Intelligent Media Technologies, Inc. Created by Management Buyout of Tyco International Unit

Business Wire, Nov 12, 2002

Business Editors

ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 12, 2002

On October 1, 2002 the management and employees of an Orlando-based Tyco Fire and Safety business unit completed a management buy out of intellectual property and other assets and established Intelligent Media Technologies, Inc. (IMT). The transaction completes a full circle for the IMT management and employees. In April 2001, Sensormatic Electronics Corp acquired their company, ten-year old BEC Technologies, Inc., as part of Sensormatic's strategic initiative to provide fully integrated digital security solutions. Following Tyco's acquisition of Sensormatic in October 2001, the focus on internally developed advanced technologies was reduced leading to the decision to spin-off the business unit in September 2002.

Intelligent Media Technologies, Inc. is an industry leader in developing fiber optic-based multimedia digital signal switching technologies. The hardware and software solution known as OMNInet is directed to such diverse markets as intelligent transportation systems, professional audio, distance learning, as well as the traditional security marketplace. OMNInet has a well-established worldwide customer base including ESPN; Petronis Theatre in Kuala Lumpur; the Pentagon; Walt Disney's EPCOT theme park; Sea World Orlando; and Universal Studio's Islands of Adventure in Orlando, Florida.

IMT will continue to develop and manufacture products in their Orlando facility and will market the products worldwide, using in part the sales and distribution channels of Tyco International.

The original staff headed by Dr. Robert Proctor, Director of Development, and Mr. Tom Makofske, Director of Operations, remains in place. Mr. David S. Hauger, formerly Director of Strategic Partnerships at Sensormatic Electronics Corp. has joined IMT as Chief Operating Officer. The company is privately funded.