DataWave Systems Inc. Will Not Implement Reverse Split; Vijay Fozdar to Resign from Board Due to Work Conflict and Remain an Advisor.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 17, 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. .) announces that its Board of Directors will not implement a reverse stock split that had been approved at its July 30, 2001 Annual General Meeting. The reasoning for a reverse split is no longer valid as a result of the previously announced proposed plan of arrangement with Inprimis, Inc. Additionally, the Company has been notified by Vijay Fozdar that he has resigned from its Board of Directors effective immediately due to increasing obligations arising from his current business. Mr. Fozdar will remain available as an advisor to the Board and its management. DataWave Systems Inc. Marc L. Belsky, CFO See Chief Financial Officer. 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 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 Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. 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. Legal Notice Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains "forward-looking statements," including "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that the company's actual results and outcomes may differ materially from those contained in any forward-looking statements contained in this press release. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties which may make the amalgamation with Imprimis IMPRIMIS. In the first place; as, imprimis, I direct my just debts to be paid. See Item. impracticable, insufficient demand for and market acceptance of DataWave's present or future products, emergence of companies with competing or superior products and/or services, unforeseen changes in the software and hardware technology used in connection with DataWave's technology and products, and the ability to successfully complete the amalgamation and obtain the necessary approvals for the amalgamation from the applicable regulatory authorities and Nasdaq. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable; there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in Company's annual report filed on Form 20F for the 2001 fiscal year, and other periodic reports filed from time-to-time with the CDNX, BC Securities Commission SEC. 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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