ScanSoft Negotiates Payment Agreement with Robert Teresi; Payment Due Former CEO of Caere Will Be Paid Out Over Two Years.Business/Technology Editors PEABODY, Mass.--(BUSINESS WIRE)--March 6, 2002 ScanSoft, Inc. (Nasdaq: SSFT SSFT Secure Socket File Transfer ), a leading supplier of imaging, speech and language solutions, today announced that the company and Robert Teresi, the former 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. of Caere Corporation and currently a director of ScanSoft, have signed a deferred payment agreement on terms favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to ScanSoft. As a term of the Caere acquisition on March 13, 2000, ScanSoft entered into a non-competition and consulting agreement with Mr. Teresi whereby it agreed to pay on March 13, 2002, an amount valued at approximately $4.1 million at the time of the acquisition. Under the agreement announced today, ScanSoft will pay Mr. Teresi $1 million in cash immediately, with the remainder payable in equal, quarterly installments of approximately $410,000 over the next two years. The total consideration of this agreement was accounted for in the original Caere purchase price and will have no effect on current operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . In addition, Mr. Teresi's options to purchase 829,000 shares of ScanSoft stock that were assumed as part of the Caere acquisition were canceled unexercised effective March 5, 2002. Chairman and CEO of ScanSoft Paul Ricci stated, "We are pleased to have reached this agreement with Bob Teresi, on terms that are favorable to ScanSoft. The new agreement affords ScanSoft added flexibility to pursue its growth opportunities and demonstrates Bob's faith in management's ability to execute on its strategy. We look forward to his continued, valuable contributions to our Board." About ScanSoft, Inc. ScanSoft, Inc. (Nasdaq: SSFT) is the leading supplier of imaging, speech and language solutions that are used to automate To turn a set of manual steps into an operation that goes by itself. See automation. a wide range of manual processes - saving time, increasing worker productivity and improving customer service. For more information regarding ScanSoft products and technologies, please visit www.scansoft.com. ScanSoft is a registered trademark of ScanSoft, Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries. All other company or product names mentioned herein may be trademarks of their respective owners. The statements in this press release that relate to future plans, events or performances are 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. that involve risks and uncertainties, including risks associated with market trends, competitive factors, and other risks identified in the company's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to put undue reliance on these forward-looking statements that speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion