CrossZ Becomes QueryObject Systems.UNIONDALE, N.Y.--(BUSINESS WIRE)--May 28, 1998-- Symbol to Change to QUOB Board of Directors Elected at Annual Meeting New Chairman Appointed CrossZ Software Corporation (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 :CRSZ/QUOB), announced the results of its annual meeting, which was held yesterday. Stockholders approved the corporate name change to QueryObject Systems Corporation, approved a new slate of directors, and ratified the continuation of Price Waterhouse as the company's auditors. Name Change CrossZ has been doing business under the QueryObject name since March, when the company announced the change as part of a consolidated branding program to support its QueryObject System data mart A subset of a data warehouse for a single department or function. A data mart may have tens of gigabytes of data rather than hundreds of gigabytes for the entire enterprise. See data warehouse. product. The name QueryObject relates to the company's software product, which creates representations of large databases in an easy to analyze format called a QueryObject. The company is changing its NASDAQ stock symbol from CRSZ to QUOB, effective today. Strengthened Board of Directors Stockholders also approved the nominated slate of directors. The Board of Directors then elected Alan Kaufman  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , 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. , to the additional position of Chairman. He replaced co-founder Mark Chroscielewski, who announced in March his intent to resign to pursue other business ventures. Kaufman thanked Chroscielewski "for his tireless efforts, creativity, and mathematical prowess that laid the foundation for the QueryObject product line." Joining former Cheyenne executive Kaufman on the board are new directors Irwin Jacobs The name Irwin Jacobs refers to multiple people
Review of Accomplishments In his address to shareholders, Kaufman highlighted key strategic product and channel development achievements by the company since the beginning of the year, including: -- clear repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of the company from the data mining market to the higher potential data mart business -- the release of Version 2.1 of QueryObject System multiprocessor Multiple processors. A multiprocessor machine uses two or more CPUs for routine processing. See multiprocessing. multiprocessor - parallel processing support, open connectivity through OLE/DB and an NT server version -- strategic technology partnerships with Business Objects and Informix distribution partnerships, including Hewlett Packard North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Local Products Organization, and a consortium of Italian IT companies -- reseller agreements with Customer Dynamics, Ibex, and Empowered Geographics among others "The company is poised to emerge from a period of less than satisfactory financial results, having completed the transition from a consultancy to a software product organization," said Kaufman. "We believe the company is now well positioned to create shareholder value with excellent technology, a clear strategic vision, and an outstanding management team." A complete review of the year's accomplishments can be found in Kaufman's annual letter to shareholders, which is attached to this release. About the QueryObject System The QueryObject System is an analytical data mart that has a unique approach to representing data through complex polynomial polynomial, mathematical expression which is a finite sum, each term being a constant times a product of one or more variables raised to powers. With only one variable the general form of a polynomial is a0xn+a equations. The System provides efficient and responsive access to high data volumes with a small data mart footprint. It further breaks down the limits of traditional data marts by supporting large number of concurrent users in client-centric, client-server or Internet environments. The polymorphic polymorphic - polymorphism nature of the QueryObject schema allows for interaction with most industry-standard analytical techniques including spreadsheets, ad hoc queries A non-standard inquiry. An ad hoc query is created to obtain information as the need arises. Contrast with a query that is predefined and routinely performed. See query and ad hoc. , multi-dimensional analysis and data mining. QueryObject System enables users to optimize business intelligence productivity by rapidly building and distributing specialized, high-performance analytical data marts that can be queried through an ODBC (Open DataBase Connectivity) A database programming interface from Microsoft that provides a common language for Windows applications to access databases on a network. and OLE/DB interface. The QueryObject System engine runs on MVS (Multiple Virtual Storage) Introduced in 1974, the primary operating system used with IBM mainframes (the others are VM and DOS/VSE). MVS is a batch processing-oriented operating system that manages large amounts of memory and disk space. , UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). and NT servers while QueryObject data marts can be deployed on Unix or NT servers, or Windows clients. About QueryObject Systems Corporation QueryObject Systems Corporation is a publicly held company headquartered in Uniondale, New York Uniondale is a hamlet (and census-designated place) as well as a suburb of New York City in Nassau County, New York, United States, on Long Island, in the Town of Hempstead. The population was 23,011 at the 2000 census. , USA and with European Headquarters in the United Kingdom. Its mission is to help companies deliver on the promise of Business Intelligence by providing them with the ability to easily distribute high content analytical information to knowledge workers located anywhere in the extended organization. For more information about QueryObject Systems Corporation or the QueryObject System, visit the Web site at http:\\www.queryobject.com. -0- CrossZ, QueryObject and QueryObject System are trademarks of CrossZ Software Corporation and QueryObject Systems Corporation. All other trademarks and registered trademarks referenced in this document are the property of their respective holders. This press release contains certain 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. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors 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. created hereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the Company's development as a software products company, and the ability of certain partnerships to aid in that growth; the capability of the company's products to perform as optimized analytical data marts; and the ability of the company's products to support the performance of other business intelligence tools. