MGI and LuraTech have teamed to support the JPEG2000 image compression standard. LuraTechis will build support for the new image standard into their LuraWave software. According to LuraTech:
LuraTech and MGI, a leading provider of visual media software and infrastructure solutions, have teamed up to create tools and applica- tions to support the new JPEG2000 standard for still image coding. MGI will implement it in its imaging products and LuraTech will integrate JPEG2000 into its current LuraWave image compression SDKs and imaging solutions. JPEG2000 will deliver more features, better compression and less degradation than the current JPEG format.
In development since 1998 by the Digital Imaging Group (DIG) and the ISO JPEG2000 working group, JPEG2000 is designed to deliver more features, better compression and less degradation than the current JPEG format, one of the most commonly used image formats on the Web. It encompasses features that were previously achieved in a multitude of incompatible JPEG formats including the ability to perform lossless and lossy compression in a single format. Furthermore, the proposed standard also supports the streaming of continuous tone images without noticeable loss of quality, increased capacity for color information and improved metadata capability. JPEG2000 is expected to be released as an international standard in December.
You can find more information at the LuraTech web site.