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LONDON--(BUSINESS WIRE)--July 21, 2005--NME (OTCBB: NMEN) today stepped up its campaign for VMD (Versatile Multilayer Disc), its much talked about mega optical storage disc, following its newly appointed board and management under its CEO, Mahesh Jayanarayan.
Versatile Multilayer Disc is similar to DVD9 in that it is a multilayer technology. It is an advanced optical disc that enables mobile storage to be realized at unprecedented price-to-performance levels; far beyond the realm of existing DVD technology, it quadruples DVD storage capacity with no disruption or cost penalty to consumers, content providers or manufacturers.
Understanding & Solutions, a leading worldwide consultancy in optical disc markets reports, "NME's multilayer disc offers the possibility to achieve capacities equivalent to 'next generation' blue laser based discs such as Blu-ray - i.e. up to 50GB - using the red laser technology employed by today's DVDs. The discs can also be played on standard DVD-R drives with only minor modifications."
Mahesh Jayanarayan who has considerable experience in the commercialization of new technologies has recently established several significant partnerships and strategic alliances, which demonstrate that the VMD technology is now fully equipped and ready to be commercialized.
He said, "The Company has spent the last two years in developing and perfecting the technology. We have run several commercial trials in the last 9 months. These trials have proved conclusively that we have a brilliant product. With a dynamic and experienced team at the helm, together with the support of our partners, we are confident that the planned launch of our 40GB multilayer storage disc - the VMD, in the fourth Quarter of this year, will signal the start of a bright future for NME."
The CEO expressed that his first priority is the roll out of VMD with its partners this year to provide firm foundations for a successful and dynamic business, which should enhance shareholder value.
He went on to say that the company and its management will work hard to take a significant share of the $5 billion DVD industry.
"I know that NME has the potential to take a significant market share of the annual $5 billion DVD industry. We can offer the consumer and media industry a 40GB VMD disc that performs and features all aspects of DVD9 for a very similar price to a 8.5GB DVD9."
He adds, "With only a small software change to existing drives, which our partners have already agreed to incorporate, and full backward compatibility, it makes the decision to adopt very easy for all parties. In my opinion it is a 'no brainer' and a 'slam dunk' proposition."
As further validation to this technology, the company has drawn a number of world leaders in optics and media to collaborate as strategic partners in the global roll-out strategy.
These include:
1. Production partners - NME has entered into advanced negotiations with a number of the worlds leading DVD manufacturers and replicators that will lead the global production strategy, through facilities in South America, Northern Ireland, Germany and South East Asia to manufacture VMD in the 4th Quarter;
2. VMD players and devices - Through its joint venture with E-World in China, it has over 5 OEM partners who will produce VMD compatible players and Personal Video Recorders (PVRs) in the 4th Quarter;
3. Content partners - The company has formed several content partnerships in ethnic and special interest markets, amongst whom Eros Media is the world leading distributor of Bollywood content. NME and Eros will launch 5 Blockbuster movies in High Definition (HD) on VMD throughout the world in the 4th Quarter.
New appointees to the board are:
1. Chairman, Mr. Rupert Stow, an acclaimed technology consultant who spent many years with CBS;
2. Chief Technology Officer, Professor Eugene Levich, a distinguished scientist who is credited with the development of the new generation optical storage VMD technology;
3. Mr. Rahul Didi, an expert on institutional finance;
4. Chief Operating Officer, Mr. Alexander Bolker-Hagerty, with experience in a family owned worldwide luxury consumer goods business.
The new management team has already triggered greater investor confidence in the company. The company recently converted at the market price the following outstanding loan obligations owed to two of its principal shareholders into the common stock of the company: May Ltd. converted $87,000 of debt into 1,740,000 common shares as did TriGM Ltd. convert $87,000 of debt into 1,740,000 common shares. The company also received a $400,000 investment from an accredited investor, in turn issuing 5,804,594 common shares.
The current strategic partners will contribute close to $5 million in plant & machinery in NME's pilot plant and further support the company with working capital against orders.
The CEO expressed the view that NME was significantly undervalued considering its huge business potential and needed to move to a more recognized exchange to complement its business.
The company recently appointed Spencer Clarke, an Investment Bank in the USA to assist and advise the company in its move to a more recognized market either on the NASDAQ, in the USA, or, the AIM, in the UK.
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