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Palo Alto, CA.,
September 25, 2003
Digital Video Systems, Inc.
(NASDAQ: DVID) today announced the appointments of Dr. Edmund Y. Sun
and Robert (Bob) Kondamoori as Co-Chairmen of the DVS Board of
Directors. They succeed Ande Abbott, a prominent labor executive who
retains his seat on the Board. Douglas T. Watson, the
Company's Chief Executive Officer, stated: "The selection of Dr. Sun
and Mr. Kondamoori as Co-Chairmen will further accentuate their
roles in developing the digital video technology needed to deliver
standard-setting products to the marketplace."
"We expect that Dr. Sun's
comprehensive understanding of the markets that DVS addresses, and
his extensive experience in both business and technology will bring
great value to the Company," said Watson, "and Bob Kondamoori will
be a key contributor as we strive to reach our strategic objectives
of advancing and commercializing new technologies to create
profitable product lines."
Dr. Sun, 54, founded Digital Video Systems in 1992 and served as
Chairman of the Board until 2000. He was President of DVS from 1992
to 1996 and from 1992 to 1998 held the position of CEO. Dr. Sun
assumed his current position of Chief Technology Officer in 1998.
In addition to his distinguished contributions to DVS, Dr. Sun was
a co-founder of C-Cube Microsystems Inc., a public company involved
in the development of full-color still and motion picture
compression technology, and was both its CEO and Chairman of the
Board. C-Cube was acquired by LSI Logic in 2001.
Bob Kondamoori, 42, brings over twenty years of digital video,
semiconductor and telecommunications experience to DVS. He is
currently a partner at Charter Ventures, a $400 million Silicon
Valley venture capital firm. Mr. Kondamoori also serves as the
Chairman and CEO of Xalted Networks, Inc., a privately held
telecommunications company. Prior to Xalted, he served in executive
roles with Ramp Networks (acquired by Nokia) and NEC America. In
addition to Xalted, Mr. Kondamoori also serves on the board of
Cradle Technologies Inc. a spinoff of the semiconductor company
Cirrus Logic. Kondamoori holds a B.S. in mechanical engineering from
Clemson University.
Sun/ Kondamoori Named as DVS Co-Chairs
Dr. Sun holds a Ph.D. in Applied Physics and an M.S. in Electrical
Engineering from the California Institute of Technology and a B.S.
in Electrophysics from National Chiao-Tung University in Taiwan. Dr.
Sun, who has played a pivotal role in the Digital Versatile Disc
(DVD) advances of the last decade, also serves as CTO of the new DVS
R&D subsidiary, MobileTouch, Inc. and leads a team of engineers
operating in the US, Ireland, Taiwan, Japan, and in Korea with the
DVS subsidiary, DVS Korea. He is also the founder of Jeecom, Inc.,
an enterprise level software company now working in partnership with
DVS.
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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.
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,
DVSís products, its market position, and the expected impact of the
changes to the Board of Directors on the Company. 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..
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 X 106
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
Office: 818. 789.0100 X 202
E-Mail:
sean.collins@ccgir.com
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