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  Optibase Deal Moves Forward 2004 / 03 / 31

Optibase Deal Moves Forward

In 1998, we decided to build Pegasus, an advanced system with higher value.  Despite the cost and risk, we put together a first-rate engineering team and, four years later, in New York, on February 25, 2002, rolled out 844/X to the public, effectively re-launching the Company around the 844/X development.

The launch of 844/X in February 2002 was just six months after 9/11.  It was also amid the worst downturn in the technology industry ever.  Nonetheless 844/X gave Media 100 a real opportunity to succeed.  The product was a breakthrough.  The business model was clear and proven-selling high-value, differentiated, but PC based systems through an indirect channel.  We had made an investment that no one else had made.  We had done something that no one else had done.  844/X could do what no other product could do.These are the facts.

The problem was we did not have enough of a balance sheet.  Like a start up, we had spent it developing the product.  But unlike earlier periods, it was virtually impossible to raise new capital, especially large amounts like the tens of millions we used to build 844/X.  During 2003, reports of Media 100's operating losses, cash burn, and lower cash balance became the biggest impediment to selling 844/X systems.  Channel partners,existing users, new prospects, and even suppliers began to grow alarmed.  Behind the scenes, competitors trained their salesmen to amplify this alarm.

Giving Media 100 a strong financial foundation is the number one reason for the deal with Optibase.  We need a strong financial foundation and a strong technical foundation to compete long term.  Without this deal, we would be like a rocket standing at the pad with an empty tank-great technology without the balance sheet to propel it in the market place.

Now our tank is getting filled.  As a part of Optibase, Media 100 will be backed by a balance sheet with greater than ็ million in cash.  We will exist as we did when we were a part of Data Translation.  From the start, we will be nearly as large as the other Optibase operating units with the potential over time to grow much larger.

The deal allows us to keep our every single one of our employees, especially our brilliant engineering team that has been together, and so close-knit, for years.  Now we even have the ability to add to their ranks.

The deal also allows us to keep our sales and marketing team intact, including Jeff Way on the west coast, Jean Georges in the middle of the country and the Northeast, and Joe Hewes managing the Southeast.

Media 100 is continuing the development of 844/X and Media 100 HD as aggressively as ever, unabated, with full force.  This you will witness at NAB.  The deal allows us to get back to marketing and selling our products with full force.  From a business and investment point of view, the deal allows us to translate our technical achievement into market value over time as a part of Optibase, driving greater shareholder interest and support, which feeds back support to us as a developer.

As announced last week, Media 100 and Optibase have signed a deal that transfers substantially all the assets of Media 100 to Optibase; also, it provides a substantial cash loan so that during the deal process we can get back to business without further interruption.  On Monday of this week, the loan was approved by the court and Media 100 now has the money to run its business.  The documents that Media 100 and Optibase have created and signed are binding.  Tactically, Media 100 has filed a voluntary petition for reorganization under Chapter 11.  We have conceived this approach to expedite the merger process with Optibase and allow Media 100 to optimize our Marlboro business operations as a new unit of Optibase post-deal.

For the thousands of our customers, and you-our channel partners-our employees, and Optibase's employees, this deal is very, very positive.

With the asset purchase and loan announcement this week, our plan now is to get back to business.  NAB is less than three weeks away.  Here are the salient points:

1.    Media 100 will continue as a business unit of Optibase;
2.    The Media 100 brand and our all our product brands will continue, as isunchanged, and undiminished;
3.    Media 100 will exhibit at NAB, both by occupying a portion of the Optibase booth and by hosting a large nearby theater dedicated to showing off 844/X Version 3;
4.    We are building and shipping products now;
5.    And accordingly, we will be after you to pay any tardy invoices.

What does this mean for Media 100's Channel Partners?  It means that the Media 100 you know will continue to operate as a business unit of Optibase. It means that business will continue as it has, subject more often to improvements than to any major changes.

It also means that we are very, very excited about the future-and we hope that you are too.
 
A good article to forward to prospects who are concerned about the future of Media 100 Inc, 844/X, or Media 100 HD recently appeared in POST Magazine.  It is available online at: http://www.postmagazine.com/post/article/articleDetail.jsp?id=90089.


 
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