Critical Path Clarifies Forbes.com Story Reporting Sale of Company to Sun Microsystems.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Sept. 24, 2001 Critical Path (Nasdaq:CPTH), a global leader in communication technologies and integrated messaging solutions issued the following statement this evening to clarify an article appearing on Forbes.com dated September 24, 2001. Today, Critical Path, as part of its planned corporate restructuring, sold several of its non-core assets to Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. (Nasdaq:SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ). This asset sale included the products TRANS, BATCH and PATH3270. Critical Path continues to execute on a restructuring plan that is expected to bring the Company to profitability in the near term, and ensure the Company's financial health as it rapidly regains market share and value in the explosive messaging market. The article, entitled "Sun Looks To Eclipse IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Gains," erroneously states that Sun Microsystems purchased Critical Path for an undisclosed amount of cash. Sun has not purchased Critical Path, but has purchased Critical Path's InJoin(TM) TRANS, BATCH and PATH3270 products. Additionally, the article mistakenly reports that in February, two executives were put on leave, but were reinstated shortly thereafter. The executives were placed on leave in February and resigned shortly thereafter. They were not reinstated. About Critical Path, Inc. Critical Path Inc. (Nasdaq:CPTH) is a global leader in communication technology and complete messaging solutions for wireless and wireline carriers, service providers and corporations through its integrated platform of messaging applications and directory infrastructure. Critical Path is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , with offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Asia and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . More information on Critical Path can be found at http://www.cp.net./. 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. This press release contains forward-looking statements, including the Company's statements regarding the markets for Critical Path products, plans related to the sale of certain product lines, our plans to strategically exit certain products and services, plans to reduce costs through a reduction of personnel and a consolidation of office space, our anticipated charges and cost savings as a result of these plans and our belief as to our ability to successfully emerge from the restructuring and refocusing of our operations. The words "anticipate," "expect," "intend," "plan," "believe," "seek," and "estimate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, difficulties of forecasting future results due to our limited operating history, evolving business strategy and the emerging nature of the market for our products and services, pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and SEC investigation, turnover of senior management, board of directors members and other key personnel, difficulties in implementing our strategic plan to exit certain products and services offerings, difficulties of integrating acquired businesses, failure to expand our sales and marketing activities, potential difficulties associated with strategic relationships, investments and uncollected bills, risks associated with continued compliance with NASDAQ National Market listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , risks associated with our international operations, foreign currency fluctuations, unplanned system interruptions and capacity constraints, software defects, and those discussed elsewhere in this announcement. These and other risks and uncertainties are described in more detail in the Critical Path's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2000, as amended, and the quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 30, 2001, as may be amended from time to time, and all subsequent filings with the Securities and Exchange Commission (www.sec.gov). Note to Editors: Critical Path and the Critical Path logo are the trademarks of Critical Path, Inc. All other trademarks are the property of their holders. |
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