To: Frank_Ching who wrote (5346 ) 10/27/1999 9:47:00 AM From: Francois Goelo Read Replies (4) | Respond to of 10354
FWEB CEO kicked out! FINANCIALWEB.COM, INC. ANNOUNCES MANAGEMENT CHANGES; COMPANY PREPARES FORFUTURE GROWTH ALTAMONTE SPRINGS, Fla., Oct 27, 1999 /PRNewswire via COMTEX/ -- FinancialWeb.com, Inc. (OTC Bulletin Board: FWEB) one of the leading providers of financial information on the Internet today announced that Kevin Lichtman has resigned as President and Chairman of the Board of the Company and from its Board of Directors. A new Vice President of Product Sales has been appointed as well as a new member of the Board of Directors. Executive Vice President James Gagel will perform the duties of President on an interim basis. On September 9, 1999, Mr. Gagel was named the Company's Chief Operating Officer with the responsibility to oversee daily operations. The Company is conducting a search for a new President through a New York- based executive search firm. "We retain an outstanding team that will continue to perform at the highest level. We continue to publish our acclaimed Stock Detective investigative reports, and plan to substantially enhance our overall editorial content. We are also enhancing our management team, particularly emphasizing the marketing and sale of our financial products and services," said Mr. Gagel. Mr. Lichtman's planned resignation is part of a global arrangement with FinancialWeb.com, Inc., whereby the Company will purchase 848,000 shares of his total stock holdings of 902,000 shares, and restore them to the status of authorized and unissued shares. As a result, the Company's 5,457,839 issued and outstanding shares will be reduced by 15.5%, to 4,609,839 shares. "As founder of FinancialWeb.com, I'm honored to have been able to oversee the development of a first-rate financial Internet site. I continue to believe that FinancialWeb stands alone as the most comprehensive source of free stock market data, investing tools and financial journalism anywhere on the Internet, and the site continues to improve at a rapid pace," Mr. Lichtman said. FinancialWeb.com recently hired Javier Caneda as its new Vice President for Product Sales, responsible for implementing the Company's sales and marketing strategies under the direction of Raymond Barton, who joined the Company as Senior Vice President of Sales and Marketing in September. Prior to joining the Company, Mr. Caneda served as a Business Development Manager at Hyperfeed Technologies and a sales executive at PC Quote.com. He holds a B.S. in Computer Science from St. John's University in New York. Andrew Hobbs, Managing Director of Six Plus, Inc., a private investment company in Wilmington, Delaware, recently was appointed to the Board of Directors. He serves as a general partner of numerous limited investment partnerships with exposure to leveraged buyout and hedge funds. He holds an M.B.A. from Pepperdine University and a B.A. from Syracuse University. This news release may include statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents. Trademark Notice: All trademarks named above are the property of their respective holders. SOURCE FinancialWeb.com, Inc. (C) 1999 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: James Gagel of FinancialWeb.com, Inc., 407-834-4443