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New Visual Reorganizes Technology Development ...

SAN DIEGO, Aug 6, 2001 (BUSINESS WIRE) -- New Visual Corporation (OTCBB:NVEI) announced today that the company has taken proactive measures to re-organize its technology development efforts. These measures include changes in management and operations. Ivan Berkowitz has been appointed Vice Chairman of the Board of Directors, the company is adding new technical advisors, and operations will be reduced in Pleasanton, California. Due to the re-organization, the employment of COO Allan Blevins, CTO Mike Shepperd, and other employees in Pleasanton has been severed. Only the Pleasanton employees are affected and the company continues to employ the engineering consultants in Northern California who have been working on the Company's technology development.

The reorganization will leverage the newly engaged technical assistance of Dr. David Greaves, founder and Chief Scientist of Virata Corporation and a well-respected lecturer at England's Cambridge University, and Dr. Michael Propp, co-founder and President of Adaptive Networks, Inc. in collaboration with the team of engineering consultants already at work on New Visual's technology.

Adaptive Networks is the leading developer of high-speed power line networking technology, currently developing high-speed communications technology and silicon for residential home networking. Adaptive's technology wins include becoming the ISO standard for power line communications aboard refrigerated container ships and an IEC standard for automated meter reading. New Visual continues to form relationships with other industry partners in a variety of research and development efforts designed to shorten the time to market for products derived from its technology.

Advisory board members Drs. Kenneth Rubinson and Henry Beck will also play a pivotal role in the development of the Company's CuOCX technology. The Company is also adding additional industry experts to its advisory board.

Ray Willenberg Jr., CEO and president of New Visual noted, "We feel these proactive measures enhance our ability to deliver the technology to market as quickly as possible. While we remain excited about our technology and the progress in its development, we have reached a point in our efforts where, in order to take our technology to the next stage, it is necessary to bring in others with expertise in several specialized niches in this field. Moving forward, there is a collective sense of enthusiasm as we work with the world-class team now coming together to participate in our efforts."

Ivan Berkowitz, a board member since August of last year, brings years of Wall Street finance, merger & acquisition, technology development, and business development experience to the Company. In addition to a large base of domestic and international contacts, his appointment as Vice Chairman reflects New Visual's emphasis on strengthening management and operations.

Mr. Berkowitz stated, "I am pleased to take on a more active role in shaping New Visual's future. The people involved in this venture are extremely talented and I expect that our combined efforts will set the stage for multi-faceted alliances with other industry partners. These changes augur well for the future of the company and for the development of the technology."

About New Visual

New Visual Corporation 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. Through its NV Technology, Inc. subsidiary, New Visual is developing technology that 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.

CONTACT: New Visual

Rich Wilson, 619/692-0333 (Media contact)

John Howell, 619/692-0333 (Investor contact)

or

Fleishman-Hillard for New Visual

Bridget Stachowski, 619/237-7717 (Media contact)


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KEYWORD: CALIFORNIA

INDUSTRY KEYWORD: ELECTRONIC

GAMES/MULTIMEDIA

HARDWARE

NETWORKING

TELECOMMUNICATIONS

MANAGEMENT

CHANGES

SOURCE:

New

Visual

Corporation


Copyright 2001 Business Wire. All rights reserved.



08/06/2001 09:06
BW










Excel - Greg