Banyan Worldwide Announces Name Change to ePresence; ePresence Name Reinforces e-Services Strategic Focus.Business/Technology Editors WESTBORO, Mass.--(BUSINESS WIRE)--April 10, 2000 Banyan Worldwide (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNYN BNYN ePresence (stock symbol; formerly known as Banyan) ) today announced that it will begin operating under the new name of ePresence to reflect the Company's position and success in the high-growth e-services market. "We have successfully reinvented ourselves as a highly focused and financially strong e-services company," said Bill Ferry, chairman and chief executive officer of ePresence. "Our new name clearly reflects our business focus and strategic direction as a growth-oriented e-services leader that enables organizations to implement web-based systems that facilitate more personalized relationships with customers, business partners and employees." ePresence ended 1999 with revenue of $45.8 million, up 65 percent over 1998. This growth was driven primarily by its e-services business, ePresence Solutions, which posted a 76 percent revenue increase to $37.5 million. ePresence Solutions delivers Web design, development and e-infrastructure services that personalize customer interaction in a highly secure environment. With a solid operating performance last year, ePresence has substantially enhanced its financial position finishing 1999 with cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $130.8 million due to investments in the Company by Microsoft and CBS (Cell Broadcast Service) See cell broadcast. and its minority holdings in Software.com. The Company also is the largest shareholder in Switchboard Incorporated (NASDAQ:SWBD SWBD Switchboard SWBD SRTM (Shuttle Radar Topography Mission) Water Body Dataset ). Following Switchboard's successful IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in March 2000, ePresence retains a 40 percent stake in Switchboard Incorporated, which had a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $833 million on April 7, 2000. To leverage its financial strength, ePresence has formed a new unit, ePresence Ventures, which will focus on acquisitions and investing in companies that complement its e-services business. The Company will initiate a new branding strategy that will encompass both offline and online channels. Advertisements will be launched this week in major daily newspapers, such as The Wall Street Journal, The Boston Globe and The San Francisco Chronicle The San Francisco Chronicle was founded in 1865 as The Daily Dramatic Chronicle by teenage brothers Charles de Young and Michael H. de Young.[2] The paper grew along with San Francisco to become the largest circulation newspaper on the West Coast of the , to formally introduce the ePresence name to the public. ePresence will implement additional marketing initiatives over the course of the year to create a broader brand awareness of ePresence and its capabilities. The Company has reserved the Nasdaq ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors EPRE EPRE ePresence, Inc. (stock symbol) EPRE Ente Provincial Regulador de la Electricidad and plans to change its ticker symbol subject to shareholder approval of a legal name change in May 2000. Forward-looking Statements The Company noted that each of the above statements about the Company's future plans, operations and performance including statements using the terms "plan," "believe," "will," and other similar terms, are forward-looking statements and are subject to differ materially from actual results based on various important factors, including, without limitation, the impact of the Company's strategic initiatives to grow its ePresence Solutions business, market acceptance of the ePresence name and the identification of the name with the Company's business, the Company's ability to enter strategic alliances, the Company's ability to integrate and assimilate acquisitions, the Company's plans and strategy for its ePresence Ventures unit, increased competition, acceptance of the Company's solutions in the marketplace, sales and marketing efforts, available resources, the Company's ability to attract and retain qualified personnel, fluctuations in the value of the Software.com securities held by ePresence, the success of the ePresence Solutions business and its alliance with Microsoft. Actual events or results could differ materially from those indicated by such forward-looking statements. Further information on potential factors that could affect the Company's financial results are included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 1999 year, which was filed with the SEC in March 2000. About ePresence ePresence (NASDAQ:BNYN), formerly known as Banyan Worldwide, is a market leader in delivering e-services based on leading-edge Internet and directory technology. Headquartered in Westboro, Mass., the Company's e-services business specializes in providing Internet-based solutions that facilitate more personalized relationships with customers, business partners and employees. Leveraging expertise in customer-centric, directory-based technologies, ePresence's consultants, partners and methodologies help companies address new e-business models, expand business channels Business channels are TV channels that concentrate on business news. List of channels
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