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Palo
Alto, CA., April 26, 2004
Digital Video Systems (Nasdaq: DVID - News) announced that it has
secured approximately $600,000 on exercise of outstanding warrants.
The warrants for approximately 511,800 shares of common stock were
originally issued in the July 2003 financing and were temporarily
repriced to $1.25 per share from the original exercise price of $2.80
in order to induce the exercise. The Company intends to use the proceeds
from the warrant exercise for general corporate purposes. There remain
outstanding approximately 800,000 warrants exercisable at $2.80.
Chairman and CEO Thomas A. Spanier commented, "This will serve
to reduce the potential overhang on the public market by over half
a million shares."”
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, 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
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. |
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