Digital Video Systems (NASDAQ:DVIDE)
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Digital Video Systems Will Be Delisted by the Nasdaq SmallCap
Market
PALO ALTO, Calif., July 14 /PRNewswire-FirstCall/ -- On July 13, 2005, Digital
Video Systems, Inc (NASDAQ:DVIDE) received a letter from the Nasdaq Listings
Qualification Panel (the "Panel") notifying Digital Video that the Panel has
denied the Company's request for continued inclusion on The Nasdaq SmallCap
Market. The Company's common stock will be delisted from The Nasdaq SmallCap
Market effective with the open of business on Friday July 15, 2005. This action
follows the Company's appeal to the Panel for a listing exception for the
Company's inability to meet Nasdaq's stockholders' equity requirements and the
Company's failure to have its quarterly report on Form 10- Q for the fiscal
quarter ended March 31, 2005 reviewed by its auditors prior to filing. The
Company intends to appeal the Panel's decision to the Nasdaq Listing and
Hearing Review Counsel within the 15-day period provided for such appeals.
The Company's common stock is not currently eligible to trade on the OTC
Bulletin Board because, as described above, the Company is not current in its
reporting obligations under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). The Company expects that quotations for its common stock
will appear in the National Daily Quotations Journal, often referred to as the
"pink sheets," where subscribing dealers can submit bid and ask prices on a
daily basis. However, there can be no assurances that the Company's common
stock will be eligible for trading or quotation on any alternative exchanges or
markets. The Company will disclose further timing and trading symbol
information regarding the trading of its common stock when such information
becomes available.
Upon the completion of the auditors' review of the Company's quarterly report
for the fiscal quarter ended March 31, 2005, the Company's common stock may be
eligible for trading on the OTC Bulletin Board. The Company is committed to
regaining compliance with all listing requirements and relisting its common
stock as soon as possible.
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/.
Forward-Looking Statements
This press release contains forward-looking statements. Statements regarding
the Company's beliefs, plans, expectations or intentions regarding the future
are forward-looking statements, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All
such forward-looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to significant risks and uncertainties. Actual results
may differ materially from those described in such statements as a result of
these risks and uncertainties. In particular, the forward-looking statements
include statements about the Company's common stock trading on the "pink
sheets", the OTC Bulletin Board, and making required filings with the
Securities and Exchange Commission and otherwise satisfying Nasdaq listing
standards in order to regain compliance. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including without
limitation, the ability to continue to have the Company's common stock freely
traded, to complete the accounting review in order to file, timely or
otherwise, the Company's Form 10-Q for the fiscal quarter ended March 31, 2005,
to meet requirements put forth by Nasdaq, and other risks detailed from time to
time in the Company's Securities and Exchange Commission filings. The Company
disclaims any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
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/