AremisSoft Names Chief Financial Officer - Roys Poyiadjis Remains President [inactive]
NEW YORK / September 29, 1999--AremisSoft Corporation
"Mr. Tymvios's extensive experience in all aspects of auditing, accounting, taxation and business consulting makes him a strong addition to AremisSoft's management team," stated Dr. Lycourgos Kyprianou, Chief Executive Officer, AremisSoft. "By handling the financial aspects that were previously the responsibility of Mr. Poyiadjis, Mr. Tymvios's appointment will support the Company's dynamic growth by allowing Mr. Poyiadjis to concentrate more fully on corporate development, expansion in the North American market, future acquisitions and investor relations."
AremisSoft develops, markets, implements and supports enterprise- wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The Company's software products help streamline and enhance an organization's ability to manage and execute mission- critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $29.9 million for the six months ended June 30, 1999 and net income of $3.3 million for the same period. AremisSoft has a total of 470 employees, with sales in 10 countries and a customer base in excess of 5,000. The Company also operates a software development and support facility in India, with 120 employees, which provides significant organizational efficiencies and cost advantages in software development and support.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are "forward looking statements." These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward looking statements include, but are not limited to, statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including the risks discussed under "Risk Factors" in the Company's prospectus included in its registration statement on Form S-1, SEC File No. 333-58351, all of which are incorporated herein by reference. The Company's actual results may differ materially from those anticipated or expressed in these forward- looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward- looking statements, whether as a result of new information, future events or otherwise.