TREEV Wins Contract in Excess of $6 Million With Major Telecommunications Provider
Integrated Imaging, Workflow and Document Management Technologies Become Latest Upgrade to Existing Customer's TREEV System
HERNDON, Va., July 1 /PRNewswire/ -- TREEV, Inc. (Nasdaq: TREV - news), formerly Network Imaging Corporation, today announced that it won a multimillion dollar contract with a telecommunications industry leader. Under the contract, TREEV will supply its integrated imaging, workflow and document management software and provide on-going professional services and maintenance for a period of 3 years.
from recent SEC 8-K:
On May 19, 1998, the Company issued a press release that provided certain information regarding organizational changes aimed at saving $4,800,000 annually.
(It is these "organizational changes" that resulted in a .05 per share loss this quarter...)
May 19 8-K:
HERNDON, Va.--May 19, 1998--TREEV, Inc. (NASDAQ/NMS:TREV), formerly Network Imaging Corporation, today announced organizational changes to further streamline its operations. Effective mmediately, David MacWhorter--the Company's senior vice president of marketing--will assume additional responsibilities as President and Chief Operating Officer. James Leto will remain Chairman and Chief Executive Officer. The Company has also eliminated 30 management and staff positions and consolidated its operations.
"When I started with TREEV two years ago, I initiated a plan to address three fundamental issues with this Company," commented Leto. "Those issues were: correcting the Company's balance sheet; marketing and selling our Company's
products; and, rationalizing our organizational structure. Improving the balance sheet was the first issue to be addressed. We spent much of 1996 and 1997 fixing this Company's finances. At the end of 1997, we accomplished this goal.
"The second issue I tackled was how to better market and sell the Company's products. I believe that our core products are superior to others in the market. We needed time, however, to develop these products into an
integrated document management suite that customers were looking for. At the AIIM '98 (Association for Information and Image Management) trade show last week, we demonstrated our new, fully integrated software products. Our
OmniTREEV(TM), AutoTREEV(TM), DocuTREEV(TM), and DataTREEV(TM) products were very well received. According to reviews by Doculabs--an independent testing laboratory in Chicago, IL--DocuTREEV set the benchmark for large scale deployments and flexibility for vertical applications. DataTREEV set the benchmark for processing volume, retrieval user volume and database volume. Doculabs' favorable review validates not only our corporate integrated document management strategy but also our products in the marketplace.
"The last issue to be addressed concerned the organizational structure of the Company. Over the last two years, I have consolidated the development, operations, marketing, and sales organizations. After a critical assessment, I
determined that 30 additional management and staff positions from all divisions of the Company could be eliminated or streamlined into other existing positions. These positions have been eliminated effective May 18, 1998. TREEV is now an
efficient organization that is well positioned to achieve profitability.
"With this organizational restructuring, I am promoting David MacWhorter to President and Chief Operating Officer to oversee the day-to-day operations of the Company. David has held senior management positions at Kyocera
Electronics, Wang, Sony and IBM and is well-suited for managing the operations of this Company. I will devote 100% of my efforts to creating strong business alliances and building relationships with existing and prospective customers.
"My commitment to our shareholders is to achieve profitability by the latter part of this year. I believe that we are now positioned to do this. To achieve this goal, I have elected to cut my salary by over 50% in exchange for stock options to help in the reduction of expenses and to bring us closer to achieving profitability. The ownership of the Company's stock and the stock options I have been granted provide a tremendous incentive to bring this Company into the black."
The Company's software is marketed through partners such as Sybase (NASDAQ:SYBS), Lockheed Martin (NYSE:LMT), ALLTEL (NYSE:AT), EDS (NYSE:EDS) and Intergraph Corporation (NASDAQ:INGR). For additional information about TREEV's products or services, call (800) 254-0994, browse our website at www.treev.com.
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