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Technology Stocks : Verity (VRTY) -- Ignore unavailable to you. Want to Upgrade?

To: robin li who wrote (597)	10/29/1997 8:14:00 PM
From: Adam Smith	Read Replies (1) \| Respond to of 1011

More positive news from VRTY. VRTY has held up well in this chaos. I think institutions/hedge funds sense the turnaround is talking hold. Anthony Bettencourt is a strong VP Sales and can put company on track for renewed sales growth. Sbona is a numbers guy and turnaround guy who can get company back to profitability quickly. Headline: Verity Announces Restructuring of Operations ====================================================================== SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 29, 1997--Verity, Inc. (NASDAQ:VRTY), a leading provider of search and retrieval applications for the enterprise and Internet, today announced a consolidation of worldwide operations. "After reviewing the company's operations and strategy it was clear that the company needed focus and that its efforts were being diluted by too many markets and products," said Gary Sbona, Chief Executive Officer of Verity. "We are refocusing on Verity's core OEM and enterprise software business with the goal of improved operations worldwide." As part of this restructuring and consolidation of operations, Verity will relocate key portions of customer support to its Calgary, Canada software development center, and redeploy its development resources on technology projects directly related to its OEM and corporate knowledge retrieval businesses. The restructuring actions, which include a net worldwide staff reduction of approximately 15%, will also contribute to reduced marketing and sales operating expenses. "By taking these actions, Verity will concentrate on its key markets and products," said Sbona. Redundant engineering projects and staff positions are being eliminated. Separate sales groups are being consolidated into one worldwide sales organization directed by Anthony Bettencourt, Senior Vice President of Worldwide Sales. A similar consolidation is taking place within marketing, which will report to Ronald Weissman, Verity's Vice President of Worldwide Marketing. As part of its restructuring, Verity also announced the planned departure of James Freeman, Vice President of Customer Services and David Weld, President of Verity's Applications Business Unit, who will remain with the company through a period of transition.