EX-99.1
2
PRESS RELEASE
PRESS RELEASE
FOR IMMEDIATE RELEASE
AZUREL ANNOUNCES MANAGEMENT CHANGES
AZUREL, LTD. (Bulletin Board Symbol - AZUR) today announced that Mr. Frank
DeSimone resigned as Chief Operating Officer, Chief Financial Officer, Corporate
Secretary and Director, effective June 16, 2000.
Mr. Edward Adamcik was appointed Chief Financial Officer and added to the Board
on June 22, 2000, while Mr. Steven Barry, the Company's Corporate Controller,
was appointed Corporate Secretary effective June 19, 2000.
The Board of Directors has also relieved Mr. Gerard Semhon of his duties as
Chief Executive Officer and Chairman of the Board, effective July 19, 2000. The
Board also indicated that the Company would be run by a Management Committee,
responsible for stabilizing the business and defining a new direction. It will
begin a search to fill the vacancy left by the departure of the Chief Executive
Officer. The Board elected Mr. Norman Grief as its new Chairman.
Disclosure: This news release contains forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performances and underlying assumptions and other statements, which
are other than statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and service,
demand and acceptance, changes in technology, economic conditions, the impact of
competition and pricing, government regulation, and other risks defined in this
document and in statements filed from time to time with the Securities and
Exchange Commission. All such forward-looking statements, whether made by or on
behalf of the Company are expressly qualified by these cautionary statements and
any other cautionary statements which may accompany the forward-looking
statements. In addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after the date
hereof. For further information, please see the Company's current 10-K filing.
Contact: Azurel, Ltd.
Steven Barry, Corporate Secretary
