Digital Video Systems (NASDAQ:DVIDE)
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Digital Video Systems Announces New Management and Restructuring
of Board of Directors
PALO ALTO, Calif., June 7 /PRNewswire-FirstCall/ -- Digital Video Systems,
Inc., or DVS, (NASDAQ:DVIDE) has named former CEO and Co-Chairman, Ms. Mali
Kuo, to once again lead the company. Ms. Kuo has been elected as its new CEO
and Chairman of the Board. The Company has also appointed Mr. Dean Clarke
Seniff as its CFO and Mr. Shaun Kang as its President. DVS has also added
three new members to its Board of Directors.
Ms. Kuo and her investors had previously invested approximately $15 million in
the Company between the end of 1998 and 2001, and had turned the Company
profitable in 2000 and 2001. As previously announced, Ms. Kuo has settled her
$3.42 Million dollar judgment against the Company and pledged to raise an
additional $25 Million in equity financing. Discussing her near-term goals Ms.
Kuo stated, "As CEO and Chairman of Digital Video Systems, Inc., I will work
with our restructured Board of Directors and new executives to properly
capitalize DVS and return to profitability."
Dean Clarke Seniff has over 25 years international business experience,
including Asian operations. Since 2002 he has served in interim chief
financial officer positions and as a consultant to both public and private
companies. Mr. Seniff's experience includes merger and acquisitions, supply
chain, demand planning and forecasting, product life cycle management, and debt
and equity financing. In addition, he has held various corporate positions
with such companies as PepsiCo, Amerada Hess and Schlumberger Ltd. Mr. Seniff
graduated from George Washington University with a degree in accounting and
started his career with Ernst & Whinney in 1980.
Shaun Kang brings over 23 years of international sales and marketing experience
of electronic products to DVS. During the last 5 years while serving as the
President of the Company's U.S. sales organization, DVS Sales, Inc., Mr. Kang
has been instrumental in developing the Company's growing automotive business,
having brought in a number of Tier 1 automotive accounts to DVS. Ms Kuo noted
that "Mr. Kang has previously been involved in the launching of a number of
successful products for Hyundai Electronics. Over the years, he has developed
business relationships with many of the world's best known companies such as
Toshiba, Compaq, Bull, Zenith, and Nokia." Mr. Kang received his MBA from
Oklahoma City University.
At a Board of Directors meeting on May 24th, 2005 the Board voted to expand
from four to seven members. The new members, Ms. Kuo, Jeff Bumb --
Vice-President and CFO of Vector Fabrication, Inc., and Bruce Breslow, former
Mayor and Nevada State Commissioner, bring new excitement and vision to the
Company, as well as valuable business experience and relationships in Asia that
can provide near term benefits to the Company. Mr. Bumb noted "Mali's
leadership and ability to open the doors to new investors and business
partners, particularly in Asia, means that DVS will once again be able to stand
on firm financial ground and focus on developing new cutting edge technology
and products."
During his two-terms as mayor of Sparks, Nevada, Bruce Breslow played an
instrumental role in the revitalization of the city. Thereafter, Mr. Breslow
was appointed by Nevada Governor Kenny Guinn as a Transportation Services
Authority Commissioner and as Chairman of the Employee Management Committee.
Mr. Breslow observed "With Ms. Kuo's proven ability to provide strong financial
support, the Company can now return its focus to growth and development from a
position of strength. Ms. Kuo has proven she can raise capital and run a
profitable company and I'm confident she'll be able to strengthen DVS once
again."
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 and China and a subsidiary in India. Additional
information may be obtained at http://www.dvsystems.com/.
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 DVS's future financial performance (particularly profitability),
ability to raise capital in the future, future relationships with investors and
business partners and future product development. Important factors that may
cause actual results to differ include, but are not limited to, financial
performance of the Company and the success of pending and future financing
efforts involving Ms. Kuo, the Company's continued ability to maintain its
Nasdaq SmallCap Market listing in light of its current non-compliance with the
shareholders' equity listing requirement, the effect of economic and business
conditions, the sufficiency of financing to satisfy "going-concern"
requirements, 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 further information please contact Larissa Licea, Digital Video Systems,
Inc., 650-322-8108.
DATASOURCE: Digital Video Systems, Inc.
CONTACT: Larissa Licea of Digital Video Systems, Inc., +1-650-322-8108
Web site: http://www.dvsystems.com/