Sly, Walter, Good Close UP 25% on Volume of 315,500 (way above average) After Chairman/CEO Carreker Is OUT, and Gary S. Murray takes over. Something may be up...
Kris
Tuesday July 6, 4:01 pm Eastern Time
Company Press Release
SOURCE: Integrated Spatial Information Solutions, Inc.
ISSS Appoints Gary S. Murray as Chairman
JACKSONVILLE, Fla., July 6 /PRNewswire/ -- Integrated Spatial Information Solutions, Inc. (Nasdaq: ISSS - news), a spatial information technology integrator, announced today that its Board of Directors has appointed an outside director, Gary S. Murray, to the position of Chairman of the Board.
The appointment follows the removal of Stephen Carreker from his position as ISSS Chairman and Chief Executive Officer effective at the close of business on July 1, 1999. The Board of Directors took the action reflecting on the Company's lack of performance, inability to execute its acquisition strategy and to achieve acceptable levels of earnings.
In accepting the position of Chairman, Mr. Murray stated, ''The Board has affirmed its intention to remain actively engaged in managing the Company and delivering value to the shareholders. The Board intends that ISSS will run a fundamentally sound business and successfully execute its vision for ISSS. Although ISSS failed to gain momentum after the acquisition of PlanGraphics, its inability to perform should not be considered the trend line. The window of opportunity is still available to us and we intend to perform.''
Murray, who was appointed a director in June of 1998, is the founder and president of Human Vision LLC, Greenbelt, MD an advisory and investment firm. He is also a founder and a principal of Timebridge Technologies (Lanham, MD), an e-commerce firm specializing in database and network services. Murray was founder, chairman and president of systems integrator Sylvest Management Systems (Lanham, MD) until its acquisition by Federal Data Corporation in June 1997.
The duties of Chief Executive Officer have been temporarily reassigned to John Antenucci, President of ISSS who will be acting CEO for the near term.
Integrated Spatial Information Solutions is headquartered in Jacksonville, Fla. Its operating subsidiary, PlanGraphics, Inc., is based in Frankfort, Ky., and has regional offices in Colorado, Maryland, California and Arizona.
SOURCE: Integrated Spatial Information Solutions, Inc. |
