BILLERICA, Mass., April 2 /PRNewswire/ -- Peritus Software Services, Inc.
(OTC Bulletin Board: PTUS), a provider of solutions for software maintenance,
today announced that Dominic Chan has resigned as President and Chief
Executive Officer and as a member of the Company's Board of Directors
effective immediately. Mr. Chan has informed the Company that he intends to
consider making an offer to the Company to purchase certain of the Company's
assets. John Giordano, the Company's Chief Financial Officer, will assume the
additional position of President and Chief Executive Officer.
The Company also reported that it is reducing its workforce by
approximately 40 people. The reductions are concentrated in the areas of
Sales, Marketing, and Year 2000 delivery. There are no reductions in the area
of outsourcing service delivery. After the reductions, the Company will have
limited Sales resources and limited Year 2000 resources outside of what is
required to meet current support obligations. The restructuring charge
associated with the reduction is estimated to be $250,000.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software
maintenance outsourcing services. The Peritus Software Asset Maintenance
(SAM) offerings enable organizations to transform the maintenance process into
an efficient, cost-effective discipline that boosts productivity and
performance. SAM offerings include customized services for software providers
and information systems organizations. Peritus is headquartered in Billerica,
MA. For more information, see the Peritus web site at http://www.peritus.com.
This press release may contain certain forward-looking statements, which
involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in such statements. Certain factors that
could cause actual results to differ materially from those discussed in such
forward-looking statements include the risks described in the Company's Annual
Report on Form 10-K for the year ended December 31, 1997, the Quarterly Report
on Form 10-Q for the quarter ended September 30, 1998, and other public
filings made by Peritus with the Securities and Exchange Commission, which
factors are incorporated herein by reference.
Peritus is a registered trademark and Software Asset Maintenance is a
service mark of Peritus Software Services, Inc.
SOURCE Peritus Software Services, Inc.
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Related links:
http://www.peritus.com
Company News On-Call:
http://www.prnewswire.com/comp/123089.html or fax,
800-758-5804, ext. 123089
CONTACT:
Ron Garabedian, Director of Finance of
Peritus Software Services, Inc., 978-670-2500, or Fax,
978-670-2060, jgiordano@peritus.com
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