PacketVideo Files for Initial Public Offering

PacketVideo Corp. (http://www.packetvideo.com) announced that it has filed for an IPO today.

All of the shares in the offering are being sold by the Company. The terms of the public offering have not yet been disclosed. The proposed Nasdaq symbol is PVDO.

The public offering is being managed be an underwriting group led by Credit Suisse First Boston. Banc of American Securities LLC and Donaldson, Lufkin & Jenrette Securities Corp. are co-managers of the offering.

PacketVideo announced yesterday that it will provide its PVPlayer MPEG-4 decoding software to NEC Corporation to show off one-way video streaming capability on NEC's video cell phone platform.

The PVPlayer software displays rich media content, regardless of network speed or protocol, through standards-based video compression software. The company says that the PVPlayer is MPEG-4 compliant, and is operating system and platform independent.

PacketVideo's co-founder, president, and chief technology officer, Dr. James Brailean, commented, "MPEG-4 is very rapidly becoming a requirement for meeting carriers' expectations of how multimedia will be deployed over wireless networks. We are pleased we could meet NEC's sophisticated requirements. With companies like NEC, we are paving the way for a variety of robust applications, significantly changing the way people interact via their mobile wireless devices."