Strengthens Board with High Tech Leaders
Company Names Michael Piraino CEO, Ajay Patel COO
NEWPORT BEACH, Calif., May 4 /PRNewswire/ -- SM&A Corporation
(Nasdaq: WINS) today announced it has changed its name to Emergent Information
Technologies, Inc. (Nasdaq: EITI) to better reflect its focus as a provider of
specialized information technology services and software development for the
telecommunications and healthcare markets. Emergent, a leading provider of IT
solutions, modeling and simulation services, and systems engineering, also
announced a strengthening of its management team and board of directors.
Mr. Steven Myers, Chairman of the Board for Emergent, explained the
company's name change, "In January 1998, when we went public, we were known as
the most successful proposal management company in America. Since then, we
have completed five acquisitions, experienced compound annual growth of 58%
and have invested over $8 million in the development of proprietary software
products. We simply outgrew our name. 'Emergent' captures the energy and
enthusiasm of today's new IT economy and tomorrow's vision. It represents the
defining moment in our mission to emerge as a rapidly growing, focused IT
company -- providing our customers the products and services that give them
the competitive edge. Our new name represents our successful repositioning as
a company that offers a wide range of high-value information technology
services and products."
Mr. Myers went on to detail the strengthening of Emergent's board and
announced two top executive promotions. "We have expanded our board of
directors from five to seven members, bringing on four new board members with
exceptional leadership skills and background that supports our IT strategy,"
Emergent's new board members include: Vincent C. Smith, Chairman of the Board
and CEO of Quest Software, Inc.; Luther Nussbaum, Chairman of the Board and
CEO of First Consulting Group; Albert S. Nagy, President of the Nagy Group;
and, John B. Fuller, Founder and CEO of The Monitor Company. Continuing on
the board are Michael Piraino and J. Christopher Lewis. Mr. Myers concluded
by saying, "In addition to the significant changes to our board, we are
pleased to announce the promotions of Mr. Piraino to Chief Executive Officer
and Ajay Patel to Chief Operating Officer." Mr. Myers will remain Chairman of
the Board and will lead the board's newly created Business Strategy Committee
and focus the expanded board's energy on strategic issues such as recruitment
and retention, IT trends, business opportunities, mergers and acquisitions,
and expansion into international markets.
Mr. Piraino commented on Mr. Patel's promotion by saying, "Ajay's
promotion to Executive Vice President and COO strengthens the executive team
we need to sustain our rapid growth. Ajay has been with Emergent for seven
years and most recently was the President and General Manager of our proposal
management group. Ajay will concentrate on our business development efforts
to further increase our backlog above its current level of approximately $150
million. The combination of his operating and business development experience
skills are exactly the right match for Emergent."
Mr. Piraino outlined some other key changes, "We're pleased to announce
that the proposal management group will retain its current branding and be
known as Steven Myers & Associates, or simply, SM&A. It will operate as a
wholly-owned subsidiary of Emergent. SM&A will continue to enhance its
proposal technology with initiatives such as the virtual proposal development
center using web enabled tools to reduce co-location costs. We will also
increase the resources dedicated to making our e-CRM integration services a
success by building a new operating group within Emergent around our strategic
relationship with FirePond."
The company believes its new corporate focus will further reduce its
reliance on the aerospace and defense sector. Further, that its proprietary
software products, including BillTamer(TM), NetTamer(TM), System Blocks(TM),
and ICCE(TM), will not only fill the immediate needs of telecommunications
companies, but will provide the platform for continued growth in new software
applications.
Regarding the outlook, Mr. Myers concluded, "We face an enormous
opportunity to grow our IT and software business and we enter this phase with
a sense of urgency and promise. Notwithstanding acquisitions, our planned
investment spending on software product development will continue. In the
meantime, our cash flows are expected to remain very strong. Our overriding
goal is to build shareholder value by investing in services and products that
generate high return on investment."
In other news today, Emergent announced record first quarter revenue of
$31.7 million with earnings of $0.04 per share. Emergent also reported record
software revenue of $1.2 million (see Emergent's release dated May 4).
About Emergent
Emergent Information Technologies, Inc. (formerly SM&A Corporation) is a
leading provider of IT solutions, modeling and simulation services, and
systems engineering to business and government. Its wholly-owned subsidiary,
Steven Myers & Associates, Inc. (SM&A), provides proposal management services.
Statements herein concerning the company's growth and strategies may include
forward-looking statements. The company's actual results may differ materially
from those suggested as a result of various factors. Interested parties
should refer to the disclosure set forth under the caption "Risk Factors" and
elsewhere in the company's Form 10-K for the year ended December 31, 1999, and
10-Q for the quarter ended March 31, 2000, for additional information
regarding risks affecting the company's financial condition and results of
operations. Additional information on Emergent is now available via the
Internet at http://www.emergent-IT.com .
SOURCE Emergent Information Technologies, Inc.
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Related links:
http://www.emergent-IT.com
CONTACT:
Michael Piraino, President and CEO,
949-975-1487, or General Information, Moira Conlon of The
Financial Relations Board, 310-442-0599
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