BILLERICA, Mass., Sept. 21 /PRNewswire/ -- Peritus Software Services, Inc.
(OTC Bulletin Board: PTUS), a provider of solutions for software maintenance,
today announced that it is relocating its Corporate Headquarters from
Billerica, Massachusetts to its existing facility located at 112 Turnpike
Road, Westborough, Massachusetts 01581 effective September 27, 1999.
Separately, the Company announced that it reached a settlement agreement
this month with BCIA New England Holdings LLC for release from its real estate
lease at 2 Federal Street, Billerica, Massachusetts. Under the settlement,
the Company agreed to pay $200,000 in cash, relinquish its $300,000 security
deposit, issue 500,000 shares of Common Stock, and transfer miscellaneous
furnishings and equipment. In exchange, the Company was released from its
real estate lease for 100,000 square feet which required average lease and
operating expense payments of $145,000 per month through February 2006. The
Company had not made any payments since July 1999.
In addition, the Company also announced that it executed a lease
termination agreement last month for its Lisle, Illinois facility. Under that
agreement, the Company agreed to pay $100,000 in cash and relinquish its
$16,000 security deposit. The real estate lease for 9,000 square feet
required average lease and operating expense payments of $18,000 per month
through February 2003. The Company had not made any payments since
March 1999.
Commenting on the announcement, John Giordano, President and CEO, said:
"With the final two lease settlements announced today, we have successfully
resolved all remaining excess facilities and dramatically reduced our
facilities costs going forward. When combined with the other expense
eliminations we have made, these lease settlements nearly complete our work in
the area of expense reduction. If we can generate enough revenue in the
future, we expect to achieve the turn-around of the Company."
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. 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, 1998, Quarterly
Report on Form 10-Q for the quarter ended June 30, 1999, and other public
filings made by Peritus with the Securities and Exchange Commission, which
factors are incorporated herein by reference.
Contact: Ron Garabedian
Treasurer
Peritus Software Services, Inc.
978-670-2500
Fax: 978-670-1173
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 of Peritus Software Services,
978-670-2500, or rgarabedian@peritus.com
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