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Palo
Alto, CA., August 13, 2003
Digital
Video Systems, Inc. (Nasdaq: DVID) announced today that it entered
into a settlement and mutual release of claims with Ernst &
Young, the Company's auditors for the fiscal years 1992 to 1998.
The Company agreed to dismiss the lawsuit that it filed against
Ernst & Young in June of 2001. In settlement of its claims,
the Company has received a combination of cash and the extinguishment
of indebtedness that the Company expects to recognize as approximately
$350,000.
Company
spokeswoman Larissa Licea commented: "We are glad that this
matter has been put to rest and are pleased with the outcome reached
in this settlement."
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 expected income from certain non-recurring
items, the Companyís activities in India, its strategy 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
Investor Relations Contact:
Sean Collins, Partner
CCG Investor Relations
15300 Ventura Blvd, Suite 303
Sherman Oaks, CA 91403
(818) 789-0100, ext. 202.
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