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Technology Stocks : TEAL -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (72)	12/5/1997 4:02:00 PM
From: Tom Hua	Respond to of 160

To all, I just received the official press release from the company. It's slightly different from the summary version reported by the media (see previous post). I'm typing below the company version: Carlsbad, CA - December 5, 1997 - TriTeal Corporation (nasdaq:TEAL) today announced measures intended to reduce expenses, including cost control programs, consolidation of facilities, and a change to an indirect distribution model. The Company also announced changes in its management team. TriTeal CEO Jeff Witous remarked:"Our management team took a detailed look at all anticipated expenses, and realigned resources to reduce these expenses. We want to conserve wherever possible, without thwarting our plans and potential for growth." These expense control measures were initiated in October, and will continue over the next several quarters, to provide a more efficient operation. The company expects a loss in its third fiscal quarter, ending December 31, 1997. Additional cost conservation efforts include consolidating the Company's resources at its Boston office with its Carlsbad headquarters, and changing to an indirect distribution model in both its international operations and its goverment sales operations. TriTeal also announced a reorganization of its executive management team, with key executive positions reporting directly to the CEO. Effective immediately, CEO Jeff Witous will resume the title of President. David Chen, who recently served as President and COO, will continue to work with the Company from his position as head of The Ascent Group, a technology consulting firm. Regarding Chen's transition, Witous remarked:"We were fortunate to have Dave guide us through this difficult time of change. Now that our operations are being streamlined, he will return to his original consulting role with TriTeal, and focus his efforts on marketing strategy and product planning." TriTeal's CFO Art Budman has announced his intention to leave the Company to pursue other interests. The Company has initiated a search for a new CFO and for a permanent VP of Sales. TriTeal founders Oran Thomas and Greg White have also announced their intent to depart the Company to pursue other interests. About TriTeal .......(standard stuff in company press release) ....