Liberate Announces Financial Results for Quarter Ended November 30, 2004

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ETFS 2x Daily Long Brent Crude	BIT:LBRT	Italy	Exchange Traded Fund

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Liberate Announces Financial Results for Quarter Ended November 30, 2004 Conference Call January 10, 2005, At 2:00 P.M. Pacific Time SAN MATEO, Calif., Jan. 10 /PRNewswire-FirstCall/ -- Liberate Technologies (Pink Sheets: LBRT), a leading provider of software for digital cable systems, announced financial results for its second fiscal quarter ended November 30, 2004. Liberate's revenues for its second fiscal quarter were $0.6 million, compared to $1.2 million for the same quarter of the prior fiscal year. The net loss for the quarter was $8.1 million, or $0.08 per share, compared to a loss of $8.5 million, or $0.08 per share, for the same quarter of the prior fiscal year. As of November 30, 2004, Liberate had cash and cash equivalents of $208.0 million, a decrease of $2.0 million during the quarter. In addition to cash and cash equivalents, the Company had $10.7 million in restricted cash held as security for office leases. During the quarter, Liberate collected $4.5 million of non-refundable payments for contract fees and monthly subscription fees from customers pursuant to its subscription license agreements. Revenue under such agreements is being deferred until future obligations for product delivery and product updates have been met. Earlier today, Liberate announced it had reached agreement to sell substantially all of the assets of its North American business to Double C Technologies, LLC, a joint venture majority owned and controlled by Comcast Corporation with a minority investment by Cox Communications, Inc., for consideration of approximately $82 million. The agreement will not become effective until the dismissal of Liberate's bankruptcy appeal, which Liberate has agreed to actively pursue. To that end, today Liberate is filing a motion in the U.S. District Court for Northern California to dismiss the appeal of its bankruptcy case dismissal. The agreement is also subject to Liberate shareholder approval, Hart-Scott-Rodino antitrust approval, and other customary closing conditions. "Over the past two years, we have worked hard to restructure the Company and resolve outstanding liabilities and other uncertainties," said David Lockwood, Chairman and CEO of Liberate. "Today's announcement of the purchase of our North American business by industry leaders Comcast and Cox demonstrates the strategic importance of the technology we have built and our commitment to deliver value to shareholders." Conference Call Liberate has scheduled a conference call on January 10, 2005, at 2:00 p.m. Pacific Time to discuss its second quarter fiscal 2005 financial results. The call-in number is 888-882-0142. A replay of the call will be available until January 17, 2005 on either 402-977-9140 or 800-633-8284, reservation code 21226844. The conference call can also be accessed via live webcast at Liberate's website (http://www.liberate.com/) and will remain available for replay. About Liberate Technologies Liberate Technologies is a leading provider of software for digital cable systems. Based on industry standards, Liberate's software enables cable operators to run multiple services -- including interactive programming guides, high-definition television, video on demand, personal video recorders and games -- on multiple platforms. Headquartered in San Mateo, California, Liberate 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 related to the announced asset sale and future business or financial performance) are forward-looking statements, within the meaning of the U.S. securities laws, that involve risks and uncertainties 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 governmental, regulatory or judicial bodies (including with respect to the U.S. District Court for the Northern District of California dismissal of the appeal of Liberate's bankruptcy dismissal); uncertainty in the market for interactive television services and dependence on a limited number of cable network operators; business disruption resulting from the announcement of the asset sale; uncertainties related to litigation; and other risks outlined in Liberate's filings with the Securities and Exchange Commission. 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. LIBERATE WILL FILE A PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS CONCERNING THE PROPOSED ASSET SALE WITH THE SECURITIES AND EXCHANGE COMMISSION. INVESTORS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ON THE PROPOSED ASSET SALE. YOU WILL BE ABLE TO OBTAIN THE DOCUMENTS FILED WITH THE SEC FREE OF CHARGE AT THE WEB SITE MAINTAINED BY THE SEC AT WWW.SEC.GOV. IN ADDITION, YOU MAY OBTAIN DOCUMENTS FILED WITH THE SEC BY LIBERATE FREE OF CHARGE BY REQUESTING THEM IN WRITING FROM LIBERATE, 2655 CAMPUS DRIVE, SUITE 250, SAN MATEO, CA 04403, ATTENTION: INVESTOR RELATIONS, OR BY TELEPHONE AT (650) 645-4000. LIBERATE AND ITS DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM LIBERATE'S STOCKHOLDERS. A LIST OF THE NAMES OF THOSE DIRECTORS AND EXECUTIVE OFFICERS AND DESCRIPTIONS OF THEIR INTERESTS IN LIBERATE IS CONTAINED IN LIBERATE'S PROXY STATEMENT DATED SEPTEMBER 13, 2004, WHICH IS FILED WITH THE SEC. STOCKHOLDERS MAY OBTAIN