SofTech Announces Management Changes.TEWKSBURY, Mass. -- SofTech, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SOFT), a proven provider of product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design ) solutions, today announced several management changes. Joseph P. Mullaney has given his notice of resignation of his position as President, COO and CFO See Chief Financial Officer. at SofTech to accept a senior management position at another Massachusetts technology company. Jean J. Croteau has been promoted to President of SofTech. Mr. Croteau is a long-time SofTech Vice President who contributed greatly to the financial turnaround that began in June 2001. Additionally, Amy McGuire has been promoted to Chief Financial Officer of SofTech. Amy joined SofTech in 2002 when Workgroup Technology Corporation ("WTC WTC World Trade Center, see there ") was acquired and became Corporate Controller on August 1, 2004. She was employed by WTC for 5 years prior to that acquisition. "I would like to thank Joe for his significant contributions over many years at SofTech," said Bill Johnston, SofTech's Chairman. "Congratulations to both Jean and Amy in their new positions and I look forward to working with them to continue to create value for the SofTech shareholders," he added. About SofTech SofTech, Inc. (OTCBB: SOFT) is a proven provider of product lifecycle management (PLM) solutions with its flagship ProductCenter[TM] PLM solution, and its computer-aided design and manufacturing Computer-aided design and manufacturing The application of digital computers in engineering design and production. Computer-aided design (CAD) refers to the use of computers in converting the initial idea for a product into a detailed engineering design. (CAD/CAM CAD/CAM in full computer-aided design/computer-aided manufacturing. Integration of design and manufacturing into a system under direct control of digital computers. ) products, including CADRA[TM] and Prospector[TM]. SofTech's solutions accelerate products and profitability by fostering innovation, extended enterprise collaboration, product quality improvements, and compressed time-to-market cycles. SofTech excels in its sensible approach to delivering enterprise PLM solutions, with comprehensive out-of-the-box capabilities, to meet the needs of manufacturers of all sizes quickly and cost-effectively. Over 100,000 users benefit from SofTech solutions, including General Electric Company, Goodrich, Honeywell, Siemens, Sikorsky Aircraft, U.S. Army, and Whirlpool Corporation. Headquartered in Tewksbury, Massachusetts, SofTech (www.softech.com) has locations and distribution partners throughout North America, Europe, and Asia. SofTech, CADRA, ProductCenter and Prospector are trademarks of SofTech, Inc. All other products or company references are the property of their respective holders. Cautionary Note Regarding Forward-Looking Statements The statements made above with respect to SofTech's outlook for fiscal 2007 and beyond represent "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and are subject to a number of risks and uncertainties. These include, among other risks and uncertainties, general business and economic conditions, generating sufficient cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses to fund working capital needs, potential obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of the Company's technologies, maintaining existing relationships with the Company's lender, remaining in compliance with debt covenants, successful introduction and market acceptance of planned new products and the ability of the Company to attract and retain qualified personnel both in our existing markets and in new territories. |
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