HOUSTON, April 3, 2002 (PRIMEZONE) -- CYNET, Inc. (OTCBB:CYNE) (OTCBB:CYNEB), a leading provider of e-Messaging solutions, today announced that it has streamlined operations and reorganized its management team. Two executives have resigned to pursue other interests, Robert Demyanovich, President/COO and Greg Smith, CFO. The CYNET management team will be directed through the office of the CEO, with Vincent W. Beale, Sr. as Chairman/CEO.
The new structure will take advantage of the skill set of the CYNET executive team members. Vincent W. Beale, Sr. continues as the senior partner, chairman of the board and CEO. Bernard Beale, will be the senior partner responsible for managing and directing the company's operations, sales, marketing and strategic planning. Samuel Beale will be the senior partner responsible for overseeing finance, corporate and legal affairs.
CYNET has engaged Certified International Resources, of Houston, Texas, to assist the company with internal accounting management, consulting and SEC reporting. Additionally, the company has hired Financial Technologies, of Austin, Texas, a financial consulting firm, to assist the Company in executing on its debt management strategy.
"The management team of CYNET has evaluated the market place and has constructed a plan that, we feel, fits the environment that we are in today," said Vincent W. Beale, Sr., Chairman and CEO of CYNET, Inc. "Components of our operations that can be outsourced, will be outsourced, thereby creating monetary savings and organizational efficiency. Critical areas that drive the life-blood of the company, the management team will maintain direct management over. The members of our current management team have great records. This is the core of the team that guided CYNET through its public offering, took the annual sales of the company from $4.9 million to over $9.0 million in past years. They brought on key institutional investors and secured several large corporate clients. I have confidence that we have the right strategy and we can deliver."
CYNET recently announced an agreement with Augustine Capital to fund $1.2 million in debt financing.
About CYNET
CYNET, Inc. specializes in e-Messaging solutions. The Company provides services by integrating messaging with Internet technology, to maximize the efficiency of communications. CYNET e-Messaging simplifies communications by using easy-to-use tools to access and control e-mail, fax and voice messaging. To learn more about CYNET, contact the corporate offices at 800.964.2963 or visit: www.cynetinc.com.
CYNET, Inc., with executive offices in Houston, is a provider of-Messaging services with innovations in fax, email and voice messaging. The Company's Class A and Class B common stock are traded on the Nasdaq OTC Bulletin Board under the symbols "CYNE" and "CYNEB."
This press release may contain forward-looking statements with respect to operations, assumptions, the financial condition and future performance of the Company. Additional information on risk factors that could potentially have a material impact on the Company's operations and financial position, as well as risk factors relating to the management of the Company, is contained in the Company's filings with the Securities and Exchange Commission. This press release has been provided by CYNET, Inc., and while the information is believed to be accurate, there is no warranty or representation that the information is correct.