Digital Video Systems Announces New Management and Restructuring of Board of Directors
08 Juni 2005 - 2:06AM
PR Newswire (US)
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/
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