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Corel launches NC spin-off

The desktop applications maker officially spins off a subsidiary to focus on network computer hardware and videoconferencing software.

Corel (COSFF) has officially spun off a company that will focus on network computer hardware and videoconferencing software.

The desktop applications maker originally announced the spin-off of the wholly owned subsidiary, the Corel Computer Corporation, in March. The first product offering from the new company will consist of the CorelVideo digital-compressing camera and the Corel Video Network Computer.

About 80 employees from the parent firm will move over to Corel Computer Corporation, including some members of the current management team.

"The focus will be on providing a complete computing and communications solution to clients," said Michael Cowpland, president and CEO of Corel, in a prepared statement. "New enterprises will now be able to use one company to install an entire corporate computing and communications infrastructure."

Cowpland will serve as chairman of the board for the new venture.