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Technology Stocks : Totally Hip Software Inc. (THW) - Just the Facts -- Ignore unavailable to you. Want to Upgrade?

To: Link Lady who wrote (560)	6/2/1999 10:11:00 AM
From: TomKing	Read Replies (1) \| Respond to of 704

June 2/99...Press Release THW:ASE Press Releases Interesting things are happening at Totally Hip every day, but here are some of the more monumental events that have gone on over time. Attention Business Editors: Totally Hip reorganizes to focus on target customers Company's new management team eliminates all non-core activities VANCOUVER, June 2 /CNW/ - Totally Hip Software Inc. Alberta Stock Exchange: THW Totally Hip Software Inc. (Alberta Stock Exchange: THW) today announced that it has reorganized the Company by eliminating its content creation services group and all non-software product related projects. The Company's new management team will now focus its exclusive efforts and resources on the sales, marketing and development of its award-winning LiveStage and WebPainter software products to professional Web designers, education and interactive video producers. As announced with the Company's recently released second quarter results, software product sales have increased and content services have decreased when compared to the second quarter of the previous year. This is attributed to the initial success of LiveStage(TM) since January, and growth of WebPainter(TM) sales in certain markets. ''LiveStage and WebPainter are Web developer products, and not retail consumer products. They will now be marketed and sold exclusively through direct and specialized channels by sales people who understand the target markets for these products.'' said Randall H. McCallum, Company founder, interim CEO and President. ''It's basic Math 101. Award-winning products plus focused marketing and sales efforts should equal an increase in sales and revenues.'' After the departure of Mr. Leeners as President, CEO and director, the Company founder, Randall McCallum, agreed to assume the role of CEO and President on an interim basis with a focus on sales and marketing. In the past ten days, the Company's new management team has instituted significant reductions in operating costs by eliminating all non-LiveStage or WebPainter projects and eliminating all non-essential staff positions. These staff reductions of 40% and reduction of operating expenses will take effect during June and the last quarter of fiscal 1999. The Company has eliminated the content services group and will not be proceeding with the previously announced letter of intent (September 2, 1998) to acquire Jim Rafferty's private California software company and its associated Windows photo editing tools. ''Among other reasons, the planned acquisition did not fit with our focus to provide award-winning cross-platform tools for the Web design and interactive video markets.'' said David B. Dicaire, Chief Operating Officer and General Manager. Stock Options Granted The Company has applied to The Alberta Stock Exchange to grant 200,000 employee stock options with an exercise price of $0.60 per share. Totally Hip Software Inc., founded in 1995, designs, develops and markets the award-winning LiveStage and WebPainter Web design software tools for the Web designers, education and interactive video developers. The Company is traded on the Alberta Stock Exchange (Trading Symbol: THW). (C) 1999 Totally Hip Software Inc. All rights reserved. The Alberta Stock Exchange has neither approved nor disapproved of the contents of this press release. %SEDAR: 00003922E -30- For further information: Corporate Communications, 1-800-416-6320, E-mail info@totallyhip.com; www.totallyhip.com Index of Releases