QRS Music Technologies, Inc. Signs Letter of Interest with Galileo Music Corporation
October 20 2005 - 10:07PM
Business Wire
QRS Music Technologies, Inc. (OTCBB:QRSM) announced today that it
has signed a non-binding Letter of Interest with Galileo Music
Corporation, Falmouth, Massachusetts, to explore a business
combination that is only in the discussion stages. The terms and
conditions under discussion were not disclosed. Galileo is a
leading provider of digital piano keyboards
(http://www.galileomusic.com/). Galileo's product lines include
Princeton, Viscount and Galileo digital pianos. Tom Dolan, QRS
President and CEO, said, "A business combination with the Galileo
product line could provide QRS a platform to introduce some of its
new technologies. Galileo would receive exposure to QRS's
distribution, technology and supply chain." The QRS Pianomation(R)
system can turn any piano into a reproducing player piano. A
hardware and software process can store and transport MIDI
("Musical Instrument Digital Interface") information as an analog
signal. This process gives QRS the ability to store, and wirelessly
transmit, MIDI performance data in an analog format from a
controller (CD, video, cassette, DVD, MP3, WMA, CF) to the receiver
on the piano. This creates numerous possibilities. For example,
most off-the-shelf audio equipment has a left and right channel
available for use. State-of-the-art technology permits QRS to store
the digital signal in an analog format on the left channel of the
software which operates those players. This leaves the right
channel available for live prerecorded audio music, even vocal
recordings. Pianomation(R) blends them together in perfect harmony
and perfect synchronization. The Pianomation(R) MIDI System is the
first product of its kind to "marry" analog and digital technology.
QRS Music Technologies, Inc.'s stock is traded Over-The-Counter on
the OTCBB:QRSM. Forward-Looking Statements Statements made in this
news release that relate to future plans, events or performances
are forward-looking statements. Any statements containing words
such as "believes," "should," "anticipates," "plans," or "expects"
as well as other statements are forward-looking, and those
statements involve risks and uncertainties outside of the control
of QRS and are based on current expectations. Consequently, actual
results could differ materially from the expectations expressed in
these forward-looking statements. Attention is directed to
cautionary statements in our filings on Form 10-KSB for the fiscal
year ended June 30, 2005, and our other filings with the Securities
and Exchange Commission. All those filings are available on the Web
site of the Securities and Exchange Commission at www.sec.gov.
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