DataWave Puts on Hold Proceeding with the Plan of Arrangement With Inprimis.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 30, 2001 DataWave (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : DWVSF) (CDNX CDNX See Canadian Venture Exchange (CDNX). : 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. .) announces that it has put on hold until November 15, 2001 the implementation of the Plan of Arrangement with Inprimis announced October 12, 2001. A major goal of DataWave in agreeing to the Plan of Arrangement was to achieve a NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listing, providing more liquidity and better company exposure for shareholders. A concern has been raised by NASDAQ that the Plan of Arrangement will not meet that goal based on NASDAQ new listings criteria. DataWave has asked Inprimis to provide by November 15, 2001, alternative source of financing or a new structure for the intended Plan of Arrangement which would ensure the combined Inprimis and DataWave can meet NASDAQ's NMS See NetWare Management System. new listings criteria. About DataWave (http://www.datawave.ca) DataWave Systems designs, develops, produces, owns and manages a proprietary, intelligent, automated direct-merchandising network, comprised of free-standing intelligent machines (DTMs) and over the counter "swipe" units (OTCs) connected to the gateway and database software through a wireless and/or landline wide area network. This unique leading-edge technology provides for point-of-sale activation, cash/credit card acceptance, detailed reporting and 24/7 remote self-diagnostic troubleshooting, making it virtually maintenance-free. The Company has proven enabling technologies that have allowed it to enter new markets and generate additional revenue streams with innovative prepaid and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. products. In addition to its successful prepaid calling card business, the company is testing the distribution of the Standard Federal Bank Prepaid MasterCard together with Coinstar. DataWave is now poised to capitalize on the flexibility of its System by augmenting its product range to meet the diversified and changing needs of the prepaid market and in further developing strategic partnerships. DataWave Systems Inc. Marc L. Belsky, CFO See Chief Financial Officer. This news release may include statements that constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. "DataWave" is a registered trademark of the Company. All other trademarks and trade names referred to are the property of their respective owners. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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