Sonic Foundry Inc. announced that its Media Services subsidiary has signed a definitive agreement to acquire all the intellectual property rights to the Media Taxi asset management system from Los Angeles based Digital Savant, Inc. No terms of the transaction were disclosed although the Company expects it to have an accretive impact on fiscal 2002 results. Media Taxi is a browser-based media asset management system focused on streamlining and reducing the cost of managing and distributing marketing and publicity materials for the entertainment industry. The Company anticipates it will close on the asset purchase within 1 month. www.sonicfoundry.com

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