netGuru Announces Results of Stockholder Vote, New Business Initiative, and Management and Board Changes.Business Editors/High-Tech Writers YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif.--(BUSINESS WIRE)--Nov. 13, 2003 netGuru Inc. (Nasdaq:NGRU), an integrated information technology (company) Integrated Information Technology - (IIT) A Santa Clara based company producing a programmable, single chip H.261 and MPEG system. The chip contains a RISC processor, originally based on the MIPS architecture but now called RISCit, and a "Pixel Processor". and services company, announced the results of the vote at today's 2003 annual stockholders' meeting. netGuru reported that the proposals to ratify and approve the company's 2003 Stock Option Plan and ratification of the selection of KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen LLP LLP - Lower Layer Protocol as the company's independent auditors for the fiscal year beginning April 1, 2003 were approved by a sufficient vote. It was also announced that netGuru plans to enter the engineering business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (EBPO EBPO Electronic Business Process Optimization ) market by providing engineering services to address the production of structural steel detailing drawings and the provision of high-level technical support for engineering software. netGuru plans to leverage its existing, technical support infrastructure in India, its telephony switch 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 its collaborative software technology to offer these services to companies looking to outsource these functions. In addition, netGuru reported that all five nominees named in the company's proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for election as director were re-elected to the company's board of directors. However, Jyoti Chatterjee, one of those nominees, subsequently resigned from the board of directors, and Santanu K. Das was appointed to fill the vacancy. Mr. Chatterjee also resigned from his positions as President and 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. of netGuru and has agreed to accept another position with the company. Amrit K. Das accepted the additional position of President, and Santanu K. Das accepted additional positions as Executive Vice President and Chief Operating Officer. Accordingly, the company's current executive officers and directors are as follows:
Name Position
Amrit K. Das Chairman of the Board, Chief Executive
Officer, President and Director
Santanu K. Das Executive Vice President, Chief Operating
Officer, and Director
Bruce K. Nelson Chief Financial Officer
Clara Y.M. Young Corporate Vice President, Chief
Administrative Officer and Secretary
Stephen W. Owen Corporate Vice President, President of
European Operations
Benedict A. Eazzetta(1) Director
D. Dean McCormick III(1) Director
Stanley W. Corbett(1) Director
(1) Member of Audit Committee and member of Compensation and Stock
Option Committee.
About netGuru netGuru (www.netguru.com) is an integrated information technology and services company. The company's solutions consist of the following: -- Engineering and collaborative software products and services to businesses worldwide; -- IT services; and -- Web-based telecommunications and travel services The company has offices in the United States, India, the United Kingdom, France, Germany and Singapore and distributors in 40 countries. The company currently licenses its software products to more than 20,000 businesses, with 50,000 installations and 160,000 users in over 85 countries. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 With the exception of historical information, the matters discussed in this press release, including the Company's plans to enter the EBPO market, are forward looking statements that involve a number of risks and uncertainties. The actual future results of the company could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, market acceptance of EBPO services, our ability to successfully offer EBPO services, our ability to continue revenue growth and technological innovation despite our continuing efforts to control costs, worldwide economic conditions, changes in governmental regulations and policies, the emergence of competitive products and services, unforeseen technical issues and those factors contained in the "Risk Factors" Section of the company's Form 10-KSB for the fiscal year ended March 31, 2003. |
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