JDN 1st ALYD has bad news,, then PTUS... NOT A GOOD SIGN
BILLERICA, Mass., April 2 /PRNewswire/ -- Peritus Software Services, Inc.
(OTC Bulletin Board: PTUS), a provider of solutions for software maintenance,
today announced that Dominic Chan has resigned as President and Chief
Executive Officer and as a member of the Company's Board of Directors
effective immediately. Mr. Chan has informed the Company that he intends to
consider making an offer to the Company to purchase certain of the Company's
assets. John Giordano, the Company's Chief Financial Officer, will assume the
additional position of President and Chief Executive Officer.
The Company also reported that it is reducing its workforce by
approximately 40 people. The reductions are concentrated in the areas of
Sales, Marketing, and Year 2000 delivery. There are no reductions in the area
of outsourcing service delivery. After the reductions, the Company will have
limited Sales resources and limited Year 2000 resources outside of what is
required to meet current support obligations. The restructuring charge
associated with the reduction is estimated to be $250,000.
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