ADDITIONAL INFORMATION ABOUT THE INTERESTS OF THE DIRECTORS AND EXECUTIVE OFFICERS IN THIS TRANSACTION BY READING THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE. LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) Unaudited November 30, May 31, 2004 2004 Assets Current assets: Cash and cash equivalents $207,987 $215,877 Accounts receivable, net 3,561 3,143 Prepaid expenses and other current assets 1,552 1,817 Total current assets 213,100 220,837 Property and equipment, net 1,775 1,851 Deferred costs related to warrants 1,791 3,583 Restricted cash 10,741 10,869 Other assets 36 268 Total assets $227,443 $237,408 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $2,996 $3,102 Accrued liabilities 18,967 16,384 Accrued payroll and related expenses 958 685 Short-term borrowing from bank -- 608 Deferred revenues 4,391 6,137 Total current liabilities 27,312 26,916 Long-term excess facilities charges 20,022 19,140 Long-term deferred revenues 8,114 -- Other long-term liabilities 2,416 2,416 Total liabilities 57,864 48,472 Commitments and contingencies Stockholders' equity: Common stock 1,057 1,055 Contributed and paid-in-capital 1,502,994 1,503,113 Deferred stock-based compensation (7,384) (8,453) Accumulated other comprehensive loss (1,960) (2,112) Accumulated deficit (1,325,128) (1,304,667) Total stockholders' equity 169,579 188,936 Total liabilities and stockholders' equity $227,443 $237,408 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Unaudited Three months ended Six months ended Nov. 30, Nov. 30, Nov. 30, Nov. 30, 2004 2003 2004 2003 Revenues: License and royalty $(490) $(697) $(271) $(1,621) Service 1,122 1,885 2,051 4,354 Total revenues 632 1,188 1,780 2,733 Cost of revenues: License and royalty 18 208 34 359 Service 893 1,368 2,272 2,811 Total cost of revenues 911 1,576 2,306 3,170 Gross loss (279) (388) (526) (437) Operating expenses: Research and development 3,757 3,647 7,599 7,314 Sales and marketing 703 1,004 1,304 2,433 General and administrative 3,057 4,479 6,808 8,660 Amortization of deferred costs related to warrants -- 1,027 -- 1,831 Restructuring costs -- 881 -- 1,361 Amortization and impairment of goodwill and intangible assets -- -- -- 22 Impairment of deferred costs related to warrants -- 4,969 -- 4,969 Amortization of deferred stock-based compensation -- -- -- 10 Excess facilities charges and related asset impairment 1,206 593 5,622 593 Total operating expenses 8,723 16,600 21,333 27,193 Loss from operations (9,002) (16,988) (21,859) (27,630) Interest income, net 624 573 1,171 1,190 Other income (expense), net 343 (173) 282 (548) Loss from continuing operations before income tax provision (8,035) (16,588) (20,406) (26,988) Income tax provision 97 -- 135 103 Loss from continuing operations (8,132) (16,588) (20,541) (27,091) Loss from discontinued operations -- (992) -- (3,075) Gain on sale of discontinued operations -- 9,037 80 9,037 Net loss $(8,132) $(8,543) $(20,461) $(21,129) Basic and diluted income (loss) per share: Continuing operations $(0.08) $(0.16) $(0.19) $(0.26) Discontinued operations, basic $-- $0.08 $-- $0.06 Discontinued operations, diluted $-- $0.07 $-- $0.06 Basic and diluted net loss per share $(0.08) $(0.08) $(0.19) $(0.20) Shares used in computing basic and diluted net loss per share 105,742 104,515 105,683 104,248 Shares used in computing diluted net gain per share from discontinued operations 105,742 108,304 105,683 108,395 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Unaudited Three months ended Nov. 30 Aug. 31, May 31, Feb. 29, 2004 2004 2004 2004 Revenues: License and royalty $(490) $219 $1,412 $(54) Service 1,122 929 2,765 1,756 Total revenues 632 1,148 4,177 1,702 Cost of revenues: License and royalty 18 16 32 206 Service 893 1,379 957 1,549 Total cost of revenues 911 1,395 989 1,755 Gross margin (279) (247) 3,188 (53) Operating expenses: Research and development 3,757 3,842 3,989 5,022 Sales and marketing 703 601 (129) 703 General and administrative 3,057 3,751 1,260 3,667 Amortization of deferred costs related to warrants -- -- -- -- Restructuring costs -- -- (41) 86 Excess facilities charges and related asset impairment 1,206 4,416 3,429 -- Total operating expenses 8,723 12,610 8,508 9,478 Loss from operations (9,002) (12,857) (5,320) (9,531) Interest income, net 624 547 530 504 Other income (expense), net 343 (61) (106) 1,184 Loss from continuing operations before income tax provision (8,035) (12,371) (4,896) (7,843) Income tax provision (benefit) 97 38 157 (122) Loss from continuing operations (8,132) (12,409) (5,053) (7,721) Loss from discontinued operations -- -- -- -- Gain on sale of discontinued operations -- 80 252 249 Net loss $(8,132) $(12,329) $(4,801) $(7,472) Basic and diluted income (loss) per share: Continuing operations $(0.08) $(0.12) $(0.05) $(0.07) Discontinued operations, basic $-- $-- $-- $-- Discontinued operations, diluted $-- $-- $-- $-- Basic and diluted net loss per share $(0.08) $(0.12) $(0.05) $(0.07) Shares used in computing basic net loss per share 105,742 105,623 105,495 105,204 Contact: Greg Wood Chief Financial Officer Liberate Technologies (650) 645-4003 DATASOURCE: Liberate Technologies CONTACT: Greg Wood, Chief Financial Officer of Liberate Technologies, +1-650-645-4003 or Web site: http://www.liberate.com/

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LBRT ETFS 2x Daily Long Brent Crude