4net Software Announces the Divestiture of Web Hosting Clients and Continues to Reduce Operating Expenses.Business Editors & High-Tech Writers RIDGEFIELD, Conn.--(BUSINESS WIRE)--Sept. 26, 2002 4net Software Continues to Actively Pursue Merger and/or Acquisition Opportunities 4net Software, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: FNSI FNSI Federazione Nazionale Stampa Italiana FNSI Finding of No Significant Impact FNSI First Nations Statistical Institute (Canada) ) today announced that it has assigned the servicing of its remaining web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. clients to The New England Computer Group, Inc. (NECG NECG New England Consulting Group ) www.necgnet.com, a full service technology consulting firm. NECG specializes in designing, implementing and supporting automated systems on Local and Wide Area Networks focusing on businesses in the tri-state area of Connecticut, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey. Frank Ballatore, President of NECG, stated, "We are very excited to provide 4netSoftware customers with web hosting, programming and quality support." While the Company expects to receive nominal revenues from the relationship with NECG, the Company expects to obtain significant savings in expenses and overhead. Additionally, 4netSoftware has implemented various cost cutting measures in order to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , such as negotiating a reduction of rent for its office space and the elimination of officer salaries effective October 1, 2002. 4netSoftware continues to actively pursue merger and/or acquisition opportunities in order to increase shareholder value and enhance liquidity. "In this challenging business climate, we are aggressively pursuing potential acquisition prospects. We appreciate the continued support from the 4netSoftware shareholders," said Steven N. Bronson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 4net Software. 4net Software, Inc. (OTC BB: FNSI), 4net Software is engaged in identifying, investigating and, if investigation warrants, acquiring and/or merging with a company that will enhance 4net Software's revenues and increase shareholder value. Certain of the statements contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Factors that could contribute to the uncertainty of forward-looking statements include, but are not limited to, competition for acquisitions, successful integration of acquired companies, general economic factors and the ability to obtain financing. 4net Software, Inc. undertakes no obligation to update publicly any forward-looking statements. |
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