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ServiceWare Announces Preliminary Second Quarter Results.

Business/Technology Editors

OAKMONT, Penn.--(BUSINESS WIRE)--July 10, 2001

ServiceWare Technologies, Inc. (Nasdaq: SVCW), a leading provider of enterprise solutions for service and support, today announced preliminary financial results for the second quarter ended June 30, 2001. Related to this announcement, the company announced an update to its organizational structure and a workforce reduction of approximately 40%.

Based on preliminary information, ServiceWare expects revenues for the quarter will be approximately $4.3 million with a pro forma loss per share in the range of $0.32 to $0.34, excluding amortization of intangibles and other non-operating charges.

"We have not been immune to the continued downturn in the economic conditions that are plaguing the market for technology products," said Mark Tapling, president and CEO of ServiceWare. "Despite a high level of interest in our intelligent service applications, we are seeing prospective customers continue to delay their purchases. As a result, we have taken action to reduce our operating cost structure so that we can continue to move towards profitability in the current economic environment. While the updated organizational structure will significantly reduce expenses, our product delivery teams remain untouched, ensuring our continued product leadership and competitive advantage in the future."

ServiceWare will provide detailed information on the quarter's financial results and updated guidance on future results at the regular quarterly conference call on July 24 at 5:00 p.m. Eastern Time.

About ServiceWare

ServiceWare is a leading provider of enterprise solutions for service and support, which enable organizations to win on service in the incredibly competitive world of eBusiness. Based on ServiceWare's robust knowledge base and MindSync (formerly Cognitive Processor), a patented, self-learning technology, eService Suite(TM) enables businesses to develop and manage a repository of knowledge to effectively answer inquiries from customers, partners and employees. ServiceWare customers represent a cross-section of industry leaders in the financial services, technology, manufacturing, healthcare, entertainment, education and government sectors. More than 200 leading organizations have implemented ServiceWare eService solutions including H&R Block, Pfizer, Marriott International, Northeast Utilities, Fleet Services, Stream International, Qualcomm, Marconi and Sage Software. ServiceWare is the recipient of the prestigious CRM Excellence Award 2000, as well as the Software Support Professionals Association (SSPA) WebStar Service Award 2000. ServiceWare was also named one of the "Top 100 Companies to Watch" by KM Magazine. Learn more today by visiting ServiceWare's Web site at or call (800) 572-5748.

Note to Editors: eService Suite and Cognitive Processor are trademarks of ServiceWare Technologies, Inc. All other trademarks are properties of their respective owners.

Statements in this press release that are not historical facts, including those statements that refer to ServiceWare's anticipated financial results and other statements regarding ServiceWare's plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are based on information available to ServiceWare today, and ServiceWare assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, preliminary financial results, risks related to ServiceWare's eService software strategy, fluctuations in customer demand, use of the Web as a delivery vehicle for customer support solutions, risks resulting from new product introductions and customer acceptance of new products, rapid technological change, risks associated with competition, continued growth in the use of the Internet, ServiceWare's ability to retain and increase revenue from existing customers and to execute agreements with new customers, and ServiceWare's ability to attract and retain qualified personnel. Risk factors are described in more detail in ServiceWare's filings with the Securities and Exchange Commission.
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Publication:Business Wire
Date:Jul 10, 2001
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