Capitol Multimedia announces consolidation and management changes, including the addition of former GE vice president.BETHESDA, Md.--(BUSINESS WIRE)--Sept. 19, 1996--Capitol Multimedia, Inc. (Nasdaq: CDIM CDIM Clerkship Directors in Internal Medicine CDIM Context-Driven Information Model CDIM Change Delivery & Implementation Manager CDIM Conditioned Di-Phase Modem , CDIMW), a creator of CD-based software for children, today announced that it will consolidate its Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from headquarters with current operations in Massachusetts by the end of the calendar year. Robert Bogin, the Company's President and Chief Executive Officer, and Catherine Hoopes, the Company's Chief Financial Officer, Secretary, and Treasurer, have chosen not to relocate to Massachusetts. Mr. Bogin resigned 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. effective September 12, 1996. He will remain employed by the Company through December 1996 and continue to serve as a director of the Company. Ms. Hoopes has agreed to assist with the transition through February 28, 1997. The Company's Board of Directors selected Igor Razboff, previously Vice President of Production and one of the Company's largest shareholders, as Chairman of the Board and Chief Executive Officer. The Board also selected Luda Kopeikina, most recently Vice President of GE Information Services (networking, company) GE Information Services - One of the leading on-line services, started on 1st October 1985, providing subscribers with hundreds of special interest areas, computer hardware and software support, award-winning multi-player games, the most software files in the , as President. As a result of increased competition and slowed growth in the childrens CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). market, the Company currently expects September 30, 1996 quarterly net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and financial results to be substantially lower than those of the Company's consumer software operations for the same period of the prior year. In addition, the Company expects to incur significant nonrecurring costs in connection with consolidating its 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. operations. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Bogin, "The move to Massachusetts is the right one for the Company. Consolidating offices will reduce production expenses even further and significantly improve the efficiency and productivity of the Company's operations. The new management team has the right mix of skills and a proven success record. I am confident, both as a director and shareholder, that Igor Razboff and Luda Kopeikina will succeed in growing the Company and increasing shareholder value." Igor Razboff founded Animation Magic, Inc. ("AMI") in 1992 and served as its President and CEO until the Company acquired AMI in February 1995. Mr. Razboff was instrumental in the successful implementation of the Company's strategic focus on the childrens CD-ROM market. Prior to that, Mr. Razboff was employed by Prime Computer, Inc. and AT&T Bell Labs. He holds a Ph.D in mathematics. Luda Kopeikina holds a graduate degree from the MIT Sloan School of Management The MIT Sloan School of Management is one of the five schools of the Massachusetts Institute of Technology, located in Cambridge, Massachusetts, USA. It is one of the world's leading business schools, conducting research and teaching in finance, entrepreneurship, marketing, and a masters degree in computer science. Ms. Kopeikina worked for General Electric during the past six years, first as an Executive Manager for Corporate Business Development at GE headquarters in Fairfield, Connecticut Fairfield is a town located in Fairfield County, Connecticut, United States. It is situated along the Gold Coast of Connecticut. Fairfield is a town of many neighborhoods, two of which -- Southport and Greenfield Hill -- are notably affluent. , then as Vice President of Business Development & Sourcing and Vice President of World-wide Customer Service at GE Information Services in Rockville, Maryland. Ms. Kopeikina is married to Mr. Razboff. Capitol Multimedia is a leading creator, developer and licensor of primarily children's CD-ROM software titles. The Company and its subsidiaries employ more than 165 people with offices in Concord, Massachusetts and St. Petersburg, Russia. Seven of the Company's animated childrens titles have been released. The Company expects the release of one additional title during the next month. Last Fall, the Company announced the launch of the first three of six Grandpa Mouse international folk tale titles which were licensed to Davidson & Associates for distribution under Davidson's Magic Tales(TM) label: Baba Yaga and the Magic Geese(TM), Imo and the King(TM), and The Little Samurai(TM). Two of the remaining three titles under the agreement, Liam Finds a Story(TM) and Sleeping Cub's Test of Courage(TM), shipped earlier this month. The Princess and the Crab(TM) is expected to be released within a few weeks. In July 1996 the Company announced the launch of two Kidventures(TM) titles licensed to Broderbund Software, Inc. for distribution under Broderbund's StoryQuests(TM) label: Gregory and the Hot Air Balloon This article is about hot air balloons themselves. For the associated activity, see Hot air ballooning. The hot air balloon is the oldest successful human-carrying flight technology, dating back to its invention by the Montgolfier brothers in Annonay, (TM) and Darby The Dragon(TM). CONTACT: Capitol Multimedia Inc., Bethesda Robert I. Bogin, 301/907-7000, ext. 802 Email: bogin@capitol.com |
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