Delisting of Avid Stock Stayed Through NASDAQ Hearing Process

  Delisting of Avid Stock Stayed Through NASDAQ Hearing Process

Business Wire

BURLINGTON, Mass. -- September 18, 2013

Avid Technology, Inc. (NASDAQ:AVID) On September 16, 2013 Avid received a
letter from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the NASDAQ
Hearings Panel (the “Panel”) had granted the Company’s request to extend the
stay of the delisting of the Company's common stock pending the final
determination regarding the Company’s listing status. At a hearing before the
Panel, the Company will present its plan to regain compliance with NASDAQ's
filing requirement, as set forth in Listing Rule 5250(c)(1) (the “Rule”) and
request the continued listing of its common stock on NASDAQ pending such
compliance. The Panel has the discretion to grant the Company an extension
until March 14, 2014 to regain compliance with the Rule. There can be no
assurance that the Panel will grant the Company's request. The Company will
provide an update regarding its continued listing status once the Panel has
reached a decision on the matter.

Cautionary Note Regarding Forward-Looking Statements.

The information provided in this notice includes forward-looking statements
that involve risks and uncertainties, including statements about Avid's
anticipated plans, objectives, expectations and intentions. Such statements
include, without limitation, statements regarding the additional time that may
be granted for Avid to regain compliance with the NASDAQ rules; any stay that
may be granted with respect to the delisting of Avid's common stock; Avid's
ability and time required to regain compliance with NASDAQ's rules; the
ongoing evaluation of Avid's current and historical accounting practices and
the outcome and timing of such evaluation; the scope of the ongoing
evaluation; and the timing of the filing of restated financial statements and
prior and future periodic reports. These forward-looking statements are based
on current expectations as of the date of this filing and subject to known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements, including but
not limited to: the impact of restatement of financial statements for prior
periods; the impact of delays in Avid's completion of its financial statements
and the filing of its periodic reports; the impact of the previously disclosed
ongoing SEC and Department of Justice inquiries; the impact of the ongoing
evaluation and these inquiries on Avid's financial results and financial
statements for the quarter ended June 30, 2013 and prior and future periods,
including the costs associated with the evaluation and inquiries; whether Avid
will be granted additional time to regain compliance with NASDAQ's continued
listing requirements, Avid's ability to regain compliance with NASDAQ's
continued listing requirements; the identified material weakness in Avid's
internal controls; recent changes in Avid's management; Avid's ability to
execute its strategic plan and meet customer needs; its ability to produce
innovative products in response to changing market demand, particularly in the
media industry; risks related to litigation; competitive factors; history of
losses; fluctuations in its revenue, based on, among other things, Avid's
performance in particular geographies or markets, fluctuations in foreign
currency exchange rates and seasonal factors; adverse changes in economic
conditions; and Avid's liquidity. Moreover, the business may be adversely
affected by future legislative, regulatory or tax changes as well as other
economic, business and/or competitive factors. The risks included above are
not exhaustive. Other factors that could adversely affect Avid's business and
prospects are described in the filings made by the Company with the SEC.

Avid expressly disclaims any obligation or undertaking to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.

About Avid

Through Avid Everywhere, Avid delivers the industry's most open, innovative
and comprehensive media platform connecting content creation with
collaboration, asset protection, distribution and consumption for the most
listened to, most watched and most loved media in the world—from the most
prestigious and award-winning feature films, music recordings, and television
shows, to live concerts and news broadcasts. Industry leading solutions
include Pro Tools®, Media Composer®, ISIS®, Interplay®, and Sibelius®. For
more information about Avid solutions and services, visit www.avid.com,
connect with Avid on Facebook, Twitter, YouTube, LinkedIn, Google+; or
subscribe to Avid Blogs.

© 2013 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Media
Composer, Pro Tools, Interplay, ISIS, and Sibelius are trademarks or
registered trademarks of Avid Technology, Inc. or its subsidiaries in the
United States and/or other countries. The Interplay name is used with the
permission of the Interplay Entertainment Corp. which bears no responsibility
for Avid products. All other trademarks are the property of their respective
owners.

Contact:

Avid
Media Contact
Lisa Kilborn, 978-640-3230
lisa.kilborn@avid.com
or
Investor Contact
Tom Fitzsimmons, 978-640-3346
tom.fitzsimmons@avid.com
 
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