Company Also Appoints Seasoned Executive as Special Advisor to Board
SAN ANTONIO, Dec. 17 /PRNewswire-FirstCall/ -- Analytical Surveys, Inc.
(ASI) (Nasdaq: ANLT), a provider of utility-industry data collection, creation
and management services for the geographic information systems (GIS) markets,
today announced that on December 13, 2004, its board of directors elected
Edward P. Gistaro and Lori Jones as members of the board. It also announced
the resignations of Mr. Christopher Dean and Mr. Christopher Illick from the
Board, effective December 15, 2004.
The Company also announced that its independent auditors, Pannell Kerr
Forster of Texas, P.C., issued a going concern qualification on ASI's
financial statements for the fiscal year ended September 30, 2004, based on
the Company's significant operating losses reported in fiscal 2004 and prior
years, as well as a lack of external financing.
Mr. Gistaro is chairman and retired CEO of Docucon, Inc., a now-privately
held document-imaging company. He also held various management positions at
Datapoint Corporation, including CEO, CFO, president and chief operating
officer. While at Datapoint, which was a Fortune 500 company, Mr. Gistaro
negotiated and executed more than $200 million in acquisition and financing
transactions. He brings valuable operating, financial and M&A expertise to
the Company. Mr. Gistaro is an independent outside director and will serve on
the audit committee.
Ms. Jones is ASI's CFO and joins the board as an inside director. She
joined the Company in January 2003 and has more than 15 years of financial
management experience with both private and public companies.
The board also appointed Stanley Rosenberg of Loeffler Tuggey Pauerstein
Rosenthal LLP as special advisor to the board. Mr. Rosenberg has been an
attorney in San Antonio since 1955, and has advised major corporations on a
broad range of real estate and corporate matters. He has represented clients
on various phases of real estate developments, including land acquisition,
platting, subdividing, financing and sales. Mr. Rosenberg has assisted with
initial public offerings for various companies and advised on the sales of
multimillion-dollar businesses.
Mr. Dean and Mr. Illick, the departing directors, have served on the
Company's board since 2002 when Tonga Partners, L.P. ("Tonga") exercised its
right to appoint a majority of the board. Tonga relinquished its right to
appoint directors after it converted a $1.7 million senior secured convertible
promissory note on November 10, 2004, and sold its holdings in ASI common
stock.
Analytical Surveys Inc. provides technology-enabled solutions and expert
services for geospatial data management, including data capture and
conversion, planning, implementation, distribution strategies and maintenance
services. Through its affiliates, ASI has played a leading role in the
geospatial industry for more than 40 years. The Company is dedicated to
providing utilities and government with responsive, proactive solutions that
maximize the value of information and technology assets. ASI is headquartered
in San Antonio, Texas and maintains operations in Waukesha, Wisconsin. For
more information, visit http://www.anlt.com.
This press release contains forward-looking statements that involve risks
and uncertainties. The statements contained in this press release that are
not purely historical are forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act. When
used in this press release, the words "anticipate," "believe," "estimate,"
"intend" and "expect" and similar expressions are intended to identify such
forward-looking statements. Such forward-looking statements include, without
limitation, the statements regarding the Company's strategy, future sales,
future expenses and future liquidity and capital resources. All
forward-looking statements in this press release are based upon information
available to the Company on the date of this press release, and the Company
assumes no obligation to update any such forward-looking statements. The
Company's actual results could differ materially from those discussed in this
press release. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed in Item 1. Business- "risk
factors" and elsewhere in the Company's Annual Report on Form 10-K.
SOURCE Analytical Surveys, Inc.
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Related links:
http://www.anlt.com
CONTACT:
Lori Jones, Chief Financial Officer of
Analytical Surveys, Inc., +1-210-657-1500; or Geoff High of
Pfeiffer High Public Relations, Inc., +1-303-393-7044,
geoff@pfeifferhigh.com, for Analytical Surveys, Inc.
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