SAN FRANCISCO, May 9, 2006 (PRIMEZONE) -- friendlyway Corporation (OTCBB:FDWY), a self-service provider of customer-facing public access self-service systems, today announced the appointment of Ken Upcraft as President, CEO and member of the Company's Board of Directors. Upcraft will direct the next phase of friendlyway Corporation's accelerated growth and help shape its strategy in the self-service industry.
Upcraft, 61, was founder and CEO of Pantel Systems, Inc. which was recently acquired by friendlyway. Ken brings more than 20 years' experience transforming technology and other enterprises into profitable growth businesses. Upcraft will focus on structured growth in designated vertical markets providing recurring revenue for long-term sustainability.
"Management clearly recognizes that our near term objective is a stronger shareholder base and enhanced valuation," said Upcraft. "Toward that end, as part of our restructuring plan, we have taken immediate steps to reduce overhead and cost exposure of existing product lines that have not been profitable or yielding adequate margins. In addition, we have identified vertical markets that will generate residual revenue and provide economies of scale in manufacturing by using the same components. We are excited about the initial rollout of our self-service financial kiosks which will begin in June."
"We enter the second half of calendar year 2006 with a truly different view of the future than we had in January. The above initiatives will coincide with an upcoming active investor relations program for improved communications with investors in the micro-cap financial markets. We will also place strong emphasis on continued SEC compliance and strengthening shareholder confidence by securing necessary funding to grow the business," Upcraft added.
About friendlyway Corporation:
friendlyway Corporation provides self-service systems and technologies for public access at points of sale, service, and information. Its interactive information stations are used in various applications, such as ticketing, Internet access, self check-in, way-finding, lead management, e-commerce, banking, lobby management, and access control, as well as information and education. The company serves trade shows, conferences, events and promotions, hospitality, tourism and travel, healthcare and hospitals, financial services and banking, government, and fashion and retail sectors. friendlyway markets its products and services internationally through sales and marketing campaigns, conferences, one-on-one consultations, telemarketing, direct sales, and client and vendor referrals. For more information, please visit: http://www.friendlywayinc.com.
This release and other written or oral statements made from time to time by friendlyway Corporation may contain ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like "intends," "expects," "assumes," "projects," "anticipates," "estimates," "believes," "could be," and other words of similar meaning, are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to the following: friendlyway Corporation's delays in shipment of its products and systems; lack of acceptance of new versions of its products or systems; introduction of new products or systems by its competitors; weakness in demand for public access "self-service" systems; lack of growth in worldwide personal computer sales; corporate reductions in IT spending; inability to integrate companies and products it acquires; industry transitions to new business and information delivery models, and other factors discussed in friendlyway Corporation's filings with the Securities and Exchange Commission. friendlyway disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.