Base Ten Announces Reorganization.Business Editors/Health & Medical Writers TRENTON Trenton, town, Canada Trenton, town (1991 pop. 16,908), SE Ont., Canada, on the Bay of Quinte at the mouth of the Trent River and at the south end of the Trent Canal. Its manufactures include textiles, electronic components, and paper and steel products. , N.J.--(BW HealthWire)--Oct. 27, 2000 Base Ten Systems Inc. (Nasdaq:BASEA BASEA Boston Area Solar Energy Association ) announced today that, at a meeting of its Board of Directors on October October: see month. 20, 2000, it has decided to pursue a new business direction in contract manufacturing for various industries. At the same time, it has announced a major reorganization to help drive the new initiative and ensure that it can capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the opportunities as quickly as possible. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Cloughley's term as President and Chief Executive Officer ended on October 27, 2000 and he will be succeeded as 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. by Edward J. Klinsport effective October 28, 2000. Mr. Klinsport's executive team will comprise Edward Struble as Vice President of Sales and Marketing, and Kenneth Riley as CFO See Chief Financial Officer. . Mr. Cloughley will work closely with the new team to evaluate a number of strategic alternatives for the current business of clinical software business including its possible sale. Mr. Klinsport stated, "a significant market exists in contract manufacturing for several industries and we expect to become a well respected company in that field within the next few years. I believe we have a very good team with many year of experience in several business areas". The composition of the Board has also changed, to reflect the new direction. Chairman Robert Hurwitz and Board member Stephen Cloughley have resigned, effective October 27, 2000. John Rhineberger will continue to serve his term and Andrew Sycoff , President of the investment banking firm Andrew Garrett, Inc. has been elected to the Board effective October 27, 2000. The newly structured Board will be led by Edward J. Klinsport as Chairman. 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. Regarding Base Ten Systems The foregoing contains "forward-looking information" within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements may be identified by such forward-looking terminology as "may," "will," "believe," "anticipate," "expect," or similar words or variations thereof. Such forward-looking statements involve certain significant risks and uncertainties. Important factors that Base Ten believes may cause actual results to differ materially from such forward-looking statements are discussed in the "Risk Factors," "Business" and "MD&A" sections of the company's current S-3 registration statements and annual and quarterly reports on file with the Securities and Exchange Commission. Additional risk factors include the effectiveness of software and the ability of software to operate without "bugs" in the technology and acceptance of the release by customers and actual rollout. In assessing such forward-looking statements, investors are urged to read carefully those reports and other filings. Base Ten does not undertake to publicly update or revise its forward-looking statements, even if experience or future changes indicate that any such results or event (expressed or implied) will not be realized. |
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