CVS President and Chief Operating Officer Appointed to Streamline.com Board of Directors.WESTWOOD, Mass.--(BUSINESS WIRE)--Dec. 17, 1999-- Streamline.com 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 : SLNE SLNE Sociedad Limitada Nueva Empresa (Spanish) ) today announced the appointment of Charles C. Conaway, President and 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. of CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE NYSE See: New York Stock Exchange : CVS), to its Board of Directors. The appointment was approved yesterday at a meeting of the company's Board. Prior to being named President and Chief Operating Officer for CVS in 1999, Conaway served as Executive Vice President and Chief Financial Officer of CVS. CVS is the nation's largest retail provider of prescriptions and has increased shareholder value by over $10 billion in the last three years. Conaway, who joined CVS in 1992, was instrumental in helping CVS achieve one of the largest and most successful acquisitions in retailing when CVS acquired the 2,552-store Revco drugstore chain in 1997. In addition to his recently completed work on the rapid integration of the Revco stores, Conaway was also an important part of the CVS team that completed a 1998 deal to acquire the Michigan-based Arbor drugstore chain for $1.48 billion. "Chuck brings incredible experience in expansion and acquisitions to Streamline.com as a Board member," said Timothy A. DeMello, Streamline.com's Chairman and Chief Executive Officer. "His experience building CVS into a Fortune 100 company makes him a proven leader in the retail industry. We are very excited about his participation as our company continues its rapid growth." "The market for online groceries and household services is rapidly evolving. This market resembles the drug retailing industry of 10 years ago, which has since experienced strong growth and consolidation, resulting in a handful of national players," said Mr. Conaway. "I am delighted to participate in an industry on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of explosive growth and potential consolidation, and look forward to contributing to Streamline.com by providing strategic direction through my financial, expansion and acquisition experience." In addition, Conaway was Chief Financial Officer of the Melville Corporation Melville Corporation, formerly based in Rye, New York, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville. It changed its name to CVS Corporation in 1996. , where he was one of the chief architects of the 1996 restructuring of Melville from a $10 billion, highly diversified retailing conglomerate, to a $20 billion retailer focused on health care. About Streamline.com Founded in 1993, Streamline.com is a pioneer in the consumer direct market place operating in the Boston and Washington D.C. markets. The company provides busy suburban families with time-saving lifestyle solutions through Internet-based ordering of groceries and a wide range of other quality goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . The company delivers these items directly to customers' homes using a full-size refrigerator/freezer shelving unit and a keypad A small keyboard or supplementary keyboard keys; for example, the keys on a calculator or the number/cursor cluster on a computer keyboard. See programmable keypad. garage entry system. The company also provides targeted research and marketing services to many consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies nationwide. Streamline.com can be found on the World Wide Web at www.streamline.com. Note: This press release contains forward-looking statements 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. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, including, without limitation, those associated with our limited operating history and history of losses, inexperience in implementing our expansion strategy, need to raise additional capital, reliance on the growth of e-commerce and the infrastructure of the Internet, increased competition, and dependence on customer acceptance of direct, unattended delivery of goods and services. Additional information concerning these and certain other risks and uncertainties that could cause actual results to differ materially from those projected or suggested, is contained in the Company's public filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC's website at http://www.sec.gov or from the Company upon request. The forward-looking statements contained herein represent the Company's judgment as of the date of this release, and the Company cautions readers not to place undue reliance on such statements. |
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