June 2/99...Press Release THW:ASE
Press Releases
Interesting things are happening at Totally Hip every day, but here are some of the more monumental events that have gone on over time.
Attention Business Editors:
Totally Hip reorganizes to focus on target customers
Company's new management team eliminates all non-core activities
VANCOUVER, June 2 /CNW/ - Totally Hip Software Inc.
Alberta Stock Exchange: THW
Totally Hip Software Inc. (Alberta Stock Exchange: THW) today announced
that it has reorganized the Company by eliminating its content creation
services group and all non-software product related projects. The Company's
new management team will now focus its exclusive efforts and resources on the
sales, marketing and development of its award-winning LiveStage and WebPainter
software products to professional Web designers, education and interactive
video producers.
As announced with the Company's recently released second quarter results,
software product sales have increased and content services have decreased when
compared to the second quarter of the previous year. This is attributed to the
initial success of LiveStage(TM) since January, and growth of WebPainter(TM)
sales in certain markets.
''LiveStage and WebPainter are Web developer products, and not retail
consumer products. They will now be marketed and sold exclusively through
direct and specialized channels by sales people who understand the target
markets for these products.'' said Randall H. McCallum, Company founder,
interim CEO and President. ''It's basic Math 101. Award-winning products plus
focused marketing and sales efforts should equal an increase in sales and
revenues.''
After the departure of Mr. Leeners as President, CEO and director, the
Company founder, Randall McCallum, agreed to assume the role of CEO and
President on an interim basis with a focus on sales and marketing. In the past
ten days, the Company's new management team has instituted significant
reductions in operating costs by eliminating all non-LiveStage or WebPainter
projects and eliminating all non-essential staff positions. These staff
reductions of 40% and reduction of operating expenses will take effect during
June and the last quarter of fiscal 1999. The Company has eliminated the
content services group and will not be proceeding with the previously
announced letter of intent (September 2, 1998) to acquire Jim Rafferty's
private California software company and its associated Windows photo editing
tools.
''Among other reasons, the planned acquisition did not fit with our focus
to provide award-winning cross-platform tools for the Web design and
interactive video markets.'' said David B. Dicaire, Chief Operating Officer
and General Manager.
Stock Options Granted
The Company has applied to The Alberta Stock Exchange to grant 200,000
employee stock options with an exercise price of $0.60 per share.
Totally Hip Software Inc., founded in 1995, designs, develops and markets
the award-winning LiveStage and WebPainter Web design software tools for the
Web designers, education and interactive video developers. The Company is
traded on the Alberta Stock Exchange (Trading Symbol: THW). (C) 1999 Totally
Hip Software Inc. All rights reserved.
The Alberta Stock Exchange has neither approved nor disapproved of the
contents of this press release.
%SEDAR: 00003922E
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For further information: Corporate Communications, 1-800-416-6320,
E-mail info@totallyhip.com; www.totallyhip.com
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