Geac Announces Reduction of Indebtedness and Management Change.Business Editors TORONTO--(BUSINESS WIRE)--June 14, 2001 Geac Computer Corporation Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GAC GAC Great American Country GAC Global Assembly Cache (Microsoft .NET) GAC Global Assembly Cache GAC Granular Activated Carbon GAC Gustavus Adolphus College (St. .) announced today that pursuant to the arrangement made with its banking syndicate disclosed on April 30th the Company has made further principal repayments totalling U.S.$5 million, leaving an outstanding balance of U.S.$21.4 million. The Company is finalizing arrangements with the banking syndicate relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc source code escrow (software) source code escrow - An arrangement where some source code is held in escrow by a third party as long as it is supported by the vendors, but should they cease to support it, it becomes the property of the purchasers so that they can arrange for its continued maintenance. for implementation by the end of July. As announced on June 4th, the Company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the C$20 million special warrant offering, when received, to reduce bank indebtedness. On May 29th, the Company announced the appointment of Mr. Paul Birch to the position of Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer. Mr. Birch brings to the Company deep experience in the key management, finance and operational disciplines to assist the Company's return to global growth. As a result of and consistent with the Company's declared intention to refocus and reduce its human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. requirements, Mr. Tom Pippy, Senior Vice President, Finance, Mergers and Acquisitions, has elected to leave the Company effective at the end of July. "Since Tom joined Geac in September 1999, he has played a key role in several successful transactions and an important role in financing matters. We thank him for the contributions that he has made to the Company," stated John Caldwell, President and Chief Executive Officer. "I expect further changes to strengthen the leadership and global software experience of our senior management team and board of directors in the coming months," said Charles Jones, Chairman of the Board. "Mr. Birch's appointment is an excellent example of this effort." This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in Management Discussion and Analysis published in the Company's annual report. Geac Computer Corporation Limited (TSE: GAC) is a provider of mission critical software and systems solutions to corporations around the world. Geac solutions include cross-industry enterprise business applications for financial administration and human resources functions, and enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. applications for manufacturing, distribution, and supply chain management. Geac also provides industry applications to the real estate, restaurant, property, construction and publishing marketplaces, as well as a wide range of applications for libraries, government administration and public safety agencies. Headquartered in Toronto, Canada, Geac ranks as one of the world's largest software companies The Forbes Global 2000 includes the following list of the world's largest software companies. Relative rank Global rank Name Country Sales ($bil) Profits ($bil) Assets ($bil) Market Value ($bil) 1 54 Microsoft United States . Further information is available on the World Wide Web at http://www.geac.com, or through e-mail at info@geac.com. |
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