Digital Video Systems Will Be Delisted by the Nasdaq SmallCap Market
15 Luglio 2005 - 5:27AM
PR Newswire (US)
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/
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