Avid Receives Anticipated NASDAQ Delist Letter

Avid Receives Anticipated NASDAQ Delist Letter

Shares Will Continue to Trade on OTC Markets - OTC Pink Tier; Company Targets
Mid-2014 for Completion of the Restatement Process

BURLINGTON, Mass., Feb. 24, 2014 (GLOBE NEWSWIRE) -- Avid® (Nasdaq:AVID)
announced that as expected, it received a notification letter from NASDAQ on
February 21, 2014 indicating that the NASDAQ Listing Qualifications Hearings
Panel had determined to delist the shares of the Company from The NASDAQ Stock
Market and, accordingly, suspend trading in the Company's shares effective at
the open of business on Tuesday, February 25, 2014.

Following the suspension of trading of the Company's common stock on NASDAQ,
the Company's common shares will begin trading on the OTC Markets – OTC Pink
Tier under the trading symbol AVID. For quotes or additional information on
OTC Markets and the OTC Pink Tier, please visit http://www.otcmarkets.com.

The Company intends to complete the restatement and regain compliance with its
SEC filing requirements as soon as practicable. The Company is targeting
mid-2014 for completion of the restatement. In connection with becoming
current in its SEC filing requirements, the Company intends to apply for
prompt relisting on the NASDAQ Stock Market as early as possible after
regaining compliance with the listing requirements.

Forward-Looking Statements

The information provided in this press 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 the Company's
current progress and timing objectives regarding completion of its accounting
restatement and becoming current in its required filings with the SEC; the
Company's future strategy and business plans; the Company's objective to
obtain prompt relisting on the NASDAQ Stock Market and to have its shares of
common stock trade on that market following completion of the restatement and
compliance with applicable listing requirements. 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 following: the effect on the
Company's sales, operations and financial performance resulting from: delays
in Avid's completion of its financial statements and the filing of its
periodic reports; the delisting of its stock from the NASDAQ stock market and
the Company's ability to have its shares relisted on the NASDAQ stock market;
the previously disclosed ongoing SEC and Department of Justice inquiries;
pending litigation and possibility of further legal proceedings adverse to the
Company resulting from the restatement or related matter; the costs associated
with the restatement and the SEC and DOJ inquiries; the identified material
weakness in Avid's internal controls; recent changes in Avid's management;
recent changes in Avid's external accountants; 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; 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. These and 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
andcomprehensivemedia platform connecting content creation
withcollaboration, assetprotection, 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,andtelevision
shows,to live concertsand news broadcasts.Industry leading solutions
include Pro Tools®, Media Composer®, ISIS®, Interplay®, and Sibelius®. For
more information about Avid solutions and services,visitwww.avid.com,
connect with Avid onFacebook,Twitter,YouTube,LinkedIn, Google+; or
subscribe toAvid Blogs.

© 2014 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: Media Contact
         Lisa Kilborn
         Avid
         978.640.3230
         lisa.kilborn@avid.com
        
         Investor Contact
         Tom Fitzsimmons
         Avid
         978.640.3346
         tom.fitzsimmons@avid.com

Avid Technology, Inc. logo
 
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