Friday December 29, 8:00 am Eastern Time
Press Release
E-Sync Networks Completes Financing and Appoints IR Firm
Chief Financial Officer to Resign
TRUMBULL, Conn.--(BUSINESS WIRE)--Dec. 29, 2000--E-Sync Networks, Inc. (NASDAQ: ESNI; www.esyncnetworks.com), a leading provider of e-business infrastructure products and services, has completed a $0.9 million convertible debt financing with existing investors.
Michael W.G. Fix, Chairman and Chief Executive Officer of E-Sync, said: ``The additional funding from our existing investment group is another sign of their continued support for the company. Our business units - Professional Services, Managed Services, and our BrainCraft subsidiary - operate in three very dynamic market sectors which, with proper management and execution, should achieve positive corporate cash flow by year-end 2001.''
E-Sync has also hired The Investor Relations Group, Inc., based in New York City, NY, as its financial and public relations company. In making the announcement, Mr. Fix pointed to the firm's demonstrated record of success in assisting small cap companies present themselves effectively and efficiently and concluded, ``We believe The Investor Relations Group will prove to be an excellent choice to aggressively present E-Sync's story to the investment community.''
E-Sync announced it has accepted the resignation of Frank Connolly as its Chief Financial Officer as he leaves to pursue an opportunity at another company. E-Sync has begun a search for his replacement and Mr. Connolly will continue to be available through mid-January to provide a smooth transition.
Mr. Fix said: ``Frank played a significant role in E-Sync's growth by building its finance, administrative and operational capabilities and we wish him well in his new endeavor. We will move as rapidly as possible to fill the CFO position.''
About E-Sync Networks, Inc.
Headquartered in Trumbull, CT with offices in New York and the U.K., E-Sync Networks, Inc. (NASDAQ: ESNI - news) provides an array of e-usiness infrastructure products and services, including: web application development and implementation; B2B integration solutions; IT infrastructure and network design and implementation; reliable, high-quality messaging; and, secure, high-performance hosting. E-Sync Networks has an extensive corporate client base, including Briggs & Stratton, Discover Financial Services, Ford(TM), IVANS, Johnson & Johnson, Pepsi(TM), Perkin Elmer, Purdue Pharma, Ralston Purina, Travelers Insurance and USABancShares.com. The company's largest shareholder is New York-based venture fund Commercial Electronics Capital Partnership, LP (CECAP). CECAP (www.cellc.com) is an exclusive partner of TRW, Inc. (NYSE: TRW - news) established solely to create independent businesses founded on TRW technologies in markets outside of TRW's strategic interests. More information can be found on the Internet at www.esyncnetworks.com.
Certain of the above statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the ``Exchange Act''). Actual results, events, and circumstances (including future performance, results, and trends) could differ materially from those set forth in such statements due to various factors, risks, and uncertainties, including, but not limited to, risks associated with the Company's future growth and operating results, the uncertainty of market acceptance of the Company's products, technological change, competitive factors, and general economic conditions. Except as otherwise required to be disclosed in periodic reports required to be filed by companies registered under the Exchange Act by rules of the Securities and Exchange Commission, the Company has no duty and undertakes no obligation to update such statements.
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Contact:
The Investor Relations Group
Financial analysts/Investors:
Gino De Jesus/Dian Griesel Ph.D., 212/736-2650
Media: Deirdre Fletcher, 203/601-3275 |
