From: Electric Mail Press Release List <press_releases@electric.net> | Block address
Subject: PRESS_RELEASES - Changes in Executive Management and Board
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FOR IMMEDIATE RELEASE March 24, 2000
Changes in Executive Management and Board
Vancouver, British Columbia - March 24, 2000. The Electric Mail
Company Inc. (the "Company") (CDNX:ELE) today announces that Dr.
John Boyce and Ms. Cathy Munn have resigned from the Company to
explore other business opportunities. As co-founder of the
Company, Ms. Munn served as President and CEO until October
1999, at which point Mr. Iain Black joined the Company and
assumed the role of President, and then CEO. Since Mr. Black's
appointment Ms. Munn has held the position of Director of
Business Development. Dr. Boyce, who founded the Company with
Ms. Munn, has served as Chief Technical Officer and Chairman of
the Board. Dr. Boyce will continue to provide technical advisory
services to the Company.
Under the terms of their Severance Agreements with the Company,
Dr. Boyce and Ms. Munn will exercise stock options to acquire,
in aggregate, 600,000 common shares of the Company, of which
400,000 Shares will be crossed in the market today to a number
of investors, including current principals of the Company.
Additionally, Dr. Boyce and Ms. Munn will, at the direction of
the Company, transfer an aggregate of 1,799,360 common shares
of the Company currently held in escrow to a number of
individuals, subject to the approval of the parties and the
Canadian Venture Exchange. These shares will be transferred in
tranches over a period of 24 months from the date of the Dr.
Boyce's and Ms. Munn's resignations.
Mr. Black states, "On behalf of the Board and the Company I
would like to commend Cathy on her dedicated work and commitment
in growing this Company for over 5 years. For his part, John's
vision and technical expertise helped establish the Company's
technical leadership in the messaging outsourcing marketplace.
Looking forward, the Company has a strong management team,
recognized product leadership, a solid base of customers, and
significant strategic alliances. We are remarkably well
positioned for success in the messaging outsourcing marketplace.
On behalf of the Company, I would like to thank Ms. Munn and Dr.
Boyce and wish them all the best in their future endeavors."
As part of its new strategic plan to accelerate the growth of
the Company, Electric Mail will strengthen its Board with
industry experts and anticipates the announcement of new
appointments prior to its annual general meeting. Ms. Munn and
Dr. Boyce have resigned their positions on the board of
directors to facilitate these new appointments.
About The Electric Mail Company Inc.
The Electric Mail Company Inc. (CDNX:ELE) is a leading provider
of robust business-to-business email and Internet communications
solutions in North America. The Company is positioned at the
forefront of the email and Internet communications outsourcing
sector with strategic relationships with AT&T Global Network
(NYSE:T), Lotus, Novell (NASDAQ: NOVL) and TELUS (TSE: BTS).
The Company serves major corporations, wireless companies, web
portals, ISPs and web-hosting and management companies
throughout North America, and boasts a client list including
Delta Hotels and Resorts, Fuji Photo Film Canada, HSBC Bank of
Canada, and Placer Dome.
The Electric Mail Company is a registered trademark of The
Electric Mail Company Inc. Other names may be trademarks of
their respective company.
###
The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
For More Information Contact:
Richard Cheung, The Electric Mail Company Inc.
1.800.419.7463, rcheung@electricmail.com
www.electricmail.com |
