IMAGINOVA™ CORP. ANNOUNCES ACQUISITION OF ORION TELESCOPES & BINOCULARS

Orion’s Brand and Market Reach Seen as Valuable Strategic Enhancements to Imaginova’s Portfolio

NEW YORK, Jan. 13, 2005 – Imaginova™ Corp. announced today that it has acquired Orion Telescopes & Binoculars, the largest multi-channel marketer of telescopes, accessories and binoculars to the amateur and casual astronomer market. Terms of the transaction between the privately-held companies were not disclosed.

Founded in 1975 under its corporate name Optronic Technologies, Inc., the Watsonville, Calif.-based company has built a powerful brand identity for its Orion line of products. This line includes more than 60 models of telescopes, 50 styles of binoculars and more than 500 related accessories. Orion’s products are sold directly to consumers through its catalogs, its state-of-the-art www.telescope.com e-commerce website and through leading specialty retailers. Orion has been consistently profitable throughout its 30 year history and its brand is synonymous with high quality, tremendous value and unparalleled customer service.

Imaginova is an integrated multimedia content and commerce company that captures people’s fascination with space, science and technological innovation.

“The acquisition of Orion Telescopes & Binoculars brings one of the most prestigious brands in astronomy into the Imaginova family of media and consumer products, said Daniel Stone, president and chief executive officer of Imaginova. “The addition of Orion further strengthens our position as a leader serving the valuable, growing ‘intellectually curious’ demographic across consumer, education and professional markets.

“Orion’s telescope.com web site is an extremely valuable e-commerce asset with broad recognition among enthusiasts and gift buyers alike,” said Stone, “and is an ideal complement to our existing e-commerce presence at www.starrynight.com, our Starry Night line of software and DVDs and our renowned media assets such as Space.com and LiveScience.com.”

Tom Anglo, president of Orion Telescopes & Binoculars, said: “We are very excited about the opportunity to join forces with Imaginova. There are tremendous cross-selling opportunities and Imaginova’s media properties will help us grow our customer base dramatically. We are anxious to take our business to the next level.”

Imaginova’s other brand franchises and media outlets include:

— Starry Night™, the world’s leading family of astronomy software and DVDs. In 2004, for the fourth consecutive year, Starry Night software products were recognized by the Parents’ Choice Foundation with its Gold Award. In late 2004, Imaginova released Starry Night version 5.0, offering a dazzling array of new products and features appealing to avid enthusiasts and casual stargazers.

— SPACE.com®, the award-winning web site that offers rich and compelling space, astronomy and technology content, including information, education, entertainment and business news to a large, rapidly growing audience. Space.com has content syndication deals with CNN.com, msnbc.com, Yahoo and USAToday.com.

— LiveScience.com™, launched in November 2004, presents a fast-paced look at the new discoveries, intellectual adventures and idiosyncrasies of the world around us. LiveScience covers science, technology, physics, biology, the animal world and environment as well as the culture of science and technology, including science fiction novels and movies.

— Space News®, the premier business-to-business international trade publishing business dedicated entirely to commercial and military space and satellite communication businesses. Its flagship Space News International publication was launched in 1989 and the Washington Aerospace Briefing™ Newsletter was introduced in 2004. Space News also sponsors industry-leading trade shows including Strategic Space™ and Space at the Crossroads™.

About Imaginova

Imaginova™ is an integrated multimedia content and commerce company capturing people’s fascination with space, science, and technological innovation. Formed in 1999, the company’s brand franchises include: Starry Night™, the world’s leading family of astronomy products; SPACE.com®, a web site that offers rich and compelling space, astronomy and technology content; the newly launched LiveScience™, focusing on innovative and intriguing science and technology; Space News®, the premier business-to-business international news weekly dedicated to commercial and military space and satellite communications businesses; Space at the Crossroads™ and Strategic Space™, annual industry conferences.

Imaginova is backed by a prestigious group of investors including: Venrock Associates, SpaceVest, Gannett Co., and Blue Chip Venture Company, as well as well-recognized leaders in the space, business and media communities.

Imaginova™ is headquartered in New York City with offices and news bureaus in Virginia, Toronto and Paris.

Contact:
Imaginova Corp.
Melissa Wolff
212-703-5852
[email protected]