ComTech Refocuses Company and Realigns Management.HOUSTON--(BUSINESS WIRE)--Oct. 14, 1999-- ComTech Consolidation Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCGI CCGI Coventree Consulting Group International ) today announced that the company is realigning its management team to position itself to succeed under Medicare's new Prospective Payment System (PPS (Packets Per Second) The measurement of activity in a local area network (LAN). In LANs such as Ethernet, Token Ring and FDDI, as well as the Internet, data is broken up and transmitted in packets (frames), each with a source and destination address. ). As part of this realignment, Winfred Fields is no longer with the company. The position of Chairman 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. has been eliminated for the time being. ComTech President Joel Flowers will hold the top position in the company. ComTech's board of directors has appointed Walter Davis as interim CFO See Chief Financial Officer. , a position that was previously held by Flowers. All health care operations will now become centralized with operating heads to report directly to the President. ComTech President Flowers had this to say of the recent developments: "As we continue to move ComTech forward, it is necessary to make managerial changes to fit the needs of the company. ComTech will now seek a CEO and Chairman with extensive knowledge of the public markets to aid the company as we move towards a listing on a major U.S. Stock Exchange." The company also announced today that ComTech will refocus its efforts on the development and potential spin-off of its Internet subsidiary Networks-Online. The company plans to build on its recently announced partnership with CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) Internet Group (Nasdaq:CMGI) subsidiary Planet Direct and announce other partnership agreements in the near future. The company is also planning a new marketing campaign for Networks-Online in the Greater Houston market. ComTech also reported today that the company is officially recognized as a fully reporting company, having received a passing grade by the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). . Investors can check the status of bulletin board stocks at www.otcbb.com. Statements regarding financial matters in this news release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in 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. The company intends that such statements about the company's future expectations including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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