Cray Inc. Announces Resignation of Michael P. Haydock; Strategy, Guidance and Focus on Profitability Remain Unchanged; Chairman James Rottsolk Returns as President and CEO.Business Editors/High-Tech Writers SEATTLE--(BUSINESS WIRE)--March 5, 2002 Global supercomputer supercomputer, a state-of-the-art, extremely powerful computer capable of manipulating massive amounts of data in a relatively short time. Supercomputers are very expensive and are employed for specialized scientific and engineering applications that must handle very leader Cray Inc. (Nasdaq:CRAY) today announced Michael P. Haydock has resigned as president and chief executive officer and from the company's board of directors due to differences with the board of directors in how to restore the company to long-term industry leadership. The company remains committed to the strategic plan developed last fall, to current financial guidance for 2002 and, most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , to profitability. To achieve consistent profitability the company is committed to carefully controlling expenses and developing a cost structure that matches its revenue stream. James E. Rottsolk, formerly president and chief executive officer of the company, has reassumed those positions. He stated that the company would continue searching for additional senior operating management. "Mike Haydock made important contributions to the company's operations. We plan to keep these improvements in place," Rottsolk said. "Our overall goals are to create a financially strong and profitable company and to restore Cray to its premier position in the high performance computer industry," Rottsolk stated. He said that the company must: -- First, complete the development of our SV2 (project name) system, with initial deliveries scheduled for the second half of this year, and begin work on the code-named Cray SV2e follow-on series. -- Ramp up sales of the Cray SX-6 series of supercomputers from NEC into the industrial, weather and other classic vector markets that require the powerful performance that these systems provide. -- Finish developing the MTA-2 series of multithreaded architecture supercomputers. We have achieved impressive scaling results on the MTA-2 during in-house testing, and have installed a 16-processor system at the Naval Research Laboratory. Our current priority is to complete delivery of a 40-processor system to the Naval Research Laboratory in the second quarter. -- Expand our technology and services relationship with the Dell Computer Corporation that we announced last month. -- Continue our entry into professional services, leveraging our world-class reputation and skills for services and industry technical leadership. -- Continue to market and sell the Cray SV1ex system, particularly into the growing bioinformatics market. About Cray Inc. Cray is the premier provider of supercomputing solutions for our customers' most challenging scientific and engineering problems. See www.cray.com for more information about the company. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . There are certain factors that could cause Cray's execution plans to differ materially from those anticipated above. Among such risk factors are the technical challenges of developing new high performance computer systems, government support for supercomputer development and sales, sales risks for current and new supercomputer systems Three firms have held, simultaneously, the name Supercomputer Systems or Supercomputing Systems. The first was founded by Steve Chen, architect of the Cray X-MP and Cray Y-MP. The second was based in San Diego, California, USA. , expected delivery and acceptance times, timely availability of commercially acceptable components from third party suppliers, development of a new professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. team and general economic and market conditions. For a discussion of such risks, and other risks that could affect Cray's performance, please see "Factors That Could Affect Future Results" in Cray's most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. and "Additional Factors That Could Affect Future Results" in Cray's current report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the SEC on November 8, 2001. Note to Editors: Cray is a registered trademark, and Cray SV, Cray T90, Cray T3e The Cray T3E was Cray Research's second-generation massively parallel supercomputer architecture, launched in 1995. Like the previous Cray T3D It was a fully distributed memory machine using a 3D torus topology interconnection network. , Cray SV1ex, Cray SV2 and Cray MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. are trademarks of Cray Inc. All other trademarks are the property of their respective owners. |
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