Asia and the Middle East.
DIVArchive is an advanced digital content management and archiving software that
is integrated with a variety of broadcast and medical systems, including archive
systems for medical PACS vendors, such as Kodak. Numerous global entertainment
companies and broadcast facilities currently utilize DIVArchive, including
newsrooms, centralized broadcast operations, show business channels, television
stations and sports event broadcasters. The Content Management Software Group
acquired by Front Porch Digital currently services over 30 installations of
DIVArchive for the division's top-tier global clients.
DIVArchive enables Video Servers and Asset Management Systems to archive to a
common storage. Front Porch Digital's VAST workflow automation and transcoding
software adds searchability and format independence, considerably enhancing the
value of shared storage. The VAST architecture features Front Porch Digital's
single capture, multi-repurpose process that simplifies digital content
archiving. Broadcasters and Cable Multiple Systems Operators (MSOs) may now
treat their shared storage as a shared archive, completing the transition from a
videotape based production and distribution to a more efficient data and server
based environment.
DIVArchive will significantly strengthen Front Porch Digital's software and
service offerings to the medical community as well. DIVArchive integrates with
newer patient record systems while Front Porch's DICOM Data Mover facilitates
the automated migration of these records. The combination of these technologies
delivers a complete data migration and content management solution to medical
facilities that will allow them to quickly and easily adopt a more comprehensive
and powerful records archive system that complies with the new HIPPA
legislation.
"We are very pleased with our acquisition of DIVArchive and look forward to
merging this content management software division into our suite of digital
product and service offerings," said Don Maggi, CEO of Front Porch Digital. "We
acquired an operating business that has signed contracts, will increase our
customer base and offer opportunities for expansion into new international
markets. The combined company's contracted revenue is expected to generate over
two million dollars in Q3 and Q4, 2002."
"Front Porch Digital is a major player in the broadcast business in terms of
stature and impact," said Tom Sweeney, President and CEO of ManagedStorage. "Its
patented products, coupled with its new global reach, will position the combined
organization to be a premier provider of digital content management solutions
for the broadcast and medical industries worldwide."
Additional information regarding the terms of the acquisition will be disclosed
in Front Porch Digital's related Current Report of Form 8-K.
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PRESS RELEASE
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FRONT PORCH DIGITAL
20000 HORIZON WAY, SUITE 120 / MOUNT LAUREL NJ 08054
T. 856.439.9950 / F. 856.439.9960 / www.fpdigital.com
ABOUT FRONT PORCH DIGITAL: Front Porch Digital Inc. (www.fpdigital.com) is
transforming the digital world by developing unique software and services that
convert audio, video, images, text and data into digital formats that enable
searching, browsing, editing, storage and on-demand delivery of content in
nearly any other digital format through a single capture. To join Front Porch
Digital's investor e-mail list, please complete the form found at
http://www.fpdigital.com/html/e-mail_notification.html.
ABOUT MANAGEDSTORAGE INTERNATIONAL: ManagedStorage International Inc. (MSI), the
premier provider of guaranteed data protection storage solutions, enables
companies and leading service providers to strategically manage storage as a
critical corporate resource. Its suite of turnkey data protection solutions
enables service providers and value-added resellers to offer guaranteed storage
services to their customers. ManagedStorage enables businesses to focus internal
IT resources on initiatives that drive competitive performance.
The company was formed in April 2000, when it was spun out of StorageTek, with
funding from Great Hill Partners and J.P. Morgan Chase & Co. MSI's investors
include Providence Equity Partners, Inc. and Wachovia Capital Partners.
ManagedStorage is headquartered in Broomfield, Colorado. For more information,
visit www.managedstorage.com or call (800) 397-1719.
CONTACTS: MARY S. PARK KEVIN THOMAS
Front Porch Digital Inc. ManagedStorage International Inc.
(646) 336-0366 (303) 449-8279
mpark@fpdigital.com kevin.thomas@managedstorage.com
Front Porch Digital Forward Looking Statements: This news release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, which reflect Front Porch Digital's current views
with respect to future events and financial performance. Such statements are
subject to certain risks and uncertainties that could cause actual events or
results to differ materially from those indicated from such forward-looking
statements. The potential risk factors include Front Porch Digital's limited
operating history and experience in the data and video digital conversion
business, Front Porch Digital's ability to attract significant additional
financing and incur operational losses and negative cash flow, and risks
associated with expansion. Additional risk factors are set forth in Front Porch
Digital's reports and documents filed with the Securities and Exchange
Commission.
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TRADEMARKS: All products or company names mentioned are used for identification
purposes only and may be trademarks of their respective owners.
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PRESS RELEASE