CIMNET Announces Equity Investment by GE Power Systems.Business Editors/Hi-Tech Writers ROBESONIA, Pa.--(BUSINESS WIRE)--May 16, 2001 CIMNET CIMNET Center for Information Management Network (R), Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CIMK) today announced the execution of a non-binding letter of intent to receive an equity investment from GE Power Systems (GEPS GEPS General Electric Power System ), a division of General Electric (NYSE NYSE See: New York Stock Exchange : GE), resulting in approximately 11% ownership of CIMNET by GEPS. As previously announced, CIMNET received a $4.5 million Manufacturing Execution System – Manufacturing execution system (MES) describes a set of integrated functions within a packaged software system or it can also describe the accumulated functionality within the production management infrastructure of a manufacturing or production company. (MES (Manufacturing Execution Software) Software that provides real time access to plant activities that include equipment, labor, orders and inventory. An MES integrates the data with enterprise resource planning (ERP) systems so that management has complete control of ) software order from GEPS for the implementation of a digitized manufacturing environment at four of its US sites. In total, CIMNET has been selected by GEPS for a total of five plants in the US and Europe, with software licenses totaling more than 1,400 MES licenses and approximately 400 licenses of statistical process control (SPC 1. (business) SPC - Statistical Process Control. Something to do with quality management. 2. (body) SPC - Software Productivity Centre. 3. (company) SPC - Software Publishing Corporation. 4. ) software. Under terms of the letter of intent, and subject to successful negotiation of a definitive agreement, CIMNET will receive the equity investment in exchange for its issuance of Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and GEPS will be granted the right to appoint one member to the CIMNET Board of Directors. "CIMNET is extremely excited about the opportunity to be a part of the ongoing digitization process at GEPS," stated John Richardson, 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 CIMNET. "In addition, we are very pleased that GEPS is confident about the business and prospects of our Company. The GEPS equity investment has confirmed for us that our product development and software solutions are right on target. The GEPS investment and the leadership supplied by the presence of GEPS on our Board will certainly assist CIMNET in achieving our future growth objectives." About GE Power Systems GE Power Systems (http://www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with 2000 revenue of $15 billion. The business has the largest installed base of power generation equipment in the global energy industry. GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries. About CIMNET: CIMNET (http://www.cimnetinc.com) designs, markets and integrates software for manufacturing facilities. CIMNET's MES products allow manufacturing companies to create a paperless environment by electronically scheduling and monitoring work flow in real time, allowing for reduced operating costs by improving quality and throughput of products being produced. CIMNET's proprietary products, FOLDERs(TM), Infolink and DNC DNC Democratic National Committee DNC Democratic National Convention DNC Do Not Call DNC Delaware North Companies DNC Domain Name Commissioner DNC Direct Numerical Control DNC Do Not Change DNC Does Not Compute DNC Digital Nautical Chart Professional(TM), are used by discrete and process manufacturers in the aerospace, automotive, medical device, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. and consumer packaged goods industries. This press release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of the Company are subject to certain risks and uncertainties which could cause actual events or the actual future results of the Company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the Company's ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the Company's reports or registration statements filed with The Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. |
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