CompuSonics Video Elects Thomas Itin as Chairman of the Board

Apr 24, 2001, 01:00 ET from CompuSonics Video Corporation

    FARMINGTON HILLS, Mich., April 24 /PRNewswire Interactive News Release/ --
 CompuSonics Video Corporation (OTC Bulletin Board:   CPVD) announced today that
 Thomas W. Itin has been elected Chairman of the Board of the company.  He
 replaces Robert R. Hebard, who resigned as chairman, president and chief
 executive officer to pursue other business interests.
     Mr. Itin is the company's largest shareholder and, through loans made
 personally and by private entities he controls, has provided much of the
 company's working capital over the last few years, including funds needed to
 keep the company's video compression patents current in the United States and
 select countries in Europe and Asia.
     As part of his commitment to become involved in CompuSonics Video, Mr.
 Itin has agreed to convert all of the principal of the loans, which he and
 entities he controls have made to the company, into newly issued shares of
 preferred stock.  He has also agreed to forgive all the interest that has
 accrued on these loans so that the company will have virtually no long term
 debt once this exchange occurs.
     Commenting on these actions, Mr. Itin stated, "I am pleased to be taking
 this leadership role in CompuSonics Video at a critical time in its existence,
 and am committed to realizing the value that I believe exists here through the
 company's patents and technology.  As the new board chairman, I can confirm
 that improving shareholder value will be my number one initiative."
     Mr. Itin continued, "My high level plan is to focus on finding partners
 that can utilize our technology and patents in the furtherance of their
 business.  This could be in the form of acquisitions or partnerships with
 companies that have products that are complementary to or dependent on our
 technology.  I am committed to developing an active plan to fully understand
 the basis of our patents and how they relate to technologies in today's
 marketplace, as we continue to believe that a number of target companies may
 want to consider taking a license under the Company's patents as a way to
 resolve any conflicts that may exist as a result of their possible use of our
 patented technology.  Part of this plan is to consider the hiring of
 technologists and counselors who can advise and assist the company in various
 ways to best seek licenses from those companies.  This may take additional
 capital and resources to execute, but I am committed to making my best efforts
 to make it happen for the benefit of all shareholders."
     Mr. Itin also indicated that another priority of his will be to find a new
 president and chief executive officer who will be responsible for executing
 these plans.
     The statements included in this news release concerning predictions of
 economic performance and management's plans and objectives constitute forward-
 looking statements made pursuant to the safe harbor provisions of Section 21E
 of the Securities Exchange Act of 1934, as amended, and Section 27A of the
 Securities Act of 1934, as amended.  These statements involve significant
 risks and uncertainties that could cause actual results to differ materially
 from the forward-looking statements.  Factors which could cause or contribute
 to such differences include, but are not limited to, factors detailed in the
 Company's Securities and Exchange Commission filings; the ability of the
 Company to determine whether infringements have occurred on its patents, the
 ability of the Company to license its technology to other companies in the
 United States and in foreign countries, the scope and applicability of the
 Company's patents as it relates to technology in the current marketplace,
 economic downturns affecting the operations of the Company or any of its
 business operations, and the unavailability of financing to complete
 management's plans and objectives.  The forward-looking statements contained
 in this press release speak only as of the date hereof and the Company
 disclaims any intent or obligation to update these forward-looking statements.
 
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SOURCE CompuSonics Video Corporation
    FARMINGTON HILLS, Mich., April 24 /PRNewswire Interactive News Release/ --
 CompuSonics Video Corporation (OTC Bulletin Board:   CPVD) announced today that
 Thomas W. Itin has been elected Chairman of the Board of the company.  He
 replaces Robert R. Hebard, who resigned as chairman, president and chief
 executive officer to pursue other business interests.
     Mr. Itin is the company's largest shareholder and, through loans made
 personally and by private entities he controls, has provided much of the
 company's working capital over the last few years, including funds needed to
 keep the company's video compression patents current in the United States and
 select countries in Europe and Asia.
     As part of his commitment to become involved in CompuSonics Video, Mr.
 Itin has agreed to convert all of the principal of the loans, which he and
 entities he controls have made to the company, into newly issued shares of
 preferred stock.  He has also agreed to forgive all the interest that has
 accrued on these loans so that the company will have virtually no long term
 debt once this exchange occurs.
     Commenting on these actions, Mr. Itin stated, "I am pleased to be taking
 this leadership role in CompuSonics Video at a critical time in its existence,
 and am committed to realizing the value that I believe exists here through the
 company's patents and technology.  As the new board chairman, I can confirm
 that improving shareholder value will be my number one initiative."
     Mr. Itin continued, "My high level plan is to focus on finding partners
 that can utilize our technology and patents in the furtherance of their
 business.  This could be in the form of acquisitions or partnerships with
 companies that have products that are complementary to or dependent on our
 technology.  I am committed to developing an active plan to fully understand
 the basis of our patents and how they relate to technologies in today's
 marketplace, as we continue to believe that a number of target companies may
 want to consider taking a license under the Company's patents as a way to
 resolve any conflicts that may exist as a result of their possible use of our
 patented technology.  Part of this plan is to consider the hiring of
 technologists and counselors who can advise and assist the company in various
 ways to best seek licenses from those companies.  This may take additional
 capital and resources to execute, but I am committed to making my best efforts
 to make it happen for the benefit of all shareholders."
     Mr. Itin also indicated that another priority of his will be to find a new
 president and chief executive officer who will be responsible for executing
 these plans.
     The statements included in this news release concerning predictions of
 economic performance and management's plans and objectives constitute forward-
 looking statements made pursuant to the safe harbor provisions of Section 21E
 of the Securities Exchange Act of 1934, as amended, and Section 27A of the
 Securities Act of 1934, as amended.  These statements involve significant
 risks and uncertainties that could cause actual results to differ materially
 from the forward-looking statements.  Factors which could cause or contribute
 to such differences include, but are not limited to, factors detailed in the
 Company's Securities and Exchange Commission filings; the ability of the
 Company to determine whether infringements have occurred on its patents, the
 ability of the Company to license its technology to other companies in the
 United States and in foreign countries, the scope and applicability of the
 Company's patents as it relates to technology in the current marketplace,
 economic downturns affecting the operations of the Company or any of its
 business operations, and the unavailability of financing to complete
 management's plans and objectives.  The forward-looking statements contained
 in this press release speak only as of the date hereof and the Company
 disclaims any intent or obligation to update these forward-looking statements.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X22612239
 
 SOURCE  CompuSonics Video Corporation