Enlighten Grants Maden Technologies Warrants to Purchase 2,000,000 Shares of
Common Stock, Names Omar Maden CEO, and Appoints Maden and Three Other
Designees of Maden Technologies, Including Former Chase Manhattan Bank
Executive Robert Hinaman, to the Enlighten Board of Directors
SAN MATEO, Calif. and ARLINGTON, Va., March 7 /PRNewswire/ -- Enlighten
Software Solutions, Inc. (Nasdaq: SFTW), a provider of award-winning
integrated systems management software, and Maden Technologies, a privately-
held industry leader in information technology, today announced that Maden
Technologies made an initial advance to Enlighten of $100,000 upon
satisfaction of closing conditions under the previously-announced credit
facility Enlighten obtained from Maden Technologies in February 2001. In
connection with the initial advance under the credit facility, Enlighten
granted Maden Technologies a warrant to purchase 2,000,000 shares of
Enlighten's common stock. The warrant is exercisable until March 6, 2002, at
a price equal to the trailing five-day average closing price of the Enlighten
common stock calculated as of the trading day immediately before the date of
exercise.
Enlighten also announced that Omar Maden, CEO of Maden Technologies, has
been appointed CEO of Enlighten. Maden replaces Bill Bradley, who stays on
with Enlighten in a consulting role. In addition, Maden will join Enlighten's
Board of Directors, which was expanded from five to seven members, four of
whom have been designated by Maden Technologies as a condition to the initial
advance. Along with Maden, other new appointees to the Board are: Robert
Hinaman, CEO of esqNetwork, Inc. and the former Managing Director of Chase
Manhattan Bank for European Mergers and Acquisitions; Kim McCaffrey, President
of MC Info, Inc., a Maden Technologies subsidiary; and David Ford, Senior Vice
President and General Counsel of Maden Technologies. The remaining three
seats on the Board will continue to be held by three of the four incumbent
members of Enlighten's Board: David Parker, Enlighten's Co-Chairman of the
Board and former CEO of the company; Michael Seashols, Co-Chairman of
Enlighten's Board and former Chairman and acting CEO of Evolve Software and
Peter Sprague, Chairman and former CEO of WaveSystems.
"We see Enlighten's software as a key component of any comprehensive IT
network solution," said Omar Maden, CEO of Maden Technologies and Enlighten
Software Solutions, Inc. "Our team of experts has already begun rebuilding
Enlighten's marketing and sales strategies in order to re-focus on the
company's existing vertical markets and to expand into new markets."
"Maden's proven expertise in network solutions is expected to increase the
value of Enlighten's products and provide business synergies and cross-selling
opportunities. This is a unique opportunity for the company to advance
EnlightenDSM," said David Parker, Co-Chairman, Enlighten Software Solutions,
Inc. "We believe this strategic relationship should support Enlighten
Software's strategy to build a leadership position in the administrative tools
and network monitoring space."
Enlighten is a provider of single-point workgroup administration and event
monitoring solutions for Unix, Linux, Windows, and FreeBSD platforms within
distributed and Internet computing environments.
Through this strategic relationship Maden Technologies will adopt
Enlighten's software line featuring the popular EnlightenDSM product suite,
for use with its growing customer base. Maden Technologies will work with
Enlighten to further customize the software and improve the graphical user
interface.
About Maden Technologies
Maden Technologies, founded in 1986 and based in Arlington, Virginia, is a
leader in information technology, providing comprehensive eBusiness solutions
that deliver cutting edge innovation to all levels of its clients' IT needs.
This includes network engineering and monitoring, messaging and communications
system design, and implementation of extensive network security procedures and
operations. Maden Technologies' subsidiary companies, MC Info, Inc. and
ReplyNet LLC, extend the company's commitment to comprehensive network design
and maintenance. Maden Technologies' long-term growth strategy is to expand
its scope and business through strategic alliances and acquisitions. Learn
more about Maden Technologies, MCInfo, Inc., and ReplyNet LLC, at:
http://www.madentech.com , http://www.mcinfo.com , and http://www.replynet.com .
About Enlighten Software Solutions, Inc.
Founded in 1986, Enlighten Software Solutions, Inc., is a provider of
single-point workgroup administration and event monitoring solutions for Unix,
Linux, Windows, and FreeBSD within distributed and Internet computing
environments. The company's award-winning EnlightenDSM product suite provides
cost-effective systems administration solutions for Unix, Linux, Windows, and
FreeBSD. The EnlightenDSM product suite provides comprehensive
functionality with unprecedented ease of installation and use. The
EnlightenDSM product suite conforms to industry standard frameworks yet allows
seamless integration with other vendors' point solutions. For more
information, please visit the company's website at
http://www.EnlightenDSM.com.
The statements contained in this press release, other than historical
information, include forward-looking statements and are based on current
expectations and involve risks and uncertainties. Consequently, the
Enlighten's actual results could differ materially from expectations expressed
herein. The various factors that could cause Enlighten's actual results to
differ include, but are not limited to, failure of Enlighten to obtain any
funding from Maden Technologies and Enlighten's inability to operate until
funding conditions have been satisfied and other risks detailed from time to
time in Enlighten's SEC filings.
Enlighten is a registered trademark and EnlightenDSM is a trademark of
Enlighten Software Solutions, Inc. All other products and company names may
be registered trademarks or trademarks of their respective owners.
SOURCE Enlighten Software Solutions, Inc.
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Related links:
http://www.EnlightenDSM.com
CONTACT:
Steve Giusti, CFO of Enlighten Software
Solutions, 650-578-0700, ext. 215; press contacts, Jodi Gershoni
of PRfirm.com, 703-548-5553, ext. 204, or email, jodi@prfirm.com,
for Maden Technologies; or general, Lisa Horn Chainey, investors,
Karen Keating, or media, Dawn Swidorski, 415-986-1591, all of The
Financial Relations Board
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