Tuesday November 21, 6:47 pm Eastern Time
Press Release
SOURCE: Net Shepherd Inc.
via BCE Emergis e-News Services
Net Shepherd Inc. Announces New CEO
Calgary, Alberta
Move Follows Six Months of Assessment and Restructuring
Net Shepherd Inc. (NSI) (CDNX: WEB) today announced the appointment of Bill Fogg as President, CEO and a director of the Company with immediate effect.
The appointment of a new CEO forms the next stage in the development of the group following the period of assessment and restructuring of the business that has taken place over the last six months, during which NSI has been transformed from an operating company into an active investment company.
Jan Baan, Chairman: ``We are confident that Bill Fogg is the right person to build value at NSI and its investments. Bill has successfully developed Answers.com from a small start-up into a leading player in the Customer Relationship Management space. His experience will add tremendously to the development of NSI's companies as well as to new opportunities in the future.''
Bill Fogg, CEO: ``The short term focus will be to continue developing our existing investments, including Ktopia, ClickChoice, and Answers.com and our minority holdings in Fintech and Kinetiq. Utilizing both the skills available within the group, as well as leveraging the proven business development skills of our major shareholder, the Vanenburg Group, I believe we can assist the portfolio companies in accelerating their development plans and help in obtaining outside funding. The goal is to help them achieve commercial success as soon as practical and thereby return value to NSI Shareholders.''
``If we can successfully demonstrate the development of our existing investments, then we will be well positioned in the future to attract market support for new initiatives,'' added Fogg. ``I look forward to the challenges ahead both in developing our investments as well as in getting the market to recognize the existing value and future potential of the group. Going forward, I anticipate that for the near term, focus will be on continuing to reduce costs and building greater efficiencies within the group.''
By asking Vanenburg to actively assist with strategy and resources, NSI board members accept the appointment of Wim Heijting, COO of Vanenburg, to the NSI board as Chairman. Jan Baan will remain a director. Commented Baan, ``NSI is entering a development phase for its investments and itself, which is where we believe Vanenburg will be able to most actively assist. We are committing additional resources, such as Wim Heijting, who will be working closely with Bill and the Executive Committee in the coming months. We are committed to definitive action and the restructuring of NSI.``
As part of the management changes, the Board of Directors has announced the formation of an Executive Committee consisting of Wim Heijting, newly appointed Chairman, Owen Pinnell, Director, and Bill Fogg, newly appointed President, CEO and Director. The executive committee will oversee the day-to-day operations of the Company.
Don Sandford the former President and CEO will transfer to head up Kinetiq kinetiq.net , the Calgary based internet business accelerator of which he is a founder and in which NSI has taken a minority interest. He will also be stepping down as a Director of NSI. The Board wishes to express its gratitude to Don for all he has done for NSI to date. Commented Sandford, ``I am delighted that Bill Fogg will be bringing his talents to bear as CEO of NSI as the group enters its next phase of development. He has done a tremendous job at Answers.com, where he will continue to act as President, and I look forward to working with him as NSI's representative on the board of Kinetiq.''
The Company is planning an investor update letter prior to year-end 2000 to shareholders in order to introduce the new CEO and explain the strategy for the group and its investments.
The Company also announces that it has granted, subject to regulatory approval, options under its incentive stock option plan to acquire an aggregate of 4,200,000 common shares at $0.67 per share to Bill Fogg and the directors of NSI.
About Net Shepherd:
Net Shepherd Inc. (NSI) is an Internet-based technology management company that accelerates the companies in which it has an interest. NSI currently has five investments at present: Answers.com, ClickChoice.com, FinTech Services, KinetiQ and ktopia. NSI builds up the assets and valuations of these investments and then takes them through liquidity events, such as mergers, sales or IPOs, subsequently distributing a portion of the holdings as dividends to shareholders.
NSI is traded on the Canadian Venture Exchange under the symbol WEB.
Information and statements in this document, other than historical information, should be considered forward-looking and reflect management's current views of future events and financial performance that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions and developments within the Internet and Intranet industries; product development and technology changes; competition and pricing pressures; length of the sales cycle; variability of sale order flow and the management of growth.
About KinetiQ:
KinetiQ accelerates emerging companies through to positive cash flow and business profitability. The KinetiQ team focuses on accelerating funded companies that are past the start-up or incubation stage, and require fast tracking through to category dominance and liquidity events. We help our clients build a better business by providing them with much needed resources and business infrastructure, increasing their growth and speed to market. KinetiQ enables companies to emerge as a successful business and a category leader in their market space.
``THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.''
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Contact: Bill Fogg (403) 802-2054 bill@answers.com
SOURCE: Net Shepherd Inc. |
