Avid Receives Positive NASDAQ Panel Decision

  Avid Receives Positive NASDAQ Panel Decision

Business Wire

BURLINGTON, Mass. -- October 17, 2013

Avid Technology, Inc. (NASDAQ: AVID) today announced that it received a
positive decision from the Listing Qualifications Panel of The NASDAQ Stock
Market (“NASDAQ”) granting Avid’s request for an exception within which to
regain compliance with NASDAQ’s filing requirement, through March 14, 2014. It
is a condition to the Company’s continued listing on NASDAQ that the Company
evidence compliance with all applicable requirements for continued listing on
NASDAQ on or before March 14, 2014, including the filing of all outstanding
annual and periodic reports with the Securities and Exchange Commission. The
Company expects that it will be able to satisfy the March 14, 2014 deadline.

The Company's cash balance on September 30, 2013 was $50.2 million. The
Company expects that additional cash expenditures related to the ongoing
accounting evaluation through completion of the evaluation will amount to
approximately $15 million to $20 million.

Cautionary Note Regarding Forward-Looking Statements.

The information provided in this release 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 Avid's belief that it will
be able to comply with the March 14, 2014 NASDAQ deadline by completing the
previously announced restatement and filing its outstanding annual report on
Form 10-K and periodic reports on Form 10-Qs with the SEC, and the estimated
costs related to the Company's ongoing accounting evaluation of its current
and historical accounting practices. 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 September 30, 2013 and
prior and future periods, including the costs associated with the evaluation
and inquiries; 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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