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Egan Systems Expands Board of Directors.

HOLBROOK, N.Y.--(BUSINESS WIRE)--Jan. 26, 1999--

Quick, Positive Reply to Shareholder Request Highlights

Company Responsiveness;

New Members Add Depth and Experience to Egan Management Team

Egan Systems, Inc. (OTC BB: EGNS) today announced the expansion of its newly confirmed Board of Directors to five from its current composition of three members. The move comes in response to investor requests made at the December 17, 1998 shareholders meeting held in Raleigh, North Carolina. At the meeting, shareholders asked that Egan management expand the Board in order to achieve better balance among the representation between company employees and investors. The company agreed, and on January 20, 1999, original board members Ed Egan, Ralph Jordan and Jack Laskin met with and elected Mr. Brian Murphy and Mr. Howard Finesand to the Egan System Board of Directors. The meeting was held at the LaGuardia Airport Marriott in New York. "We believe the quick turnaround from investor request to implementation demonstrates Egan's commitment to satisfying our shareholders' concerns on a timely basis," stated Chairman and CEO Ed Egan.


Mr. Murphy is currently serving his second term as President of the United Food and Commercial Workers Union Local 204. In 1997 he was also elected to serve a three-year term as Vice President of the North Carolina AFL-CIO Union. As President of UFCW Local 204, Mr. Murphy is responsible for the daily operations of the business and all contract negotiations for over 10,000 workers in the states of North and South Carolina. Additionally, Mr. Murphy serves as a trustee on the Taft Hartley Insurance Fund which provides medical insurance coverage to over 4,000 people in North and South Carolina. "I am very excited to be a member of Egan Systems Board of Directors." stated Mr. Murphy, "I look forward to helping the company grow and prosper in the future." Mr. Murphy currently resides in Raleigh, North Carolina with his wife and two children.


Mr. Finesand is the founder and principal of Choir Capital Ltd., an investment and financial services advisor to institutional clients regarding asset acquisition and financing. Prior to founding Choir Capital in 1996, Mr. Finesand held several senior management positions with GE Capital Aviation Services and Polaris Aircraft Leasing Corporation. In these capacities Mr. Finesand had overall responsibility for aircraft transaction and sale activities, investor marketing and data processing and information services. As a Managing Director for Citicorp's Global Aviation Division, he headed a group responsible for the development of unique products to satisfy the financial requirements of domestic and foreign airlines. Mr. Finesand began his career as a tax lawyer in New York, serving a broad direct investment, corporate finance and tax clientele. He is familiar with applicable legal processes and maintains sound professional and legal relationships in virtually every part of the world. "I'm anxious to put my experience to work for Egan Systems as we extend our reach into foreign markets", said Mr. Fineman. "The Y2K issue is a global one. My background and Egan Systems' direction are a good fit." Mr. Finesand currently resides in New York City.

"With the addition of Brian and Howard to our Board, we've added depth and experience necessary to address the business challenges facing Egan Systems as we enter the next millennium," said Mr. Egan. "As we continue to grow, it has become obvious that we must expand our management team proportionally. Brian's and Howard's business acumen and their objective viewpoints will be an asset to Egan Systems for years to come. We're glad to have them as members of the team, and we know their guidance and leadership will help us not just to survive, but to thrive well into the twenty-first century," concluded Mr. Egan.

Egan Systems, Inc. produces the ICOBOL and VX COBOL software language for use by programmers, as well as tools used to assist in making these and other programming languages Year 2000 compliant. Egan Systems is also a provider of software migration and Year 2000 compliance services to companies who prefer to outsource these programming tasks. Egan Systems owns a controlling interest in Tech 2020 Ltd., which handles Year 2000 compliance issues for companies in China.

Egan Systems, Inc. is a public, fully-reporting corporation headquartered in Holbrook, NY, with research and design facilities located in Raleigh, North Carolina. Investor information on Egan Systems, Inc. can be found at
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Publication:Business Wire
Date:Jan 26, 1999
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