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Palo Alto, CA., February 17, 2004
Digital Video Systems, Inc. (Nasdaq:
DVID - News), a global leader in DVD technologies, today announced
revised expectations for its fourth quarter of 2003, ending December
31, 2003. The Company anticipates that it will incur a larger
loss than what was incurred in the third quarter of 2003.
DVS CEO Douglas T. Watson stated: "We are obviously disappointed
with our fourth quarter anticipated results. This loss was principally
due to unexpected inventory charges coupled with costs related to
transitioning to new products. We will release fourth quarter results
when the audit of the company and its subsidiaries is completed."
Watson continued, “Despite the loss, we still believe that
we will continue to make progress in 2004 in the markets for DVD
car players and read-write products, as well as the introduction
of new technologies.”
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
America, Inc.
Shaun Kang, EVP Sales and Marketing
1180 Aster, Suite F
Sunnyvale, CA 94086
Tel: 408.260.3301
Fax: 408.260.3305
DVS
Contact:
Larissa Licea
Office: 650.322.8108, ext.106
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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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.
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 anticipated loss for the fourth quarter
of 2003, progress in the markets for DVD car players and read-write
products, and the introduction of new technologies. Statements about
anticipated results for the quarter ending December 31, 2003 are
subject to risks and uncertainties, including possible accounting
entries and adjustments that may be made to the company's financial
statements as part of the close of the books for December 2003 and
the audit. Other 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, the risks of conducting business in foreign
countries 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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