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New Visual Announces Name Change.

Business Editors & High-Tech Writers

SAN DIEGO--(BUSINESS WIRE)--June 29, 2001

New Visual Corp. (OTCBB: NVEI) today announced it has changed its name from New Visual Entertainment to New Visual Corp.

The name change was overwhelmingly approved at the company's Annual Meeting of Shareholders held yesterday in San Diego.

"New Visual began eight years ago as an entertainment company, developing 3-D special venue short films. Today, with the company's significant shift to a new strategic focus -- bringing our Cu@OCx technology to market -- we wanted to reflect this change in our corporate identity. Although a portion of our operations remain in the entertainment arena, our new name better supports this focus," said Ray Willenberg Jr., president and CEO of New Visual. "As we continue to focus our strategy on technology, the new name allows us to retain our corporate identity while better reflecting our future plans."

At the meeting yesterday, Rich Wilson, vice president, unveiled the new corporate identity and Web site and summarized the company's marketing and public relations plans. Wilson also gave a presentation of New Visual's Cu@OCx technology, and provided an overview of the transmission technology in layman's terms as well as the company's development plans for both the technology and future products. In addition, Wilson revealed that the first alpha product will be an OC1 line driver developed for small- and medium-sized enterprises. It will use four copper wires and be capable of delivering data at speeds up to 52 Mbps with a fiber-to-copper interface. The OC1 line driver will be symmetrical but will not use a digital signal processor.

Additional items that were overwhelmingly approved by shareholders include:

-- Re-election of Ivan Berkowitz, Lilly Beter, Allan Blevins,

Bruce Brown, John Howell, Celso B. Suarez Jr., Ray Willenberg

Jr., and C. Rich Wilson III to the board of directors. All

directors will serve until the 2002 Annual Meeting of

Shareholders.

-- Ratification of the appointment of Grassi & Co. CPAs, P.C. as

New Visual's independent auditor.

About New Visual Corp.

New Visual is pioneering the development of a proprietary broadband transmission technology with the mission to utilize existing copper telecommunications infrastructure to deliver data and content to the office or home at fiber optic transfer rates. New Visual is developing technology which will allow the bundling of voice, video, and data over existing copper telephone wires, potentially eliminating the need for fiber optic cable to the home or office. New Visual's common stock is traded on the Over-The-Counter Bulletin Board under the symbol NVEI.

With the exception of historical information contained in this press release, this press release includes forward-looking statements made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the following: product development difficulties; market demand and acceptance of products; the impact of changing economic conditions; business conditions in the Internet and telecommunications industries; reliance on third parties, including potential suppliers, licensors, and licensees; the impact of competitors and their products; risks concerning future technology; and other factors detailed in this press release and in the Company's Securities and Exchange Commission filings.
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Publication:Business Wire
Date:Jun 29, 2001
Words:537
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