FWEB CEO kicked out! FINANCIALWEB.COM, INC. ANNOUNCES
MANAGEMENT CHANGES; COMPANY PREPARES FORFUTURE GROWTH
ALTAMONTE SPRINGS, Fla., Oct 27, 1999 /PRNewswire via COMTEX/ --
FinancialWeb.com, Inc. (OTC Bulletin Board: FWEB) one of the leading
providers of financial information on the Internet today announced that
Kevin Lichtman has resigned as President and Chairman of the Board of
the Company and from its Board of Directors. A new Vice President of
Product Sales has been appointed as well as a new member of the Board
of Directors.
Executive Vice President James Gagel will perform the duties of
President on an interim basis. On September 9, 1999, Mr. Gagel was
named the Company's Chief Operating Officer with the responsibility to
oversee daily operations. The Company is conducting a search for a new
President through a New York- based executive search firm.
"We retain an outstanding team that will continue to perform at the
highest level. We continue to publish our acclaimed Stock Detective
investigative reports, and plan to substantially enhance our overall
editorial content. We are also enhancing our management team,
particularly emphasizing the marketing and sale of our financial
products and services," said Mr. Gagel.
Mr. Lichtman's planned resignation is part of a global arrangement with
FinancialWeb.com, Inc., whereby the Company will purchase 848,000
shares of his total stock holdings of 902,000 shares, and restore them
to the status of authorized and unissued shares. As a result, the
Company's 5,457,839 issued and outstanding shares will be reduced by
15.5%, to 4,609,839 shares.
"As founder of FinancialWeb.com, I'm honored to have been able to
oversee the development of a first-rate financial Internet site. I
continue to believe that FinancialWeb stands alone as the most
comprehensive source of free stock market data, investing tools and
financial journalism anywhere on the Internet, and the site continues
to improve at a rapid pace," Mr. Lichtman said.
FinancialWeb.com recently hired Javier Caneda as its new Vice President
for Product Sales, responsible for implementing the Company's sales and
marketing strategies under the direction of Raymond Barton, who joined
the Company as Senior Vice President of Sales and Marketing in
September. Prior to joining the Company, Mr. Caneda served as a
Business Development Manager at Hyperfeed Technologies and a sales
executive at PC Quote.com. He holds a B.S. in Computer Science from St.
John's University in New York.
Andrew Hobbs, Managing Director of Six Plus, Inc., a private investment
company in Wilmington, Delaware, recently was appointed to the Board of
Directors. He serves as a general partner of numerous limited
investment partnerships with exposure to leveraged buyout and hedge
funds. He holds an M.B.A. from Pepperdine University and a B.A. from
Syracuse University.
This news release may include statements that constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Please be cautioned that any such
forward-looking statements are not guarantees of future performance and
involve significant risks and uncertainties, and that actual results
may vary materially from those in the forward-looking statements as a
result of any number of factors, including the risk factors contained
in the Company's disclosure documents.
Trademark Notice: All trademarks named above are the property of their
respective holders.
SOURCE FinancialWeb.com, Inc.
(C) 1999 PR Newswire. All rights reserved.
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CONTACT: James Gagel of FinancialWeb.com, Inc., 407-834-4443 |
