BWAYE News- CONSHOHOCKEN, PA - May 18, 2001- Breakaway Solutions, Inc. (Nasdaq: BWAYE), a Full Service Provider (FSP) of integrated strategy, implementation and application hosting solutions for collaborative e-businesses, today announced its new board of directors, which will play an integral role in the Company's activities moving forward.
The new members of the board that have been appointed to oversee Breakaway Solutions and provide guidance on its activities include: E. Talbot Briddell, president, Phoenix Management Services; Bill Loftus, president and CEO, Breakaway Solutions; Jerry Marcus, vice president of business development, Metromedia Fiber Network; and Henry Nassau, managing director, general counsel and secretary, Internet Capital Group. These new members have joined Breakaway Solutions' current board affiliates, Richard Wallman, senior vice president and chief financial officer, Honeywell; and Wayne B. Weisman, partner, SCP Private Equity Partners.
"Our board members are taking an active role to support company initiatives and continue to provide me counsel around best practices, and achieving profitability in this marketplace," said Bill Loftus, president and CEO of Breakaway Solutions. "Given the caliber of this new board of directors, I am confident we can quickly execute on the company's strategy, as Breakaway Solutions continues to provide high ROI services and offerings for Global 3000 enterprises. We are already benefiting from the wealth of experience this board brings with them." The new board brings a broad range of experience, including:
E. Talbot Briddell, President, Phoenix Management Services: Mr. Briddell is a widely recognized turnaround manager who brings more than three decades of successful turnarounds to his assignments. Prior to founding Phoenix Management Services and launching Phoenix Capital Resources, he served as president and COO for Sun Carriers, an $800 million transportation subsidiary of Sun Oil Company.
Bill Loftus, President and CEO, Breakaway Solutions: Mr. Loftus is a nationally recognized author, executive and technologist. He has 17 years of management and technical experience, including 10 years of entrepreneurial management. He was CEO of WPL Laboratories, Inc. from 1991 to 1999, and consulted for Fortune 500 companies, including Sun, H-P, AT&T, Unisys, Fidelity Investments, and Computer Sciences, and performed due diligence for venture capital and investment firms including Safeguard Scientifics, Deutsche Banc Alex. Brown, and Churchill Investment Partners.
Jerry Marcus, Vice President of Business Development, Metromedia Fiber Network: With over 25 years of experience, Mr. Marcus has held several executive-level positions at companies such as Metromedia Fiber Network, Sun Microsystems and Ziff Davis. Mr. Marcus has also served on the advisory boards of Netscape Communications, Sun Microsystems and The Help Desk Institute. He currently serves on several other advisory boards, including Teleias Corporation, Golftec, and BIAP.
Henry N. Nassau, Managing Director, General Counsel and Secretary, Internet Capital Group: Prior to joining ICG, Mr. Nassau was chairman of the business and finance department at Dechert Price & Rhoads, where he was actively involved in a variety of merger, acquisition, and financing activities for both financial and strategic participants.
Richard F. Wallman, Senior Vice President and Chief Financial Officer, Honeywell: Mr. Wallman has spent more than 27 years improving operational performance atHoneywell (formerly AlliedSignal), IBM, Chrysler, and Ford and helped leadthe financial turnarounds at IBM and Chrysler.
Wayne B. Weisman, Partner, SCP Private Equity Partners: Mr. Weisman has been a partner with SCP since its inception in 1996 and has over 14 years experience in private equity and venture capital investing. SCP has over $750 million under management in two funds. He has also been an officer and director of CIP Capital and SBIC since its founding in 1990.
About Breakaway SolutionsBreakaway Solutions, Inc. (Nasdaq: BWAYE) is a leading Full Service Provider (FSP) specializing in defining, creating, and operating sustainable digital businesses for Global 3000 collaborative e-business enterprises through strategy, implementation, and application hosting services. Headquartered in Conshohocken, PA, Breakaway Solutions has a network of regional offices and Internet Solutions Centers in major cities across the U.S., as well as 11 Application Hosting facilities in North America, Europe, Asia and Australia. Breakaway Solutions can be reached at 800/925-7100 or at www.breakaway.com. |
