August 16, 1999 13:45
DVS Announced Reverse Split
MOUNTAIN VIEW, Calif., Aug. 16 /PRNewswire/ -- Digital Video Systems, Inc. (Nasdaq: DVIDC) today announced a one-for-seven reverse stock split, effective by the closing of the stock market on Monday, August 16, 1999. This action was taken in order to comply with Nasdaq's minimum bid price requirements.
DVS' Co-Chairman and CEO Ms. Kuo stated, "The reverse split does not change the underlying economics of the company for the shareholders." She added, "with significant improvements in operational results, we believe it will promote the liquidity, marketability and a more rational trading environment for our stock, attracting a greater interest in our equity within the investment community."
About DVS
Digital Video Systems, Inc. is a technology company specializing in the development and application of DVD (Digital Versatile Disc) and digital video related technologies. The Company currently develops and markets DVD-ROM drives, DVD Intelligent Loaders, VCD (Video Compact Disc)-based Video Engines, Ad-Insertion and Video-on-Demand network products for the consumer, commercial and computer peripherals markets.
Established in 1992, DVS is a publicly held company headquartered in Mountain View, Calif., with subsidiaries in Hong Kong, Bermuda, South Korea and China. DVS is a trademark of Digital Video Systems, Inc.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the private Securities Litigation Reform Act of 1995 that involve various risks and uncertainties, including, without limitation, statements with respect to DVS' strategy, proposed sales of DVS' products, markets, and the development of DVS' products. DVS' actual results may differ materially from those described in those forward-looking statements due to a number of factors, including, but not limited to, risks of competition and the enforceability of DVS' patents and other intellectual property rights, risks relating to the development and market acceptance of DVS' products, and risks related to planned rapid growth of the DVS' business and the conduct of business by DVS in foreign countries, risks relating to the shortage of capital after substantial losses in prior years. These risk factors and others are more fully described in documents that DVS files from time to time with the Securities and Exchange Commission, including the Company's Form 10KSB filed June 30, 1999 and Form 10-QSB filed August 2, 1999. For more information on DVS' products, email to info@dvsystems.com, call 650-564-9699 or visit: www.dvsystems.com.
SOURCE Digital Video Systems, Inc.
/CONTACT: Bob Werbicki of Digital Video Systems, Inc., 650-564-9699, or
info@dvsystems.com/
/Web site: dvsystems.com
(DVIDC)
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