ADVISORY/Sonic Foundry Employees Celebrate Reaching Financial Milestone With Shaving of CEO's Head.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers ADVISORY...for Thursday Thursday: see week. (July July: see month. 25) --(BUSINESS WIRE)
During rough times for tech companies, growth strategy yields
financial results for Sonic Foundry
WHO: Rimas Buinevicius, Chairman and CEO
Sonic Foundry, Inc. (Nasdaq:SOFO)
WHAT: True to his word, Sonic Foundry Chairman and CEO
Rimas Buinevicius will shave his head tomorrow in
front of the company's 240 employees. The internal
Webcast event is the result of a promise Buinevicius
made to Sonic Foundry employees that if the company
achieved positive financial earnings before the end
of its fiscal year he would shave his head to
commemorate the achievement. This shearing act comes
as a reason to celebrate -- not denigrate -- a CEO
during a time when trust in corporate leadership is
at an all time low.
Known for its industry standard desktop audio and
video creation and editing software products, like
ACID(TM), Sound Forge(R) and Vegas Video(R), Sonic
Foundry has steadily diversified its business to
include government security, corporate Web
communications and digital asset management product
offerings. Buinevicius also led the company through
a major corporate restructuring, key acquisitions
and a new sales strategy that is producing improved
bottom-line results. These initiatives have allowed
the company to achieve positive earnings before
interest, taxes, depreciation and amortization
(EBITDA) a full three months ahead of schedule. The
milestone is most encouraging news for investors and
employees, and is especially impressive given that
it was achieved during a strong economic downturn,
particularly in the technology market.
Sonic Foundry is headquartered in Madison, Wis.,
with offices in Pittsburgh, Santa Monica, Calif.
and Toronto. For more information, visit
www.sonicfoundry.com.
WHEN: Thursday, July 25, 2002 at 3:30 p.m. CST.
CONTACT: For more information, or to schedule an interview
with Rimas Buinevicius, contact:
Terri Douglas, Catapult PR-IR
303/581-7760, ext. 18
tdouglas@catapultpr-ir.com
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