[ This press release issued by QRS appeared on AOL News. ]
Jan. 6, 1998 -- QRS Music Technologies Inc. ("QRS") today announced
it has signed a Preliminary Letter of Intent with the Dongbei Piano
(Group) Co. ("Dongbei"), Yingkou Liaoning Province, China.
The Letter of Intent addresses two areas of mutual business interest.
The first area of mutual interest is a strategic alliance or joint
venture as related to the design, manufacturing and marketing of a new
grand piano. The second area of mutual interest is the potential
purchase of Dongbei by QRS. Currently, Dongbei manufactures a line
of vertical (upright) pianos and produces approximately 20,000 vertical
pianos per year. QRS has been importing Dongbei vertical pianos for
the past year and one-half and markets them under the trade name
"Prelude." Several meetings to discuss the items outlined in the
Letter of Intent are scheduled for the first quarter of 1998.
The Letter of Intent is a non-binding document, the purpose of which is
to facilitate discussions between QRS and Dongbei. An actual acquisi-
tion, joint venture or strategic alliance will require substantial
negotiation, compliance with Chinese law and practice, due diligence,
documentation, financing and other steps. There is no assurance that
any such transaction will occur.
The QRS Pianomation(TM) system can turn any piano into a reproducing
player piano. A patented hardware and software process can store and
transport Musical Instrument Digital Interface
("MIDI") 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, DAT or Minidisc)
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(TM) blends them together in perfect harmony and perfect
synchronization. The Pianomation(TM) MIDI System is the first product
of its kind to "marry" analog and digital technology.
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" is forward-looking, and these statements involve risks and
uncertainties and are based on current expectations. Consequently,
actual results could differ materially from the expectations expressed
in these forward-looking statements.
QRS Music Technologies' World Wide Web site is http://www.QRSMusic.com.
Sample audio selections are available at the Web site. QRS is also on
America Online (Keyword: QRS). QRS Music Technologies Inc. stock is
traded on the OTC Bulletin Board market system with the symbol QRSM.
Standard & Poor's CORPORATIONS RECORDS provides coverage on QRS Music
Technologies Inc. Standard & Poor's Internet site for QRS is
Campbell & Associates
Chuck Campbell, 708/798-9405