SANTA CLARA and CLEVELAND (April 30, 2002) -- Palm Digital Media, the leading publisher and distributor of eBooks for handheld computers, and OverDrive, Inc., a leading provider of eBook, eCommerce and Digital Rights Management (DRM) solutions, today announced they have signed a memorandum of understanding outlining their intention to expand global digital distribution and retail marketing of eBooks in the Palm Reader(TM) format. Palm Digital Media, recently named Best eBook Publisher by Handheld Computing Magazine, is a business unit of PalmSource, Inc., the Palm OS(R) subsidiary of Palm, Inc. (Nasdaq: PALM).
OverDrive plans to integrate Palm Digital Media's DRM technology and eBook catalog into its suite of eCommerce solutions, including MIDAS and Digital Kiosk -- turnkey retail systems for the secure distribution of eBooks through the Internet. OverDrive would be the first distributor to offer and support eBooks in the Palm Reader format through Content Reserve, OverDrive's B2B digital content network serving more than 400 publishers worldwide. Palm Digital Media currently has an inventory of nearly 5,000 titles from leading publishers, including HarperCollins, Random House, Simon & Schuster, St. Martin's Press and AOL Time Warner Book Group.
"Content Reserve already supplies dozens of U.S. and international booksellers who are eager to offer eBook titles to their customers who use handheld devices," said Steve Potash, OverDrive chief executive officer. "We are delighted that we have the opportunity to explore adding eBook titles in the award-winning Palm Reader format to our growing digital content network."
"This would be an important step toward making eBooks widely available for handheld users, and as convenient to buy as print and audio books," said Jeff Strobel, director of Palm Digital Media. "Working with a trusted B2B retail network like Content Reserve would enable us to drive worldwide adoption of eBooks for handheld devices."
Christopher North, vice president and general manager of Electronic Publishing for HarperCollins, commented, "We're excited by the possibility of working with two of our key eBook partners, Palm Digital Media and OverDrive, to bring Palm Reader eBooks to an even wider audience. This initiative would make it possible for our retail partners to offer PerfectBound eBooks in the Palm Reader format to their customers and help us continue the rapid growth in sales of our authors' eBooks."
Suzanne Cole, business development director of eBooks.com, added, "The alliance between Palm Digital Media and OverDrive would enable us to expand our inventory and meet the needs of our customers, which include thousands of loyal handheld users."
OverDrive and Palm Digital Media plan to work together to educate publishers, authors and booksellers about the Palm Reader format. In addition, OverDrive would provide broad conversion services for publishers who want to convert their titles into the Palm Reader format for use on millions of handhelds.
OverDrive, Inc. (www.overdrive.com) is a leading provider of eBook, DRM and media marketplace technologies enabling the secure management and distribution of digital media over global networks. As a strategic partner with Microsoft Corporation (Nasdaq: MSFT) and Adobe Systems, Inc. (Nasdaq: ADBE), OverDrive delivers proven technology for trusted fulfillment and resale of premium content from the world's leading media companies. As a Principal Member of the Open eBook Forum (OeBF), OverDrive is strategically focused on driving specifications and standards for the emerging and rapidly evolving electronic publishing industry. The company was founded in 1986, and is headquartered in Cleveland, Ohio.
About PalmSource, Inc. and Palm, Inc.
Information about PalmSource, Inc., the Palm OS subsidiary of Palm, Inc., is available at http://www.palmsource.com. Information about Palm, Inc. is available at http://www.palm.com/aboutpalm.
Palm OS is a registered trademark and Palm Reader is a trademark of Palm, Inc. Other brands may be trademarks of their respective owners.