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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
November 24, 1997
Date of Report
(Date of earliest event reported)
Commission File Number 0-27574
POWERCERV CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 59-3350778
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 NORTH ASHLEY DRIVE, SUITE 2700, TAMPA, FLORIDA 33602
(Address of principal executive offices.)
(813) 226-2600
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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INFORMATION INCLUDED IN THIS REPORT
Items 1 through 4, 6 and 8 Not Applicable.
Item 5. Other Events.
Reference is made to the press release issued to the public by the
registrant on November 24, 1997, the text of which is attached hereto as an
exhibit, for a description of the events reported pursuant to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Text of press release dated November 24, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
POWERCERV CORPORATION
(Registrant)
Date: November 24, 1997 By: /s/ Harold R. Ross
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Harold R. Ross
Chief Executive Officer
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EXHIBIT 99.1
POWERCERV CO-FOUNDER ROSS TO RETIRE DECEMBER 31; CO-FOUNDER
FRATELLO TO BECOME CHAIRMAN AND CEO, COMPANY TO SEEK NEW PRESIDENT
TAMPA, FL, NOVEMBER 24, 1997 -- POWERCERV CORPORATION (NASDAQ: PCRV), a leading
provider of integrated enterprise client/server application solutions, today
announced that co-founder, chairman and chief executive officer Harold R.
Ross will retire on December 31, 1997. Co-founder Marc J. Fratello, currently
president and chief operating officer, will become chairman and CEO. The
company has begun its search for a new president/COO.
Ross stated: "I am extremely proud of what we have achieved since the company
was started in mid-1992. PowerCerv has grown from an idea to a public company
with 400 talented employees, a world-class family of application products, and a
very sound balance sheet. Now is the appropriate time to transition to a new
management team that can leverage these assets and take the company to a new
level of productivity and success. There is a tremendous growth opportunity in
our target market, mid-size corporations, as they increasingly recognize the
benefits of integrated application products. I intend to stay actively involved
on the PowerCerv Board of Directors, and spend the balance of my time pursuing
family and other personal interests."
Fratello stated: "Harold, from initial inception, has done a tremendous job
guiding the company, and we are indebted to him. Harold recognizes that
PowerCerv, like many entrepreneurial companies, has grown to a stage where it's
appropriate to introduce new people with the skills and background to continue
the forward momentum."
In the past year, the company has added a number of key individuals in its
research and development, sales and services organizations. Fratello said strong
leadership in R&D has already resulted in the company's most successful product
launch to-date -- the new 7.0 version of its flagship application software
products were released on schedule earlier this month. He stated that the 7.0
release is the most functionally robust and competitive product line yet
released by the company. In addition, the company continues to focus on its
sales and distribution network to generate additional opportunities for software
licensing revenues.
"I believe we are positioned for growth, as PowerCerv is the first company able
to deliver an integrated suite of application solutions for the front office and
back office on a common technology platform," said Fratello. "We need to
execute our plan to achieve our goal of being a leader in providing Customer
Lifecycle Management (CLM) solutions." Fratello noted that in addition to
seeking a new president/COO, the company may also seek to add an experienced
sales executive to head the company's software sales and distribution efforts.
PowerCerv is the first company to deliver to the middle market a
fully-integrated suite of client/server business applications for sales force
automation, customer support, distribution, manufacturing, and financials.
PowerCerv products and services are sold through a direct sales force, and
through value-added channel partners in North America, Europe, Asia, Australia,
and Latin America. The company offers training and consulting services to
support its software products.
PowerCerv trades on the Nasdaq exchange under the symbol "PCRV." For more
information on the company, contact PowerCerv at (813) 226-2600, fax (813)
222-0886, or visit the company's web site at http://www.powercerv.com.
This press release may contain forward-looking statements within the meaning of
applicable federal securities laws. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events, or other changes. Readers are cautioned not to
place undue reliance on these forward-looking statements. Risk factors and
additional information relating to historical financial and operational
performance, the company's strategies, competitive risks, and market conditions
are available in PowerCerv's reports on Form 10K and 10Q on file with the
Securities and Exchange Commission.
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