Bitstream names C. Raymond Boelig chairman of the board.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 17, 1996-- 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 the appointment of C. Raymond Boelig, Bitstream's president and chief executive officer, as chairman of the board, effective immediately. He succeeds Amos Kaminski as chairman of the board, who will continue serving on Bitstream's board of directors as chairman of the executive committee. Mr. Boelig began his career at Bitstream Inc. in 1987 and has held a series of senior management positions in sales, operations, marketing and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. which led to his being named vice president of OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales and marketing in 1992 and later, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. in 1993. He was elected president and chief executive officer in 1993 and has served as a director of Bitstream since May 1996. Mr. Boelig will continue to serve as Bitstream's president and oversee the operations of the company. Mr. Boelig is credited with spearheading Bitstream's recent initial public offering and successfully reengineering the company's strategic focus and operations to concentrate on sales to original equipment manufacturers (OEMs) and independent software vendors (ISVs). "Ray's promotion to chairman of the board is part of a corporate trend in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. to make the chief executive officer fully accountable in order that he/she has full authority over the company's operations," said Mr. Kaminski. "The board of directors is confident that Ray will continue to provide the leadership skills and strategic focus necessary for Bitstream's continued profitability and success." Mr. Kaminski's new responsibilities as chairman of the executive committee include overseeing mergers and acquisitions, 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. and nominating committees A nominating committee is a group formed usually from inside the membership of an organization for the purpose of nominating candidates for office within the organization. It works similarly to an electoral college, the main difference being that the available candidates, either . In addition, Mr. Kaminski will continue to lend his experience and expertise forth within the board to evaluate business opportunities. "I am very honored to be named Bitstream's Chairman of the Board. This is a very exciting time for Bitstream," said Ray Boelig. "We believe we have the market opportunities, technology, product base and organization in place to continue growing profitability into the 21st century." About Bitstream Inc. Bitstream develops and markets software products and technologies to enhance the creation, transport, viewing and printing of electronic documents. Bitstream's products and technologies consist of type products, such as libraries of type designs (fonts) and custom type products; enabling technologies, which deliver typographic See typography. capabilities to hardware output devices and software applications; and Bitstream(R) TrueDoc,(R) an award-winning portable type technology providing for the efficient distribution of text, with fidelity, in a highly-compressed format. In addition, Bitstream markets and distributes Novell, Inc.'s portable document technology, Envoy. Headquartered in Cambridge Mass. USA, Bitstream is traded on the National Market System under the symbol BITS, and licenses its products directly and through subsidiaries, business agents and distributors in the US, Europe and Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . More information on Bitstream and its products may be obtained from the company's home page on the World Wide Web at http://www.bitstream.com . -0- Bitstream and TrueDoc are registered trademarks of Bitstream Inc. All other registered trademarks and trademarks are the property of their respective holders and mentioned are for identification purposes only. CONTACT: Colleen col·leen n. An Irish girl. [Irish Gaelic cailín, diminutive of caile, girl, from Old Irish. Cronin Stefan Wennik Bitstream Inc. Bitstream Inc. (617) 520-8329 (617) 520-8621 ccronin@bitstream.com swennik@bitstream.com |
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