Virage to Integrate On-Demand Video into Selected Citigroup Corporate and Investment Bank's E-Commerce Platforms
Virage Platform Enables Efficient Distribution and Publishing of Corporate Video Assets
SAN MATEO, Calif. - August 28, 2001 - Virage, Inc. [Nasdaq: VRGE], a leading provider of enterprise-scale video content management and publishing solutions, today announced that Citigroup's Corporate and Investment Bank (CIB) will use the Virage Video Application Platform and Virage application services to create a central video repository for use in some of its eCommerce platforms. This video knowledge base will enable the efficient distribution of digital video assets. Various units of Citigroup will be able to retrieve the video content on-demand and tailor the content to meet their needs.
Virage application services will work directly with CitiMedia, a unit of the Citigroup CIB that produces and manages video and media content. The Virage platform will be seamlessly integrated into selected eCommerce portals to allow for full customization of all video content in the archive. The resulting interactive assets can then be distributed across separate divisions of the CIB. Virage will be encoding, indexing and publishing CitiMedia productions as well as third-party content.
"We are extremely pleased to work with Citigroup's Corporate and Investment Bank on their digital video distribution initiative," said Paul Lego, chairman and CEO of Virage. "More and more companies are realizing the benefits that digital video brings to their corporation. They are also recognizing that the value of the video is multiplied through instantaneous, on-demand and interactive delivery and that is what the Virage platform provides."
About Virage, Inc.
Headquartered in San Mateo, California, Virage is the leading provider of enterprise-scale video content management and publishing solutions. The Virage Video Application Platform transforms video into an effective online medium that is easy to publish, manage and distribute on the Internet or corporate intranets. The Virage platform provides content owners with the complete infrastructure for seamlessly integrating streaming video into business, entertainment and information applications. From ABC News to Yahoo! over 275 customers across a broad range of markets have turned to Virage to help them improve production efficiencies and create new revenue opportunities with video. Contact Virage at http://www.virage.com/ or (650) 573-3210.
Forward Looking Statements
This press release contains "forward looking" statements about the products and services of Virage, as that term is used in Section 21E of the Securities Exchange Act of 1934. Forward looking statements are denoted by such words as "will highlight,"" will showcase,""will deliver" and similar terms and phrases. These types of statements address matters that are subject to risks and uncertainties which could cause actual results to differ materially. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1, as amended, available online at http://www.sec.gov. All forward looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Virage and VideoLogger are registered trademarks and the Virage logo, Video Application Server and SmartEncode are trademarks of Virage, Inc. Intel and Pentium are trademarks or registered trademarks of Intel Corporation or its subsidiaries in the United States and other countries.. All other company product and service names referred to herein may be trademarks or service marks of others, and are hereby acknowledged.
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