A Statement from Mangosoft, Inc.Business/Technology Editors WESTBOROUGH, Mass.--(BUSINESS WIRE)--April 23, 2001 Mangosoft Inc. (Nasdaq: BB: MNGX), a leading provider of Internet-enabling business software and services, announced today the layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding of 27 of its employees. "Today's step is a difficult one for Mangosoft but due to challenging economic conditions, we had to address 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. and, as a result, layoffs unfortunately were required," said Dale Vincent, 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 Mangosoft. "This reduction in our overhead, combined with the substantial liquidity of our balance sheet, will enable us to significantly grow the business and position Mangosoft for the greatest long-term success." Mangosoft, Inc. (Nasdaq: BB: MNGX) creates software and services that make the Internet a better place for business. Through its Mangomind(sm) Internet file sharing Copying files from one computer to another. See peer-to-peer network, file sharing protocol and file and printer sharing. service, Mangosoft allows its customers to connect easily and securely with remote colleagues, clients and partners around the world, enabling them to make smarter and faster business decisions. Mangosoft's Cachelink(R) Web caching software maximizes a company's existing resources, making the Internet work faster and more efficiently. Designed with the end-user in mind, Mangosoft's products do not require expensive training, hardware or complicated system administration. Mangosoft sells its products directly to customers as well as through a network of value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. and systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. . www.mangosoft.com The matters discussed in this news release include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products, product demand, the impact of competitive products and pricing, changing economic conditions and other risk factors detailed in Mangosoft's most recent annual report and other filings with the Securities and Exchange Commission. Mangomind and The Business Internet File Service are servicemarks, Cachelink is a registered trademark, and Mangosoft is a trademark of Mangosoft, Inc. |
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