ANTs Consolidates Executive Responsibilities with CEO Joseph Kozak.Moves Forward with Succession Plan, Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Best Practices BURLINGAME, Calif. -- ANTs software inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ANTS), a leader in compatible, high-performance SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. database management systems, announced that in a series of planned personnel moves, Mr. Joseph Kozak has taken on sole executive responsibility for ANTs; Mr. Francis Ruotolo has retired as executive chairman and moves into the role of non-executive chairman of the company's board of directors; and Mr. John R. Gaulding, currently a director, moves into the role of lead director. The personnel changes provide Mr. Kozak with responsibility for all aspects of the company's strategy and operations and establish a higher level of independence for the board of directors. "At ANTs, I have had the pleasure of working with the most intelligent and dedicated employees in my 50 years of management experience," said Mr. Ruotolo. "The ANTs Data Server and the ANTs Compatibility Server are exciting products with the potential to put this company on the map. I am thoroughly impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: and confident in Joe Kozak's ability to take ANTs to the next level. As I approach my 70th birthday, I also look forward to a reduced workload The term workload can refer to a number of different yet related entities. An amount of labor While a precise definition of a workload is elusive, a commonly accepted definition is the hypothetical relationship between a group or individual human operator and task demands. while continuing to contribute in my new role." "Frank's leadership and vision have helped guide ANTs through challenging times and helped build a strong foundation for growth," said Joseph Kozak, 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. . "On behalf of the employees, fellow directors, and shareholders, I would like to thank Frank for nearly seven years of dedicated service. I will continue to enjoy working with him as chairman, and with John Gaulding as lead director." Mr. Ruotolo's retirement agreement precludes him from being considered an "independent" director. Following best practices in corporate board governance, Mr. Gaulding, an independent director, was appointed lead director on June 26, 2007. In that role, he and Mr. Kozak will work closely to identify strategic areas of opportunity and risk and set the agenda for board activities. ANTs software inc. ANTs software inc. (OTCBB:ANTS), based in Silicon Valley, develops and sells the ANTs Data Server, an affordable, high-performance relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. that is compatible with popular databases. The company's mission is to help customers reduce hardware, software, and development costs by providing exceptional database price/performance. For more information on ANTs Software, visit www.ants.com. This press release is neither an offer to sell, nor a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of offer to purchase, securities. This press release contains 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. within the meaning of the federal securities laws, including statements concerning changes in management. Such forward-looking statements are not guarantees of future performance, are sometimes identified by words of condition such as "should," "may," or "intends," and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such results include, without limitation: the change in management may not translate into success for the Company, the Company's executives may not make good decisions, the Board of directors for the Company may not make good decisions, the Company may face problems securing the necessary financing to continue operations, may face challenges recruiting knowledgeable and experienced personnel, and may face potential problems in protecting the Company's intellectual property, among many others. Further information concerning these and other risks is included in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended March 31, 2007. The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of this press release. |
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