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Palo
Alto, CA., Sept. 8, 2003
Digital Video Systems, Inc. (NASDAQ: DVID) today announced that
the Board of Directors of DVS Korea has elected Dr. Song Sim as
President and CEO of DVS Korea.
Dr.
Sim, a founder of DVS Korea, and Chief Technology Officer, joined
the management team in 1998 when DVS Korea was formed by spinning
off Hyundai’s DVD player unit. At that time, Dr. Sim had almost
a decade of engineering experience in optical storage technologies.
He has been directly involved with the evolution of DVD technology
since the inception of that product in Hyundai’s laboratories.
Dr. Sim has headed up the 60-engineer R & D department for three
years and since April of this year he has also supervised the Sales,
Marketing and Purchasing departments.
Commenting
on Dr. Sim, Douglas T. Watson, DVS CEO stated, “Dr. Sim is
a brilliant choice to lead DVS Korea. He is extremely well liked
and admired by the entire DVS team, from junior employees up to
top managers and has a respected track record as an engineer and
manager. I doubt that anybody alive today can claim a longer history
of pioneering DVD products than Dr. Sim.
I
fully expect him to accelerate the development of new products and
technologies and take full advantage of our combined resources in
Korea, China, the US and India.”
The
positions that Dr. Sim was just elected to were formerly held by
Mr. B.H. Lee. It is anticipated that Mr. Lee will serve as CEO of
MobileTouch, a subsidiary of DVS Korea. Though Dr. Sim has succeeded
Mr. Lee as Representative Director, the Korean equivalent to CEO,
Mr. Lee remains on the Board of DVS Korea.
Watson
continued, “We are all pleased that B.H. Lee has chosen to
focus on the sizable opportunities offered at MobileTouch, since
that subsidiary has the opportunity to take DVS into new product
areas beyond our core business. I know that his extensive background
as a manager in the telecommunications industry can serve DVS well.”
Dr.
Sim received his Ph.D in engineering (Vibration and Dynamics) from
the Korea Advanced Institute of Science and Technology (KAIST).
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 strategic
direction of DVS and DVS Korea, the benefits resulting from a change
in management, DVS’s products and its market position and
business activities proposed for India. 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.
About
Digital Video Systems Korea
In
1998 DVS acquired the DVD operations of Hyundai Electronics, including
the management and R&D team, manufacturing equipment and capabilities,
patents and a perpetual, worldwide, royalty-free, exclusive license
to DVD related intellectual properties, such as other patents, patent
applications, trade secrets, design know-how, and engineering plans,
drawings and diagrams. This acquisition resulted in the establishment
of DVS Korea Co., Ltd. In 2002, DVS Korea began trading on the Korean
Stock Exchange (KOSDAQ) as DVS. DVS Korea is currently a leading
provider in the worldwide external DVD loader market with a commanding
20% market share.
DVD
loaders are the primary component of DVD players.
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
(818) 789-0100, ext. 202.
E-Mail:
sean.collins@ccgir.com
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