HOMENEWSPress Release Subject JetAudio selected as 2001 the world top-class product for the next generation Date 2001.11.27 JetAudio receives high estimation in and outside of the country in succession JetAudio was certified as the world top-class product for the next generation by the Ministry of Commerce, Industry and Energy in 2001 It was qualified as the best software in the field of multimedia software by receiving the best certification in the same field every year since it was first released in 1997. The company has leapt to the world-renowned software league at a time when the company plans to release a new model in the domestic market and the U.S. market simultaneously through its U.S. subsidiary JetAudio, Inc. early next year. Seoul on November 29, 2001 -- JetAudio, integrated multimedia software of COWON SYSTEMS (CEO Park Nam-gyu www.COWON.com), received the Certification of the World Top-Class Product for the next generation by the Ministry of Commerce, Industry and Energy at the Seoul Exhibition of World Top-Class Products (Nov 30-Dec 2, COEX Convention Hall 3F). At the award ceremony of the World Top-Class Product held by the Ministry of Commerce, Industry and Energy, JetAudio was the only domestic multimedia software that received the certification. A total of 102 companies and 120 products got the certification. The criterion for the selection of World Top-Class Product is as follows: First, its domestic market share should be higher than the 5th rank in the field. Second, the company needs to receive the presidential prize in Industrial Technology Exhibition or Korea Industry Design Exhibition. Third, the company shall be recommended by the recommendation committee according to the type of business. The world-renowned JetAudio, since it was first released in 1997, has been setting new award-winning records every year in the field of multimedia software in and outside of Korea. It was nominated for SIAF People's Choice Award held by the U.S. Shareware Conference (SIC) in 1998, and then it was selected as '98 The Most Popular Software'. In 1999, it received the Presidential Prize of SoftExpo and the Prize of the Minister of Information and Communication of New Software Products Award as the best software of the country. In 2000, it was ranked the 15th among the most popular software titles selected by U.S.-based ZDNet, as the only Korean company on the list. On receiving the certification of World Top-Class Product of the next generation, held by the Ministry of Commerce, Industry and Energy this year, it received the best prize at home and abroad. JetAudio, which enables users to listen to music and watch video on PCs, is so popular that COWON sold 150,000 copies only in the domestic market. The main reason is that its functions are superior to those of major foreign competitors including WinAmp, which is distributed as a freeware. In overseas markets, JetAudio signed a bundling agreement with the major Japanese PC makers such as IBM Japan around June last year. The contract for export also brings in solid profits to COWON SYSTEMS, posting 6 billion won in sales that will be worth 8 million copies by the end of this year. As COWON SYSTEMS plans to become a world-renowned developer of integrated multimedia software by releasing a new version of JetAudio early next year, it expects that the certificate of World Top-Class Product that it recently received will help its business transactions and business cooperation with foreign companies by securing international credit and export. CEO Park Nam-gyu also has a plan to enhance the company's recognition by releasing the new version of JetAudio as a driving force of the company. Also prepared are aggressive promotions both in and outside of the country early next year. COWON's subsidiary in the United States, which was established last year, is concentrating on faster development and marketing strategy for the North American market. 'Currently, JetAudio is doing fine in a battle with famous foreign competitors such as WinAmp, Real Player, Windows Media Player, even though our product is not a freeware like competitors'. The new version of JetAudio will be free of charge and we actively promote the new product. The new release is also expected to improve COWON's corporate image, which we hope will lead to 10 million users worldwide along with getting diverse new business models.' Company Introduction COWON SYSTEMS, Inc. COWON SYSTEMS is a leading venture company in South Korea. It is well known for its integrated multimedia software JetAUDIO that is loved by PC users worldwide. Since it was established in April 1995, it has been concentrating on multimedia based on digital audio, video, voice (Digital AV) technologies, and a total solution for wireless Internet service. And the company is now focusing on digital audio business by forming a triangular business platform: software and hardware, and content. The platforms are composed of three main products, the renowned integrated multimedia player software 'JetAUDIO', portable MP3 player 'iAUDIO' and the wireless Internet Music on Demand (MOD) Service Launching a campaign titled `the Popularization of MP3 Player' with the formal release late last year, COWON's flagship MP3 player iAUDIO receives rave reviews in the Japanese market as an 'epoch-making product in the portable MP3 player industry' while it attracts favorable comments elsewhere.