Accrue Software Announces Organizational Changes; Company Postpones Release of Fiscal Third Quarter 2001 Earnings Results.Business/High-Tech Editors FREMONT, Calif.--(BUSINESS WIRE)--Jan. 16, 2001 Accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. Software, Inc. (Nasdaq:ACRU ACRU American Civil Rights Union ACRU Active Confirmed Registered User (eBay) ) today announced that Rick Kreysar, is stepping down from his role as president and chief executive officer. Greg Walker "I'd like to thank Rick for his tireless efforts and the tremendous job he has done building Accrue to its strong position in the marketplace," said Robert Smelick, chairman of the board of Accrue Software. "While the rapidly changing business environment affected results in the third fiscal quarter, the strong business disciplines that Rick instilled within the company, and the $20 million of cash resources on the company's balance sheet, will allow us to modify our business to respond to these conditions. We are currently re-structuring the company to address these changes and are confident in our ability to modify our business model to re-establish growth. We look forward to reviewing our results for the quarter and our future business plans on our conference call in February," added Smelick. "Accrue has a committed and talented management team and considerable technology resources. We believe these strengths will enable us to aggressively address current business opportunities and overcome existing challenges in the marketplace," said Greg Walker, CFO See Chief Financial Officer. and interim-CEO. The company also announced the appointment of founder Jonathan Nelson, as a member of the board of Accrue Software. Mr. Nelson stepped down as chairman of the board in late 1999 to focus his efforts on another business venture. Mr. Nelson replaces Brooke Seawell, who resigned from the board effective December 31, 2000 due to job-related time constraints In law, time constraints are placed on certain actions and filings in the interest of speedy justice, and additionally to prevent the evasion of the ends of justice by waiting until a matter is moot. . About Accrue Software Accrue Software is the leading provider of eBusiness analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. solutions for optimizing visitor response to Web-based campaign, content, commerce, and affiliate initiatives. Accrue's complete line of analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. offers the ability to target the most profitable customers by understanding behavior and purchasing trends for various visitor segments: Converting Clicks to Customers (TM). Accrue Software was founded in 1996 and has its headquarters in Fremont, Calif., regional sales offices throughout the U.S., and an international office in London, England. Accrue has strategic partnerships with Art Technology Group, ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Interactive, BroadVision, DoubleClick, Epicentric, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Informix, JDA JDA Japan Defense Agency JDA Joint Development Agreement JDA Janne da Arc (band) JDA Joint Duty Assignment JDA Jerusalem Development Authority JDA Jovian Detention Authority (gaming) , MarketFirst, Open Market, Oracle, Unica, Vignette Vignette A symbol or pictorial representation of the corporation on a stock certificate. Usually a complicated and artistic design, it is meant to make the counterfeiting of stock certificates as difficult as possible. , and Xchange. Accrue Software can be reached at 1-888-4ACCRUE or 510/580-4500 and at www.accrue.com. Accrue, Accrue Insight, Hit List, Decision Series and Pilot Software are trademarks of Accrue Software, Inc. All other trademarks are the sole property of their respective owners. Except for the historical information contained herein, the matters discussed in the news release, including projections of future revenues and earnings, are 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 involve risks and uncertainties that could cause actual results, future revenues or earnings to differ materially from those in such forward-looking statements. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the projections of revenue and earnings, or the other forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these projections of future revenue and earnings, and other forward-looking statements. Potential risks and uncertainties include, without limitation, the Company's limited operating history, history of losses, fluctuations in operating results, competition in the eBusiness analysis market, reliance on sales from a limited number of products for its revenue, reliance on expanding sales operations and distribution channels and potential difficulties associated with the integration of the personnel, operations and products of Marketwave, NeoVista and Pilot with Accrue's personnel, operations and products. These and other risk factors are described in detail in the Company's Registration Statement on Form S-1, and in the Company's other filings which are on file with the Securities and Exchange Commission (http://www.sec.gov). |
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