More reading, from Business Wire, on the sector (I'd imagine ESVS/Zulu will have a similar-type release coming out soon, given how they've restructured so many companies):
Wednesday April 29, 6:02 am Eastern Time
Company Press Release
7th Level Announces New Management Team to Lead
Entry into Market for Internet Tools and Technology
Names Merrick as CEO; Marvis as President; Cahill as COO & EVP
DALLAS--(BUSINESS WIRE)--April 29, 1998-- 7th Level, Inc. (NASDAQ:SEVL - news) today
announced a new management team to lead the Company's recently launched entry into the market for
leading-edge Internet tools and technology.
Richard Merrick, the Company's Senior Vice President of Technology and Chief Strategist, was
named Chief Executive Officer; Curt Marvis, Senior Vice President of Business Development, was
named President; and Tim Cahill, formerly Vice President and General Manager of Pulse
Entertainment, was named Chief Operating Officer and Executive Vice President, a new position.
The announcement was made by Bob Ezrin, a founder of the Company and a substantial shareholder,
who is relinquishing his title as interim CEO and President to become Vice Chairman of the Board of
Directors.
''Richard, Curt and Tim are an ideal triumvirate for 7th Level as we move aggressively into the
Internet software industry,'' said Donald Schupak, 7th Level's Chairman. ''After working closely with
Richard in developing the Company's strategic plan, I am confident that he has the vision and
leadership skills to make 7th Level a market leader in Internet tools and technology.''
''Curt's combined media and technology background will drive our business in new areas, and Tim's
experience as chief operations officer of Pulse, managing the downsizing of 7th Level, his legal
experience in the interactive world, and his resultant business contacts will drive operating efficiency
and business affairs.''
''Our new senior management team will be able to count on strong support from a core team already in
place with significant experience with our technology, including Jeff Croson, Senior Vice President of
Sales & Marketing; Wes Bell, Vice President of Research & Development; and Scott Page, Executive
Vice President of Media Production.''
''Reviewing the past year, it is also important to acknowledge the important role that Bob Ezrin has
played during this challenging turnaround period,'' Schupak said. ''We expect to continue to rely on his
help and guidance in his new role as Vice Chairman.''
Merrick, Marvis and Cahill have been instrumental in managing the downsizing of 7th Level out of its
former CD-ROM game development operations and reorganizing the Company into its highly focused
Internet tools and technologies business, Cahill becoming involved in November when 7th Level
proposed merging with Pulse.
Comments from the New Management Team
Of the elevation to CEO, Merrick commented, ''I'm truly pleased that the Board of Directors has
recognized the leadership of this new management team. Curt, Tim and I are totally in synch on the
vision for 7th Level's future as a market leader in Internet media preparation software, and we intend
to realize that vision by executing on sound strategic and operational plans. I'm honored and excited to
lead the team as CEO.''
Marvis said, ''As new management, we expect to drive the proliferation of Agent7 - our first
commercial Internet animation tool - and then we'll continue to bring new software products to market
which leverage on our core competency, namely allowing end-users to quickly and easily prepare rich
media for the Web and other networked delivery systems. I'm extremely pleased and proud to be
President of the new 7th Level.''
Cahill echoed the enthusiasm for 7th Level's future as an Internet software concern, stating, ''7th
Level's streaming animation and core multimedia technologies are unique on the net, and our new
strategic alliances with RealNetworks, AudioNet and WaveTop demonstrate the value of our
technology to other key players in the Internet segment. 7th level has successfully negotiated its pivot
out of the CD-ROM business and into the Internet, and as COO, I'll be tireless about keeping the focus
in place and driving shareholder value.''
Backgrounds of Management
Merrick has served 7th Level as Senior VP of Technology and most recently as Chief Strategist since
the Company's founding in 1993. Merrick is largely responsible for transitioning 7th Level's tool suite,
known as Studio 7, including its player, TopGun, to the Internet. He has also shaped the marketing and
technology direction for the Company's forthcoming line of easy-to-use Internet animation tools, the
first of which is Agent7. Prior to joining 7th Level, Merrick from 1989 to 1993 was Director of
Systems Development at Micrografx, a leading developer of desktop graphics software. At
Micrografx, he led business and technical development for numerous operating system projects with
leading computer companies, including the 32-bit graphics engine and Windows compatibility for IBM's
OS/2 2.0. Before his service at Micrografx, Merrick was Director of Research & Development at
CompuTrac, where he designed and developed full-text search engines and networked information
retrieval systems sold to Procter & Gamble, Eli Lilly, Heinz and American Airlines, among others.
Marvis has served 7th Level as Senior VP of Business Development since mid-1997, formulating and
executing business strategies to reposition 7th Level's advanced technology for the Internet and other
networked delivery systems. Before joining 7th Level, Marvis was a founder and Executive Vice
President of Powerhouse Entertainment, a privately-held multimedia production company with clients
including IBM and Golden Books Family Entertainment. Prior to Powerhouse, Marvis was a consultant
to the IBM Multimedia Publishing Studio, serving on the IBM Worldwide Task Force that created
strategic plans in the areas of CD-ROM and Interactive Software Development. From 1984-1995,
Marvis was CEO and co-founder of The Company, a groundbreaking music video production
company. Marvis is also the recipient of the MTV Video Vanguard Award for Lifetime Achievement.
Cahill comes from Pulse, an Internet software developer, where he served as VP and General
Manager in charge of all operational, financial, legal and administrative functions. Prior to Pulse, Cahill
was founder and principal of Cahill & Co., Inc., one of the first law firms to specialize exclusively in
new media law involving the Internet, interactive television, CD-ROM, intellectual property and content
development. Cahill & Co. clients included GTE Interactive, GTE MainStreet, MGM Interactive and
DreamWorks Interactive. Cahill has lectured widely on business and legal developments in the Internet
and multimedia sectors and has served as legal counsel in numerous high-profile interactive media
projects. Prior to founding Cahill & Co., Cahill was a transactional attorney in the Los Angeles office
of Pillsbury, Madison & Sutro, the largest law firm in California.
About 7th Level
7th Level, Inc. (NASDAQ:SEVL - news) is a leading developer of Internet media preparation tools
and technologies which can be used by anyone to quickly and easily create rich media content for use
in advertising, e-commerce, training, customer support and other e-business applications. 7th Level's
Agent7 technology is the first of its kind for preparing and streaming intelligent, interactive animated
characters over the Internet and other networked delivery systems. The company has recently signed
strategic partnership agreements with RealNetworks, Inc. (NASDAQ:RNWK - news), WaveTop, a
division of WavePhore, Inc. (NASDAQ: WAVO - news), and AudioNet. Additional information on 7th
Level is available via the Internet at www.7thlevel.com.
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