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Microcap & Penny Stocks : Syncronys Softcorp (SYCR) -- Ignore unavailable to you. Want to Upgrade?

To: Tommy Hicks who wrote (28865)	8/11/1998 8:40:00 AM
From: BI*RI	Read Replies (1) \| Respond to of 30240

Off Into the Sunset Goes RP: Syncronys Announces Interim Financing Package and Management Change CULVER CITY, Calif.--(BUSINESS WIRE)--Aug. 11, 1998--Syncronys Softcorp (OTC BB:SYCR - news), a leading developer of utility software and exclusive publisher of the SFS, SmartFiles Systems Technology, Tuesday announced that it has secured financing to assist the reorganization of the company's emergence from Chapter 11 bankruptcy. The company further announced the resignation of Rainer Poertner, chief executive officer and president, and Daniel Taylor, chairman of the board and executive vice president of marketing and secretary. Both previous officers will remain as consultants to management and the new board of directors during the transition. The company has appointed three new board members. Management responsibilities will be assumed by Walter D. Doyle and a professional team of associates while the reorganization is underway. Doyle has an extensive background in management of both private and public companies. He has been appointed Syncronys' chairman of the board and chief executive officer. Doyle stated that he anticipated the transition and reorganization of Syncronys would proceed smoothly given the quality of the company's products and staff. He further stated that he believes the company will emerge with a much stronger business foundation with an exciting and diversified future. The new management team will focus on: The release of the company's current products in final stages of development. The acquisition of other leading-edge software products to broaden the company's current product line. The acquisition of companies whose business is intricately involved in the Internet and other services related to the company's core products. Development of new revenue based upon a mix of software product sales and Internet services. New and alternative (i.e. electronic) distribution of its products, which will enhance existing distribution channels. -- Expansion of international product licensing and distribution. -- Commitment to increasing shareholder value with an emphasis on future earnings per share. The above mix of products, services and philosophy will be instrumental in creating increased cash flows and operational profits. Additional information will be provided to shareholders on each of the above subjects as they become material in the company's day-to-day operations. General information on Syncronys is also available at www.syncronys.com.