HOUSTON, June 22, 2005 (PRIMEZONE) -- The Project Group, Inc. (OTCBB:PJTGE) announced today that E. Ray McCoppin and Sean Hanson have resigned as officers and directors of the Company. Both Mr. McCoppin and Mr. Hanson continue as employees of the Company.
The Company also announced that a management restructuring plan is being developed by the Board of Directors based on discussions with major shareholders, advisors, and management, and taking into account the contractual rights of Montauk Financial Group to appoint two board members. The Company expects to announce new director appointments and other management changes shortly.
Regarding the re-structuring plan, Craig Crawford, President and CEO, stated, "Our board is conducting a comprehensive review of personnel and processes with a view to positioning Project Group for future growth and, to that end, is seeking to increase independent board representation and to strengthen the makeup of management and the proper functioning of the management team."
About The Project Group
The Project Group is a Microsoft Gold Certified Partner in Business Intelligence and Information Worker Solutions, specializing in project management and collaboration that provides enterprise-level business solutions to Oil & Gas, Financial Services, Retail, Hospitality and Pharmaceutical industries. The Project Group provides project management, collaboration, and Sarbanes-Oxley focused consulting services to many Fortune 1000 organizations, including Halliburton, Microsoft and several of the largest Oil and Gas Companies in the world. PJTG was founded in 2001, and is headquartered in Houston, Texas.
About Pro Squared Inc.
Pro Squared, Inc. is a subsidiary of The Project Group focused on closed loop RFID solutions. RFID technology replaces traditional, unreliable bar codes and is rapidly becoming the state-of-the-art in supply chain management. RFID tags consist of silicon chips and an antenna that can transmit data to a wireless receiver. Recently, Wal-Mart has mandated that all major vendors utilize RFID and recently Pfizer, Smith Kline, Purdue Pharma and the FDA have all announced new RFID programs.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new opportunities, and the unpredictable nature of business risks; as well as our ability to grow revenues in 2005 and beyond, successfully restructure management, increase shareholder value and other factors set forth in the Company's most recently filed SEC reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.