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Liberate Technologies Announces Termination of Investigation by
SEC Staff
No Enforcement Action Recommended Against the Company
SAN MATEO, Calif., Sept. 29 /PRNewswire-FirstCall/ -- The staff of the
Securities and Exchange Commission has informed Liberate Technologies (Pink
Sheets: LBRT) that the staff's investigation into the events and circumstances
that led to the restatement of Liberate's financial statements for its 2002
fiscal year and the first quarter of its 2003 fiscal year has been terminated
as to Liberate. The staff also advised Liberate that no enforcement action
against Liberate has been recommended to the Securities and Exchange
Commission. In February 2003, Liberate disclosed that the SEC had initiated a
formal, non-public investigation to determine whether there had been any
violations of the federal securities laws or regulations. While the SEC
staff's investigation has terminated as to Liberate, the Commission has filed
charges against two former Liberate officers for violations of the federal
securities laws. Liberate terminated the employment of the two former
officers, members of the previous management team, in December 2002 and January
2003.
"We are pleased that the SEC staff has recommended no enforcement action
against the company," said David Lockwood, Chairman and Chief Executive Officer
of Liberate. "We appreciate the opportunity that the Commission gave us to
cooperate with its investigation, and we would like to thank the members of our
Audit Committee for their excellent work in connection with the investigation."
About Liberate Technologies
Liberate Technologies is a provider of software for digital cable systems.
Based on industry standards, Liberate's software enables cable operators to run
multiple services -- including high-definition television, video on demand, and
personal video recorders -- on multiple platforms. Headquartered in San Mateo,
California, Liberate also has offices in Ontario, Canada and the United
Kingdom. Liberate and the Liberate design are registered trademarks of
Liberate Technologies. Other product names used in association with these
registered trademarks are trademarks of Liberate Technologies.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995
Those statements above that involve expectations or intentions (such as those
relating to the SEC staff's stated intention to recommend no enforcement action
against Liberate or relating to future business performance or anticipated
corporate or commercial activities of Liberate) are forward-looking statements
and are not guarantees of future performance. Factors that could cause actual
results to differ materially from these forward-looking statements include, but
are not limited to, the following: future decisions by the SEC or other
governmental or regulatory bodies; Liberate's ability to execute its business
plan; and Liberate's ability to attract, motivate and retain key executives and
employees. Other risk factors are listed from time to time in Liberate's SEC
reports, including, but not limited to the annual report on Form 10-K for the
fiscal year ended May 31, 2004. Liberate disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Greg Wood, Chief Financial Officer of Liberate Technologies,
+1-650-645-4003, or .
DATASOURCE: Liberate Technologies
CONTACT: Greg Wood, Chief Financial Officer of Liberate Technologies,
+1-650-645-4003, or
Web site: http://www.liberate.com/