Datatec Systems Announces the Appointment of Rod Dorsey as New Chief Financial Officer and Eisner LLP as New Independent Accountant.Business Editors FAIRFIELD, N.J.--(BUSINESS WIRE)--March 17, 2004 Comments on Earlier Announced Second Quarter Estimated Loss Datatec Systems, Inc. (Nasdaq: DATCE), an IT services firm focused exclusively on large scale, complex information technology deployment and post-implementation customer care solutions, today announced the following: The Company has appointed Rod Dorsey as Chief Financial Officer. Mr. Dorsey's professional career spans over 30 years. Prior to his appointment as Chief Financial Officer, Mr. Dorsey was a CFO See Chief Financial Officer. Partner with Tatum CFO Partners, a national professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. firm that provides CFO and CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to organizations in transition. Prior to joining Tatum and for the previous twelve years, Mr. Dorsey was the chief financial officer of publicly traded technology based professional services companies that ranged in annual revenue size from $20 million to $300 million. During this time frame, he completed two IPOs, two follow-on public offerings and numerous private placements. Prior to his first chief financial officer position and for the previous ten years, he was the Corporate Treasurer of two multi-billion dollar New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. listed manufacturing companies, Loral Corporation Loral Corporation was a small Bronx defense contractor on the verge of bankruptcy when in 1972 it was acquired by Bernard Schwartz, who over the course of the next two decades built it into a major player in the global aerospace and defense industry, acquiring sixteen other defense and Crane Company. The Company has also appointed Eisner LLP LLP - Lower Layer Protocol to be its independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. , replacing Deloitte & Touche. Raul Pupo, the Company's Chief Executive Officer, commented -- "We are excited about the financial leadership that Rod brings to the Company. We have also added new talent to our Board of Directors, and in the last month appointed Per-Olof Loof, the former Chief Executive Officer of Sensormatic Electronic Corporation, as Chairman. Furthermore, we look forward to working with our new audit team from Eisner." Mr. Pupo also noted -- "Today, we continue to focus on our core business. Actions are in place to streamline our operations while ensuring continued levels of high satisfaction for our customers, a hallmark of our Company." The Company expects the loss for the fiscal quarter ended October 31, 2003 to be substantially greater than the previously announced estimate of $10 million. Eisner LLP is currently reviewing the Company's interim financial statements for the periods ended October 31, 2003 and January 31, 2004. Consequently, the Company's quarterly reports for those periods will be filed upon the completion of such reviews. About Datatec Systems, Inc. Fairfield, N.J.-based Datatec Systems specializes in the rapid, large-scale market absorption of networking technologies. Datatec's deployment services utilize a software-enabled implementation model to configure, integrate, roll out and support new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATCE). For more information, visit http://www.datatec.com/ 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties that may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements as more fully discussed in Datatec's filings with the Securities and Exchange Commission. |
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