DataWave Signs a Term Sheet to Purchase iDVDBox.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--July 20, 2001 DataWave Systems, Inc. (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. ) has signed a non-binding term sheet to purchase 100% of the share capital of iDVDBox Inc, Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , from MoneyCard.com Corp, Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. . Both iDVDBox Inc and MoneyCard.com are privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . iDVDBox, Inc is a high-tech company engaged in the research and development, manufacturing and marketing of a leading edge prototype consumer electronic product, an Interactive-Internet DVD player. The company's patent pending BoxEngine (tm) Technology is the first of its kind in the industry for the enrichment of home entertainment experience. If the transaction is consummated, DataWave will issue to MoneyCard.com 11 million shares of Datawave as consideration for the purchase, subject to the regulatory approval of 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) and Datawave's shareholders. The purchase is subject to completion of a definitive agreement, successful completion and delivery by iDVDBox of the pilot production of 200 fully working units, DataWave shareholder approval and regulatory approval of the Canadian Venture Exchange. Datawave has commissioned a valuation respecting iDVDBox, Inc. No finders fee will be paid to any party by DataWave. Abe Carmel is the Chairman of the Board of both DataWave Systems, Inc. and iDVDBox Inc. Further details will be disclosed in the Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible to be prepared for an Extraordinary Shareholders Meeting to be held to approve the transaction, if the Company decides to proceed. 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 products. In addition to its successful prepaid calling card business, the company is testing the distribution of the Michigan National Bank Michigan National Bank was established on 31 December 1940 when Howard J Stoddard consolidatied six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, Battle Creek's Security National 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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