Friday April 2, 12:55 pm Eastern Time
Company Press Release
SOURCE: Peritus Software Services, Inc.
Peritus Software Services, Inc.
Announces The Resignation Of Dominic Chan, The
Appointment Of John Giordano And Details Of Its
Staff Reductions
BILLERICA, Mass., April 2 /PRNewswire/ -- Peritus Software Services, Inc. (OTC Bulletin
Board: PTUS - news), 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.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software maintenance
outsourcing services. The Peritus Software Asset Maintenance (SAM) offerings enable
organizations to transform the maintenance process into an efficient, cost-effective
discipline that boosts productivity and performance. SAM offerings include customized
services for software providers and information systems organizations. Peritus is
headquartered in Billerica, MA. For more information, see the Peritus web site at
peritus.com.
This press release may contain certain forward-looking statements, which involve risks and
uncertainties. The Company's actual results may differ materially from the results discussed
in such statements. Certain factors that could cause actual results to differ materially from
those discussed in such forward-looking statements include the risks described in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997, the
Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, and other public
filings made by Peritus with the Securities and Exchange Commission, which factors are
incorporated herein by reference.
Peritus is a registered trademark and Software Asset Maintenance is a service mark of
Peritus Software Services, Inc.
SOURCE: Peritus Software Services, Inc. |
