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Penn-Akron Corporation Names New Management Team & Relocates its Headquarters to Virginia.

Business Editors

VIENNA, Va.--(BUSINESS WIRE)--Nov. 20, 2000

Penn-Akron Corporation (NASDAQ: PNAC) announced today that Amer A. Mardam-Bey has been appointed President and Chief Executive Officer of the company along with Tammy L. Lambert as Chief Operating Officer.

In their roles, Mardam-Bey and Lambert will be responsible for the corporation's growth, strategic development and the overall management of the company.

With over 18 years experience in sales, marketing and operations, Mardam-Bey comes to Penn-Akron from ATCALL, Inc., where he served as Chief Operating Officer of a Telecommunications Company. During his tenure, Mardam-Bey's responsibilities included all day-to-day activities of the company, including finance, sales, marketing and operations.

Mardam-Bey's extensive broad, professional and international experience has provided him with a unique range of experience and strategic vision that will play a pivotal role as Penn-Akron grows and diversifies its offerings. "He is a driven business/technology leader with a record of creating new and lasting business functions, completing difficult and unprecedented projects and generating substantial earnings," says Christopher Baker, Chief Operating Officer.

Lambert has over 10 years of operational management experience in the telecommunications, customer service and training industries. Prior to joining Penn-Akron, Lambert co-founded a professional management services company where she advised domestic and international high technology and educational companies in their sales, marketing and operational efforts.

Lambert's operational expertise, as well as her experience in the international educational technology industry, will arm Penn-Akron with the focus and structure required to further enhance both the educational as well as the commercial mission of the Company.

The new team's first responsibility will be the reorganization of the company's operations and the expansion of its product offering through internal product development and external acquisitions.

Penn Akron Corporation also announced the relocation of its headquarters to 1980 Gallows Road, Suite 200, Vienna, Virginia 22182. The office is located in Fairfax County, which has recently been termed as the NETPLEX area due to the high concentration of Internet, Telecommunications and Technology companies in the area.

Penn-Akron's "point-and-click to knowledge" concept originated in 1997, and was developed through 1998. Last year the Company was awarded a 3-year exclusive contract to implement systems within the Metropolitan Regional Educational Services Agency ("MRESA") area of the state of Georgia, which consists of approximately 715 schools. The Company successfully completed 192 schools in 1999, which represented audited revenue in excess of $20 million. Additional implementation is currently under way in approximately 100 schools slated for systems during this calendar year, with the balance of the contract projected to be fulfilled in 2001. A substantial portion of the funding for these progressive technology projects is provided through federal grants from the FCC Universal Fund, and the balance is provided by corporate, non-profit sponsorships. These grants and sponsorships make the offering totally free-of-charge to the schools.

Penn-Akron provides and supports a universal turn-key package of network connectivity and computer hardware and software. That package is the infrastructure by which a comprehensive library of educational video resources is delivered to enhance and facilitate teachers' daily lesson planning and classroom presentations. Penn-Akron's integrated offering includes teacher-user training. Penn-Akron's strategic goal is to increase student achievement and improve learning levels and test scores for students. Penn-Akron is currently positioning to expand its services to include additional regions of the United States, as well as several other countries.

Penn-Akron is also pleased to announce that its new transfer agent is Standard Registrar & Transfer Company, Inc. of Draper, Utah. Tel: 801-571-8844.

For more information, please contact Christopher J.S. Baker at 404-915-5485.

Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include unexpected shortages of critical components, rescheduling or cancellation of customer orders, the timing and market acceptance of new product introductions by the Company and its competitors, and general competition and price pressures in the marketplace. Reference is also made to other factors set forth in the Company's filings with the Securities and Exchange Commission.
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Publication:Business Wire
Date:Nov 20, 2000
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