Verity Reconfirms Extended Agreement with Gary J. Sbona & Regent Pacific Management
SUNNYVALE, Calif. - 2000-02-16 - Verity, Inc. (NASDAQ: VRTY), a leading provider of enterprise and Internet knowledge retrieval solutions, today reconfirmed that it has extended its management agreement with Regent Pacific Management Corporation through August 31, 2001. Under the amended agreement, Regent Pacific continues to provide the services of Gary J. Sbona as Chairman and Chief Executive Officer of Verity, and continues to provide additional Regent Pacific management services to the Company. The agreement provides Verity with an option to further extend the term of this agreement through February 2002.
Mr. Sbona has been Verity's Chief Executive Officer since July 1997 and has been a Board member since May 1998. He has been Chairman of its Board of Directors since March 1999.
As indicated in Verity's press release of February 10, 2000, Sbona will continue as Chairman and Chief Executive Officer of Verity, under the amended agreement. Verity is making this announcement in order to clarify any confusion regarding Sbona's role at Verity, which may have resulted from an inaccurate press release issued by Auspex Systems, Inc. on February 15, 2000, regarding its retention of Regent Pacific Management. While Regent Pacific has been retained by Auspex, this in no way diminishes the role of Sbona or Regent Pacific at Verity.
"While the confusion is unfortunate, Regent Pacific is a management services firm that frequently provides services to multiple client companies on a simultaneous basis," said Gary J. Sbona, Chairman and CEO of Verity. "My ongoing role and commitment to Verity remains the same. We will continue to focus on our goal of sustained profitable growth."
About Verity
Verity is a leading provider of knowledge retrieval solutions. Verity's product suite powers corporate portals, e-commerce sites, online publishing and media sites, customer care applications, and products from market-leading OEMs and ISVs. Verity solutions simplify the management and use of information by indexing, classifying, organizing, searching and retrieving data, as well as providing personalized information delivery and hybrid online and CD publishing.
Verity's products are used by more than 1,000 corporations, e-commerce sites, government agencies, on-line service providers, Internet publishers and software developers worldwide. Verity alliances include Adobe Systems, AT&T, CDNOW, CNET, Cisco, Compaq, Dow Jones, Easy Software, EarthWeb, Ernst & Young, Financial Times, Globe and Mail, IBM, MD Consult, NewsEdge Corporation, Informix, Lotus, NEC, SAP, Siemens, Snap.com, Sybase, Tandem and Time New Media.
This press release contains forward-looking statements relating to management's efforts to achieve improved operations and results. If Company management is unable to manage effectively the Company's operations, identify opportunities in a timely fashion, and effectively evaluate and manage the Company's business and competitive position, the Company's goal of sustaining profitable growth may not be achieved. Other risks relating to the Company are as set forth in the Company's Form 10-K and Form 10-Q's as filed with the Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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