ANTs Staff Additions; Litigation Update; Investor Relations Change; White Paper Reinstatement
ANTs Staff Additions; Litigation Update; Investor Relations Change;
White Paper Reinstatement
BURLINGAME, Calif., Jan 24, 2000 (BUSINESS WIRE) -- Frederick D.
Pettit, newly appointed Chairman & CEO of ANTs software.com
(OTCBB:ANTS) made the following announcements today.
Ms. Robin Canale has joined ANTs as a Marketing Program Manager,
reporting to Ione Binford, Managing Director for Vendor Relations. Ms.
Canale's background includes 17 years' project/program management
experience with Hewlett-Packard in the fields of information systems,
hardware and software engineering, and business process engineering.
She has managed many complex multinational projects throughout
Asia-Pacific, Canada, Europe, and the US.
Ms. Sushmeeta (Jolly) Manivasager has joined ANTs as a Business
Development Program Manager, also reporting to Ms. Binford. Most
recently, Ms. Manivasager has been a Principal Consultant,
PricewaterhouseCoopers, with experience in large enterprise client
management, comprehensive senior project management of SAP technical
infrastructure, contract negotiation, advanced client/server concepts
and implementation, and deep technical experience with Unix and NT.
Gopal Kankanhalli has joined ANTs as a Senior Software Engineer,
reporting to Clifford Hersh, Managing Director and Chief Technology
Officer. Mr. Kankanhalli will focus initially on integrating the
Company's software with that of vendors who are cooperating with ANTs
in product development. His focus is expected to shift to managing the
Company's distributed network capabilities and ensuring ANTs' products
are ready to ship as the Company approaches commerciality. While at
CommVault, a former AT&T subsidiary, Mr. Kankanhalli developed the core
engine for a backup/restore system to assist in high speed data
transfer using shared memory buffer pool and multiple network agents
(TCP socket based). He has extensive NT and Solaris experience.
Pettit said, "In concluding all of these agreements to work together,
we have been careful to point out to each of the individuals concerned
the recent spate of negative media comment on ANTs, including adverse,
inaccurate or intentionally misleading statements that have appeared,
among other places, on Bloomberg News and the `Raging Bull.' Given the
prior records of professional achievement of these outstanding
individuals, we believe their decisions to join us in the face of this
barrage speaks a quiet, solid, and confident message."
On another front, Pettit made the following statement with respect to
certain litigation in which ANTs is currently involved. He said, "In
1992, ANTs Technology licensed certain technology called `CATS' to a
company called Mosaic Multisoft Corporation in return for a 26%
interest in Mosaic and rights to cash royalties. The pending litigation
commenced by a shareholder and creditor of Mosaic challenges a January
1995 decision by Mosaic's board of directors to terminate the
employment of its president. The claim against ANTs Technology is that
it improperly influenced the directors.
"A motion for summary judgment by ANTs Technology and the other
defendants is scheduled for hearing on February 4, and a trial is
scheduled for March 31. Based on discussions with our attorneys, we
believe that the defendants, ANTs being one of same, ultimately will
prevail, although there can be no assurances. If we were to lose, the
likely consequence would be an award of damages limited by plaintiff's
$250,000 lost investment in Mosaic. Ownership of any and all ANTs'
technology is not at issue and would not be affected regardless of the
outcome. We will release more information as it becomes available."
Pettit also announced that the Company had discontinued the services of
Prima Capital's Corporate Communications unit. Prima, based near the
Company's former headquarters in Santa Barbara, Calif., had been
handling investor relations for ANTs. The Company is now interviewing
investor relations services provided by entities in the Silicon Valley
area.
Finally, Pettit noted that the White Paper that had been a fixture on
the Company's web site for some time will shortly be reinstated in
order to quell possible misinterpretations as to the reasons for its
recent withdrawal.
Further details regarding ANTs' additions to staff will appear shortly
on the Company's web site.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). In particular, when used in the preceding discussion, the words
"plan," "confident that," "believe," "expect," "intend to" and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain risks
and uncertainties, and actual results could differ materially from
those expressed in any forward-looking statements. Such risks and
uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete additional
financings, and other risks.
Copyright (C) 2000 Business Wire. All rights reserved.
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CONTACT: ANTs software.com, Burlingame
ANTs Investor Relations, 650/342-4961; Fax: 650/342-1207
WEB PAGE: businesswire.com
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