Recent news....not to good!
COO Mark Leininger Also Becomes CFO Upon Resignation of Miriam Frazer
SAN JOSE, Calif., Feb. 5 /PRNewswire/ -- Allegro New Media, Inc. (Nasdaq: SPCO) (the "company") and Software Publishing Corporation today announced that they have substantially consolidated their operations, along with those of recently acquired subsidiaries, Serif Inc. and Serif (Europe) Limited.
The number of employees, on a consolidated basis, has been reduced by approximately 20% and several field offices have been reorganized to eliminate redundancies. The company acquired SPC on December 27, 1996 and Serif, Inc. and Serif (Europe) Limited on July 31, 1996.
The company also announced that Mark E. Leininger, Chief Operating Officer, was named to the additional position of Chief Financial Officer. He succeeds Miriam K. Frazer, who resigned as a director and CFO now that the integration of SPC with the company has been substantially implemented.
"We have moved quickly toward achieving the integration of operations, economies of scale and greater market presence we envisioned late last Fall, when we planned to integrate and consolidate these businesses. We intend to continue to expedite this transition program by better utilizing our people, technological resources development programs and sales and distribution systems," said Barry A. Cinnamon, Chairman, President and Chief Executive Officer of the company.
Cinnamon also said that the company appreciates the contributions of Miriam Frazer and all employees who have helped integrate the operations of the company.
The company, primarily through its subsidiary Software Publishing Corporation, is an international provider of visual communications and business productivity computer software under the Software Publishing Corporation name. This software is produced for the SOHO, corporate, desktop and Internet/Intranet markets using SPC's proprietary Intelligent Formatting technology. Current products include ActiveOffice(TM) ASAP WordPower(TM), Serif PagePlus(TM), Serif DrawPlus(TM) and Harvard Graphics(R).
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for computer software, the amount of sales of the company's products, the competitive environment within the computer software industry, the ability of the company to continue to integrate the operations of Allegro, SPC and Serif, the level and costs incurred in connection with the company's product development efforts and the financial strength of the retail industry. Investors are directed to consider other risks and uncertainties discussed in documents filed with the Securities and Exchange Commission.
Software publishing Corporation products are available at retail outlets throughout North America and Europe, or may be ordered directly by calling 800-336-8360. More information is available an the SPC website spco.com.
The Harvard product line is a group of products having no connection with Harvard University.
SOURCE Allegro New Media, Inc.
CO: Allegro New Media, Inc.
ST: California
IN: CPR
SU:
02/05/97 07:47 EST prnewswire.com
|
