Video Interactive To Install StreamHQ™ Within Two Weeks, Company Announces Financing
Tuesday, 14 August 2001
Mystic, Connecticut, August 14, 2001 - USA Video Interactive (OTCBB: USVO; CDNX: US; BSE: USF; www.usvo.com) will ship its first StreamHQ™ system to a leading Internet Data Center (IDC) within two weeks, culminating more than 14 months of design and development of a rich-media streaming infrastructure that will be unsurpassed in the industry. The first StreamHQ™ system is complete and operational in USVO's Technology Lab in Mystic.

In light of numerous developments in the technology market over the past few weeks, USVO considered several companies to provide the IDC services. USVO is finalizing arrangements with one IDC and will announce its selection when the StreamHQ™ system is shipped.

The Company also announces that it has arranged a non-brokered private placement of up to an aggregate of 5,000,000 units in the capital stock of USVO to various investors at a price of $0.27 US ($0.41 Cdn.) per unit. Each unit consists of one common share and one non-transferable share purchase warrant (the "Warrant"). Each one Warrant entitles the holder thereof to purchase an additional one common share at a price of $0.27 US ($0.41 Cdn.) per share, exercisable for a period of two years from the date of payment for the units. The 5,000,000 common shares to be issued as part of the units and the 5,000,000 common shares that may be issued upon conversion of the Warrants are subject to a 12-month hold period from the date of payment for the units. The issuance of the private placement units is subject to regulatory acceptance.

The private placement proceeds will be utilized for the ongoing development and marketing of USVO's StreamHQ™ technology and for general working capital.

About USA Video Interactive
USA Video Interactive is an international designer and supplier of high-tech Internet streaming video and video-on-demand systems, services and innovative end-to-end solutions. Its StreamHQ™ media delivery services are focused on creating revenues for customers and reducing their Internet costs. StreamHQ™ encompasses the entire media experience from source to viewing, including content production; content encoding; asset management; media and application hosting; multi-mode content distribution; and transaction data capture, reporting and analysis. StreamHQ™'s design leverages the capabilities of the Internet while bypassing its latencies, with high availability, reliability, flexibility, scalability and cost-effectiveness. USVO holds the pioneering patent for store-and-forward video, filed in 1990 and issued by the United States Patent and Trademark Office on July 14, 1992. It has been cited by at least 145 other patents. USVO holds similar patents in England, France, Spain, Italy and Germany, and has patents pending in Canada and Japan. The USVO patented video technology gives users full-motion video; the flexibility of standard, VCR-like controls; and the convenience of a standard internet-browser format for access. It provides video images significantly faster and at a higher degree of resolution than with previously available methods; significantly overcomes bandwidth restrictions; and eliminates the blockiness and slowness of current technologies. USVO is developing patented Wavelet compression technology that will further enhance the company's ability to deliver unique capabilities as part of StreamHQ™. For more information, visit www.usvo.com

USA Video Interactive Corporate Headquarters Office: 70 Essex Street; Mystic, CT 06355; (800) 625-2200; (860) 572 1560. Canada Office: 837 West Hastings Street; Suite # 507; Vancouver, B.C. V6C3N6. Trading Symbol on the OTCBB: USVO; Trading on The Canadian Venture Exchange: US. Standard & Poors Listed. CUSIP 902924208. The Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For more information contact: Kevin Yorio, 860-572-1560;

This press release may contain forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which may cause actual results to differ from those described.

Last Updated ( Tuesday, 05 December 2006 )