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Palo
Alto, CA., January 21, 2004
PRNewswire-FirstCall/
-- Digital Video Systems (NASDAQ: DVID) announced that
it had secured approximately $ 2.5 million in financing through
the combination of a private placement of approximately 1.2 million
shares of its common stock issued to Empire Capital Partners, and
its affiliates, and the sale and assignment of a promissory note
held by the Company. The Company intends to use the proceeds of
these financing transactions for general corporate purposes, including
the support of the Company’s subsidiary in India.
About Digital Video Systems,
Inc.
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 manufacturing facilities in South Korea, China
and India.
About
Digital Video Systems, Inc.
Empire Capital is a hedge fund focused on the technology sector
located in Westhaven, Connecticut. Some of the notable public holdings
are UTStarcom, Texas Instruments, Juniper Networks and Interwave
(iwav). In the private sector, Empire Capital major investments
include: iCompression Technologies (acquired by Globespan Virata);
Xalted Networks, Inc; Talaris Corporation, etc. www.empirepartners.com
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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 use of proceeds from financing
transactions and the strategic direction of DVS. 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,
risks attendant to strategic agreements involving other companies,
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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