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, and of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking states included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. -0- 1998 Annual Letter to CrossZ Stockholders To my fellow stockholders: I am pleased to report to you on the progress of CrossZ for the past year, including our first six months as a public company. Ours is a new and rapidly growing segment of the software industry and we are doing something unique. Here's what we do - we take massive amounts of data in a mainframe computer or large server and create representations of that data using mathematical algorithms which pre-calculate all possible answers to any question that could be asked of that data. A tremendous decrease in the time required to analyze this information is achieved, as well as a significant reduction in the physical size of the storage required for the model, versus the size of the original data itself. Businesses can now analyze the algorithms directly on a PC instead of having to query the actual database, which continues to occupy many terabytes of storage back in that giant mainframe. Thus we solve two major problems - databases which are too large to effectively analyze, and a limited window of time to do that analysis. A real life example of this "QueryObject" technology in action can be found at one of our customers, a large telecommunications company See telecom company. . This company analyzes millions of daily call records to perform network management. Before using our QueryObject system, this company could only analyze one day's worth of call records. Using QueryObject System, our customer now performs the same analysis on several weeks of call data at one time, greatly increasing accuracy. In the past year, CrossZ has transitioned from a consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a to one which sells software products, has strengthened its management team, and has completed a public offering, raising $7 million (after paying off debt) to further the growth of this reconstituted company. We are very excited about the potential of what we consider a breakthrough approach in the burgeoning data warehousing See data warehouse. data warehousing - data warehouse and business intelligence markets. We are excited about our proposed new name - QueryObject Systems Corporation, which stands for what we do - use mathematical algorithms to create "query objects" for users to perform data analysis against. This unites our corporate identity with our products, as one QueryObject brand name. We also plan to change our stock symbol to - QUOB. For the first seven years of our nine-year history, we were a consulting firm, advising and providing services to major corporations on business intelligence database marketing and data mining. The two founders, Andre Szykier, our Executive Vice President and Chief Technology Officer and Mark Chroscielewski, our outgoing Chairman, observed that their ability to analyze client data was becoming more difficult by the explosion of data that needed to be navigated and processed. An unintended byproduct by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. Noun 1. of the Information Age is data overload, and Andre and Mark realized that new tools would be required to solve this problem. Their solution was based on a technology they had previously utilized at Martin Marietta Martin Marietta Corporation was founded in 1961 through the merger of The Martin Company and American-Marietta Corporation. The combined company became a leader in aggregates, cement, chemicals, aerospace, and electronics. as part of a study to determine how to fit sufficient geographic data Geographic data is about much more than electronic pictures of maps. The geographic data that describes our world allows for city planning, flood prediction and relief, emergency service routing, environmental assessments, wind pattern monitoring and many other applications. into the nose cone nose cone n. The forwardmost, usually separable section of a rocket or guided missile that is shaped to offer minimum aerodynamic resistance and often bears protective cladding against heat. of a cruise missile cruise missile, low-flying, continuously powered offensive missile designed to evade defense systems. Although the German V-1 (1944) was a simple cruise missile, the cruise missile did not realize its potential until the 1970s, when the United States sought to to match the ground scan and verify its position. Using complex polynomial equations to represent the data, rather than the terabyte-sized data itself, an extremely compact mathematical model
While CrossZ Software was using this exciting technology in the relatively low margin business of building customized analytic studies, the decision support industry was rapidly mushrooming into the more inclusive field of business intelligence and ultimately, data warehousing and data mining -- today a multi-billion dollar market. In order to apply our breakthrough technology to this more lucrative and rapidly exploding market, the company began a transition two years ago from a consultancy/service bureau to a software product publisher. Our software product, the QueryObject System, allows significant performance improvements across the entire field of business analysis, enabling us to serve a much broader customer base. This required our research and development department to create a commercial product out of our proprietary technology. Further, a major cultural change was needed to transform the mindset mind·set or mind-set n. 1. A fixed mental attitude or disposition that predetermines a person's responses to and interpretations of situations. 2. An inclination or a habit. from that of consultants to software marketers. We created a new management team by adding to our original technical experts, software marketing experts and early stage management people who would be needed for the new business intelligence market, which for all intents and purposes Adv. 1. for all intents and purposes - in every practical sense; "to all intents and purposes the case is closed"; "the rest are for all practical purposes useless" for all practical purposes, to all intents and purposes , is what we had become. This transition, now substantially behind us, resulted in a "valley" in sales performance as the company gave up its consulting revenues. Our top-notch management team includes, along with co-founder and Chief Technology Officer Andre Szykier: -- Daniel Pess, senior vice president of finance and administration and former corporate controller of Uniforce; -- Robert Aloisio, senior vice president of worldwide sales and former senior vice president of the Americas at Pilot Software; -- Robert Thompson Robert Thompson may refer to:
I too, am a product of the software start-up world, having been Executive Vice President in charge of worldwide marketing at Cheyenne Software, and one of the original team that grew the company to over $200 million in annual revenues before it was sold to Computer Associates for $1.2 billion. QueryObject System has recently gained the attention of the industry: -- The Meta Tools Bulletin has called QueryObject System" a technological tour de force" and; -- DM Review, a leading data management trade magazine, awarded the QueryObject System its World Class Solution Award for Product Innovation. We have also signed a number of new strategic partners in addition to Amdahl, including Brio Technologies, Siemens Nixdorf/Pyramid, and Hewlett Packard. The Company is poised to emerge from a period of less than satisfactory financial results, having completed the transition from a consultancy to a software product organization. We believe the company is now well positioned to create shareholder value with excellent technology, a clear strategic vision, and an outstanding management team. In closing, I would like to thank our co-founders, Mark Chroscielewski and Andre Szykier, whose tireless efforts, creativity, and mathematical prowess laid the foundation for the QueryObject product line. Andre is remaining on board as our leading visionary and technology strategist, while Mark has chosen to pursue other entrepreneurial opportunities. QueryObject Systems Corporation - a new name, new products, new management, new capital, new opportunity. We are raring rar·ing also rar·in' adj. Informal Full of eagerness; enthusiastic. [Present participle of dialectal rare, to rear, variant of rear2. to go, and I look forward to reporting to you again next year on our progress. Yours truly, Alan W. Kaufman President and Chief Executive Officer -0-
CONTACT: Harpell/Martins QueryObject Systems Corporation
Mark Williams Robert Thompson
978-461-0202 x24 516-228-8500 x149
mwilliams@harpell.com rthompson@queryobject.com
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