Magex and Mitsubishi Corporation Unveil First Joint Product to
Added: (Mon Nov 27 2000)
Pressbox (Press Release) -
FOR IMMEDIATE RELEASE
Magex and Mitsubishi Corporation Unveil First Joint Product to
Japanese Digital Content Market
NEW YORK, November 20, 2000 ¡V Magex and Mitsubishi Corporation (NYSE: MSBHY) today announced the first initiative resulting from their partnership forged in April, providing digital rights management solutions to Japan. Digital House, an online service that sells professional digital photographs to Japanese media and marketing industries, will use Magex¡¦s DRM solution in conjunction with AttractorPhoto, a new viewer designed by Mitsubishi, to secure the company¡¦s photo catalogue. The Digital House partnership marks the first entrance for both companies into the digital distribution for media services.
To kick off the new service, the companies will distribute Mitsubishi AttractorPhoto and Magex software via CD to top agencies and publications in Japan. Magex will handle the financial clearing of all photos purchased and provide software to Digital House for securely packaging its content. Digital House expects to grow its database to over 500,000 images in the next three years and the photos will range in price from 1,000 to 30,000 yen.
¡§Magex¡¦s commitment to the digital economy is unparalleled,¡¨ said Patrick Campbell, chairman and CEO of Magex. ¡§Working with a leader like Mitsubishi has given us an edge to successfully adapt and apply our product in Japan. Magex is already a viable solution in the digital music industry; photography marks a new milestone.¡¨
The Digital House deal illustrates the flexibility of the Magex digital clearinghouse. Not only can Magex¡¦s DRM solutions process payments in yen, but also it can execute software applications and help-desk support in Japanese. Magex is the first digital rights management company which enables international companies to offer digital content on a global and local scale simultaneously through one provider. In addition to Japanese Yen, Magex process the purchase of digital goods in US Dollars, Pounds Sterling, Canadian Dollars, the Euro, French Francs, and German Marks.
¡§We have taken an active involvement in promoting and selling Magex¡¦s innovative and robust solution,¡¨ said Hajime Kimura, Division COO, eCommerce Division, Mitsubishi Corporation. ¡§Our success with Digital House will be the first step in really getting the Magex service out to the Japanese public.¡¨
Since partnering with Mitsubishi in April, digital commerce service Magex has worked with Universal Music Group to launch its bluematter digital music service as well as moving to an international headquarters in New York.
About Magex
Magex¡¦s global digital commerce service is built on sophisticated digital rights management technology provided by InterTrust, the MetaTrust Utility (NASDAQ: ITRU). It delivers persistent protection of digital content and rights alongside a trusted payment process and financial clearinghouse. This allows consumers to pay safely and instantly for digital content purchased via an electronic wallet, a Magex software application resident on the user¡¦s PC. Backed by British banking giant, NatWest, part of the Royal Bank of Scotland Group, Magex enters the market with over 250 years of banking expertise behind them.
Magex raised US$80 million in its first round equity funding and is currently operating out of offices in London, Palo Alto and New York. Major shareholders include Goldman Sachs, Capital Z Financial Services, NatWest (now owned by Royal Bank of Scotland), Universal Music Group, InterTrust Technologies Corporation, Sir Paul McCartney, and Reuters. For more information visit www.magex.com.
About Mitsubishi Corporation,
Generally classified as a trading company, Mitsubishi Corporation has decades of experience doing business around the world, experience that has made it more than just a leader in international trade. The company's six business groups - Information Systems & Services, Fuels, Metals, Machinery, Chemicals and Living Essentials-work closely with clients to develop new business opportunities. Mitsubishi Corporation is constantly on the lookout for new sources of growth and revenue, applying its traditional strengths in promising new fields such as information, financial services, and logistics and retailing. Recognized as a leader in international business, Mitsubishi Corporation is one of the world's most diverse enterprises. Based in Tokyo, the company's more than 12,000 professionals serve clients through a global network of 42 offices in Japan and 118 offices and subsidiaries in 73 locations overseas. This extensive network and Mitsubishi Corporation's wide-ranging activities give it a decisive edge in gathering the timely, accurate market information vital to success.
This global trading company is working with InterTrust to provide MetaTrust-Certified™ applications and clearinghouse data center services to enable digital commerce. In the project called RightsWorks™, Mitsubishi will also deploy business-to-business global trading solutions to Mitsubishi customers and partners.
About Digital House Inc,
Digital House Inc. is a joint venture established by Toppan Printing, one of the two printing giants in Japan, KDDI, Japan's largest international telephone service company, KDD Technologies, KDDI's wholly owned subsidiary, Kyodo News Service, the leading news service agency in Japan, and Infonet, an editing service company. DH is a pioneer in commercializing important digital image technologies in the multimedia age. DH's capital of 200 million is testimony to the great expectations that the founders place in this joint venture.
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