BILLERICA, Mass., July 2 /PRNewswire/ -- Peritus Software Services, Inc.
(OTC Bulletin Board: PTUS), a provider of solutions for software maintenance,
today announced that Dominic K. Chan was elected to the Board of Directors.
Mr. Chan was a founder and former Director and officer of the Company. The
Company also announced that Henry F. McCance and W. Michael Humphreys resigned
yesterday as members of the Company's Board of Directors. Messrs. McCance and
Humphreys, Directors since March 1996, are associated with venture capital
firms that invested in the Company. Mr. Chan rejoins Roland D. Pampel and
Axel Leblois, the Company's other Directors.
Separately, the Company announced that it reached a settlement agreement
with American Financial Group, Inc. and its subsidiaries and affiliates for
release from its real estate lease in Cincinnati, Ohio and certain other
obligations. Under the settlement, the Company agreed to pay $200,000 in cash
and issue 300,000 shares of Common Stock in exchange for release from its real
estate lease for 20,500 square feet which required average monthly payments
excluding operating expenses of $36,000 through November 2002. The Company
had not made any payments since October 1998. The settlement also released
the Company from net claims for other services and disputes of $334,500 as
reflected on its most recent financial statements filed on its Form 10-Q for
the quarter ended March 31, 1999. American Financial Group is the parent of
American Premier Underwriters which owns more than 2 million shares of the
Company's Common Stock which were acquired in connection with the acquisition
of the substantially all of assets of Millennium Dynamics, Inc. by Peritus.
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.
Contact: Ron Garabedian
Treasurer
Peritus Software Services, Inc.
978-670-2500
Fax: 978-670-2060
Internet: rgarabedian@peritus.com
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, Treasurer of Peritus Software
Services, Inc., 978-670-2500, rgarabedian@peritus.com
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