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Palo
Alto, CA., July 8, 2003
PRNewswire-FirstCall
-- Digital Video Systems, Inc. (Nasdaq: DVID) announced today that
it has initiated the formation of Digital Video India.
The Company believes that the India venture will compliment DVS's
operations in Korea and China and will enable the Company to use
its intellectual property both to pursue existing opportunities
in the DVD player market and future opportunities created by the
adoption of the new HDTV and MPEG-4 standards. The Company is attracted
to India by the pool of high-level engineering talent for product
development, as well as the size of Indiaís domestic market.
The Company's Board of Directors has allocated funds from the Company's
recently announced private placement of Common Stock to provide
seed level funding, and expects that additional funds will be raised,
when and as needed, through affiliations in India and other capital
sources worldwide. Initial staffing of the Company's India venture
has already commenced and Digital Video India intends to begin operations
in Bangalore, India, before the end of July.
Safe Harbor Statement
All statements in this press release that are not statements of
historical fact are forward-looking statements, including the statement
that the offering is expected to close within two business days.
These statements are based on expectations and assumptions as of
the date of this press release and are subject to numerous risks
and uncertainties, which could cause actual results to differ materially
from those described in the forward-looking statements. The risks
and uncertainties include the ability of the Company and the investors
to comply with certain conditions to closing as set forth in the
definitive agreements. Digital Video Systems, Inc. assumes no obligation
to update these forward-looking statements, and does not intend
to do so.
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About
DVS
Established in 1992, DVS is a publicly held company specializing in
the development and application of digital video technologies enabling
the convergence of data, digital audio, digital video and high-end
graphics. DVS is headquartered in Palo Alto, California, with subsidiaries
and branch offices in South Korea and China. DVS is a world leader
in the manufacture of DVD loaders, the key component in todayís
DVD players. The company's present strategy is to remain a leading
solutions provider at the forefront of the DVD industry. DVS is currently
committed to an aggressive R&D product diversification program
to develop a variety of higher margin DVD products including DVD loaders
for the automotive market and DVD+R/RW recordables.
For
additional information please contact:
Digital Video Systems, Inc.
430 Cambridge Ave., Suite 110,
Palo Alto, CA 94306
Tel: 650.322.8108
Fax:650.322.8109
DVS
Contact:
Larissa Licea
Office: 650.322.8108 X106
Cell: 408-712-4165
E-Mail:
ir@dvsystems.com
Media Inquiries:
Anne Coffelt, Compass Rose Media
(707) 939.9410
E-Mail:
coffelt@well.com
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