Bitstream Announces Restructuring.Business/Technology Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 24, 2001 Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiatives will align the company and its subsidiaries with current market conditions and prepare for future profitable growth Bitstream Inc. (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 : BITS) announced today that it has proactively adopted certain restructuring initiatives to help accelerate the date by which the company can achieve profitability. These initiatives include a voluntary reduction in executive salaries, a reduction in outside consulting and other operational expenses, and a reduction of its workforce by approximately 20% effective October 31, 2001. Estimated cost savings are expected to exceed $1,100,000 annually. The majority of the workforce reductions affect Bitstream's general and administrative functions, which support the company and all of its subsidiaries, and the engineering team of Bitstream's Pageflex subsidiary. The restructured Pageflex engineering team will focus on Pageflex's award-winning applications now that the underlying NuDoc composition engine is mature and the major development contract with Atex Media Solutions, Inc., is complete. "Pageflex's sales, marketing, and support teams will continue to work closely with current and prospective customers, and we remain confident in our ability to meet the needs of the markets which we serve," said Sang Lee, Vice President, Sales & Marketing, of Pageflex, Inc. "With our increased emphasis on developing applications and delivering new products to the marketplace, we believe we will be better positioned to grow Pageflex revenues in the future." "We believe that we have the resources necessary to generate short-term revenue for all of our products, as well as to successfully complete our current long-term development projects," stated Charles Ying, 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. of Bitstream Inc. This press release may contain 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, including, without limitation, market acceptance of the Company's products, competition and the timely introduction of new products. Additional information concerning certain risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including those risks and uncertainties discussed in the Company's final Prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. , dated October 30, 1996, included as part of the Company's Registration Statement on Form S-1 (333-11519), in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors," the Company's 2000 Annual Report on 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. filed on April 2, 2001, and Quarterly Reports filed and to be filed in 2001. The forward-looking statements contained herein represent the Company's judgment as of the date of this press release, and the Company cautions readers not to place undue reliance on such statements. Management undertakes no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this press release. About Bitstream Inc. Bitstream Inc. (Nasdaq:BITS) is the leading developer of font font or typeface or type family Assortment or set of type (alphanumeric characters used for printing), all of one coherent style. Before the advent of computers, fonts were expressed in cast metal that was used as a template for printing. technology, digital fonts, and custom font designs for a wide variety of markets. Setting the standard for excellence in font technology, Bitstream holds numerous key patents that cover the creation of portable fonts for the Internet. Bitstream licenses its award-winning TrueDoc(R), WebFont(TM), and Font Fusion Bitstream Font Fusion is a small, fast, object-oriented font engine written in ANSI C capable of rendering high-quality text on any platform, any device, and at any resolution. The entire source code is portable, optimized, and executes independent of operating system and processor. (TM) technologies to Web and application developers, and to manufacturers of information appliances See Internet appliance. (hardware) Information Appliance - (IA) A consumer device that performs only a few targeted tasks and is controlled by a simple touch-screen interface or push buttons on the device's enclosure. , wireless devices, set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. , embedded systems Embedded systems Computer systems that cannot be programmed by the user because they are preprogrammed for a specific task and are buried within the equipment they serve. , printers, and personal digital assistants. Founded in 1981, Bitstream is the first digital font foundry. Bitstream is headquartered in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . Find out more about Bitstream at http://www.bitstream.com. About Pageflex, Inc. Pageflex (http://www.pageflexinc.com) is the leading developer of dynamic page composition technologies for a wide variety of markets including Web-to-print, cross-media publishing, document customization and on-demand marketing. Pageflex licenses its award-winning products worldwide to Web-to-print companies, application service providers, customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) companies, print service providers, and corporations. The Company was established in 1999 as a wholly-owned subsidiary of Bitstream Inc. About MyFonts.com, Inc. MyFonts.com, Inc. (http://www.myfonts.com), a venture funded by Bitstream Inc. and established as a wholly-owned subsidiary in January, 1999, is a showcase of the world's fonts available from one easy-to-use Internet portal. It provides the largest collection of fonts ever assembled for on-line delivery (over 10,000 individual fonts!), and offers easy ways to find, try, and buy fonts on-line. It also offers unique typographic See typography. resources and a forum for interacting with type experts. Bitstream and TrueDoc are registered trademarks, and Font Fusion, ThunderHawk, and WebFont are trademarks of Bitstream Inc. Pageflex, Mpower, and NuDoc are trademarks of Pageflex, Inc., a wholly-owned subsidiary of Bitstream Inc. MyFonts.com is a trademark of MyFonts.com, Inc., a wholly-owned subsidiary of Bitstream Inc. Other technologies and brand names are trademarks or registered trademarks of their respective companies. |
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