DataWave Announces Changes to Board of Directors and Company Officers.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 2003 DataWave Systems Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DWVSF) today announced that its Chief Financial Officer and Director, Marc Belsky, will be leaving the Company effective March 7th, 2003 to return to Detroit due to personal and family reasons. "Mr. Belsky's performance as CFO See Chief Financial Officer. of DataWave has been exemplary," stated Josh Emanuel, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , DataWave Systems Inc. "Through his financial leadership, the Company became net income positive and working capital improved significantly. We wish him continued success in his future endeavors." "Working with the DataWave team has been a wonderful experience," said Marc Belsky. "The Company has some exciting business opportunities under development and a bright future." John Gunn John Gunn may refer to:
"John Gunn brings to this position strong credentials for optimizing the financial performance of the Company," said Mr. Emanuel. "We are pleased he chose to accept the challenge which ensures a smooth management transition and continuity for the initiatives developed by Mr. Belsky." The Company also announced the appointment of Syd Franchuk as Director of DataWave Systems Inc. effective March 7th, 2003. Mr. Franchuk is President of National Money Mart Co., based in Victoria, British Columbia, the largest provider of convenience-based retail financial services in Canada. He has been instrumental in the growth and strategic direction of National Money Mart in Canada. Under his direction, Money Mart's retail branch network has doubled to 302 locations and revenues have tripled to $100 million. "Money Mart's Canadian executive team has worked closely with DataWave to finalize an agreement between the two companies to develop and distribute reloadable prepaid debit cards," said Mr. Franchuk. "I am very impressed by DataWave's management and its technological capabilities and look forward to working with DataWave's Directors to further develop and grow the Company as an industry leader." About DataWave (http://www.datawave.ca) DataWave has been an innovator and developer of prepaid and stored-value programs since it was founded in 1994. DataWave pioneered a system that allows for point-of-sale activation of high value, high shrinkage products, such as cash cards and phone cards. The System works equally well over the internet, through intelligent free-standing vending machines or with various card activation devices, including cash registers. DataWave Systems Inc. Josh Emanuel Chairman & CEO "DataWave" is a registered trademark of the Company. All other trademarks and trade names referred to are the property of their respective owners. "The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release." |
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