BURLINGTON, Mass.--(BUSINESS WIRE)--March 15, 2000--NewsEdge Corporation
(NASDAQ:NEWZ)
today announced that Cliff Pollan will succeed company founder Donald
McLagan as Chief Executive
Officer. Mr. Pollan, previously President and Chief Operating Officer for
NewsEdge, also takes a seat on
the company's Board of Directors. In addition, Basil Regan and Peter
Woodward, both of the investment
firm Regan Fund Management, were elected to the Board of Directors.
In other changes, Rory Cowan, President and CEO of LionBridge and a current
member of the NewsEdge
Board, was appointed Chairman of the Board, and Board members June Rokoff
and Ellen Carnahan have
resigned along with McLagan. A third Board member representing Regan Fund
Management will be
nominated to an expanded Board, which will be proposed at the next annual
meeting.
"NewsEdge has a strong plan for accelerated growth and is in the capable
hands of new leadership,"
said Mr. Regan, who prior to joining the Board of Directors was the largest
institutional shareholder of
NewsEdge stock. "The company's position as the leader of electronic business
news is the perfect
perch to rapidly execute its strategy for content-enabled Internet
commerce."
With more than 1,400 enterprise customers, NewsEdge is the leader in
subscription-based news
services for the business market. According to Mr. Pollan, the company's
strengths in refining and
personalizing content for use by individual knowledge workers are already
creating demand among
Global 5000 corporate extranets, portals, vortals, online publishers, B2B
exchanges, and major e-tailers
forming online commerce relationships with their customers.
"We are taking serious aim at the projected $7 trillion B2B ecommerce
market," said Mr. Pollan. "Our
installed client base and businesses of every kind are going online with a
vengeance, and they are all
keenly interested in our content as a way to make their sites more
transactional. We understand how
content enables commerce, and that is going to be a powerful differentiator
for us."
"This push into e-content services and related infrastructure offerings
leverages our core strengths and
significant presence in the enterprise marketplace, while providing a
platform for renewed growth." said
Mr. Pollan. "In addition, we have significant financial resources in place
to support this effort with over
$20 million in cash as reported in our year end 1999 results. Those
resources will be supplemented by
the $10 million proceeds from the sale of Individual.com."
"Over the last twelve years, NewsEdge has become the clear leader in news
value for business," said
Don McLagan, retiring Chairman and CEO. "Now is the time for me to transfer
the leadership role to Cliff
to take the organization into the enormous new opportunities of the B2B
Internet economy."
About NewsEdge Corporation
NewsEdge Corporation is the leader in global news and current awareness
solutions for business. The
company's mission is to make news valuable for business by helping people
find them most important,
relevant stories from an overwhelming volume of daily news and enabling them
to act on the most
current information possible. NewsEdge's Enterprise unit services
approximately 1,400 organizations,
including 43 of Business Week's 50 largest global companies with
award-winning news and information
solutions including NewsEdge Insight, NewsEdge Live, and NewsEdge Review
Topics. NewsEdge is
headquartered in Burlington, Mass., with sales offices and distributors
throughout North America, South
America, Europe and Asia.
--30--mp/bos*
CONTACT: NewsEdge Corporation Mullen PR
Ronald Benanto Gil Isenstein
781-229-3000 978-468-1155
gisenstein@mullen.com
KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: INTERNET MANAGEMENT CHANGES
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