On April 20, 2000, Leitch Technology (Leitch) acquired a 30 per cent interest in Path 1 Network Technologies International Inc. (Path 1) for US$10 million plus 806,000 Leitch shares issued from treasury. In addition to this strategic investment, Leitch entered into a licensing agreement which will allow Leitch to incorporate Path 1 technology into its equipment. Path 1 is a US public company based in San Diego that develops software and hardware allowing for transmission of broadcast-quality video, CD-quality audio, telephony and other data over computer networks. Toronto-based Leitch makes equipment used by television broadcasters and production studios. Leitch also announced that it intends to seek a NASDAQ listing.
Torys acted for Leitch with the Torys team including David Chaikof, Wendy Gross and John Emanoilidis in Toronto and Brad Cost, Lee Hirsch and Linda Eliopulos in New York. The US firm of Brobeck, Phleger, Harrison LLP acted for Path 1 with a team led by Hayden Trubitt and that included Eddie Rodriguez, Jessica Oien and Jeremy Hayden.