SCOTTSDALE, Ariz., May 1, 2003 (PRIMEZONE) -- OneSource Technologies, Inc. (OTCBB:OSRC) today reported that the Board of Directors of the Company appointed a new management team to take over the day-to-day operations of the Company, installing Michael L. Hirschey as the Company's new Chief Executive Officer and Director. Other members of the new team include, Stephen K. McEvoy, Vice-President of Operations, Sherman O. (Spike) Kasper, Vice-President of Business Development and Len Ksobiech, Chief Financial Officer. Also at the Board meeting Thomas Glasgow was replaced as acting COO and Chairman and Jerry Washburn resigned as President and CEO but retained his position as Director. Donald E. McIntyre, an outside Director since 2001, was elected Chairman.
"These actions were taken in response to the Company's return to profitability in 2002 and reflect the Board's intention of rebuilding shareholder confidence and value in the Company," said Don McIntyre, Chairman. "Hirschey is a very successful senior executive with strong sales and marketing ties in the technology equipment service and leasing industry and we are very fortunate to have him join the Company," continued McIntyre. "The other team members were hand picked by Hirschey and also come from the industry and have previously worked with him in successfully growing other equipment technology companies," added McIntyre. "We appreciate the contributions made by Glasgow and Washburn in turning the Company around and returning it to profitability the past two years and we now look forward to positive growth and momentum with this new team," concluded McIntyre.
About OneSource
OneSource is engaged in three closely related and complimentary lines of IT and business equipment support services and products, 1) equipment maintenance services, 2) equipment installation services, and 3) value added equipment supplies distribution. OneSource is engaged in the technology equipment maintenance and service industry and is the inventor of the unique OneSource Flat-Rate Blanket Maintenance System(tm). This patent pending program provides customers with a Single Source for all general office, computer and peripheral and industry specific equipment technology maintenance and installation services.
OneSource's Cartridge Care division provides remanufactured toner cartridges in the south and mountain west and is the supplier of choice for a number of Fortune 1000 companies in those regions. OneSource has realigned this division and invested in eCommerce initiatives to stage the division for substantial expansion over the next two years to enable Cartridge Care to extend its reputation beyond its southwestern regional roots.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created by those sections.