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Palo
Alto, CA., July 31, 2003
PRNewswire-FirstCall
-- Digital Video Systems, Inc. (Nasdaq: DVID) today announced that
on July 22nd, 2003, the Securities and Exchange Commission ("SEC")
declared effective DVS registration statement on Form S-3, which
covers the resale of 711,128 shares of restricted common stock of
DVS by existing stockholders and upon exercise of warrants.
The Staff of the Securities and Exchange Commission reviewed the
Company's Form S-3 registration statement, the Annual Report on
Form 10-K for the year ended December 31, 2002 and the quarterly
report on Form 10-Q for the period ended March 30, 2003. DVS filed
amendments to its registration statement, Form 10-K and Form 10-Q
in response to the staff's comments.
Company spokeswoman, Larissa Licea commented, "As part of this
registration, the Company has ended a legal dispute which originated
over a private placement in 2001 under prior management. By registering
shares that are associated both with this dispute and the settlement
thereof, we have fully satisfied of all our obligations in an amicable
manner and put this matter totally to rest."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Safe
Harbor Statement under the Private Securities Litigation Reform
Act of 1995
Any statements made in this release that are not historical facts
contain forward-looking information that involves risks and uncertainties.
These forward-looking statements include, but are not limited to,
statements regarding the Company's products, its activities in India
and its market position. Important factors that may cause actual
results to differ include, but are not limited to, the timely availability
of components, sufficiency of working capital, the impact of competitive
products and services, the company's ability to manage growth and
acquisitions of technology or businesses, the effect of economic
and business conditions, and other risks detailed from time to time
in the company's filings with the Securities and Exchange Commission.
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, China and, in the near future,
India. The company's strategy is to remain a leading solutions provider
at the forefront of the DVD industry.
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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