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EXHIBIT 99.1
[CROSSWALK.COM LOGO]
CONTACT:
Gary Struzik, CFO
703-788-4123
[email protected]
CROSSWALK.COM ANNOUNCES RESTRUCTURING: SETS THE STAGE
FOR IMPROVED PERFORMANCE IN 2001
MANAGEMENT CHANGES INCLUDE IMPLEMENTATION OF CEO SUCCESSION PLAN
CHANTILLY, VA - January 11, 2001 -- Crosswalk.com, Inc. (Nasdaq NMS: AMEN), the
leading Internet portal serving the broad Christian community,
www.crosswalk.com, announced today the implementation of a company restructuring
which includes the appointment of Scott Fehrenbacher as President, CEO and
director, succeeding William Parker.
The restructuring will involve the consolidation of functions to the Chantilly,
VA headquarters, implementation of more cost-effective means of generating
content and further proficiency in utilizing viral marketing. The company
anticipates that this action, which includes staff reduction of fifteen,
bringing total employment to forty-nine, will take out over $1.2 million from
the already significantly reduced fourth quarter 2000 cash burn rate and help
drive the company to profitability.
The genesis of the drive to increased productivity and reduced cash burn rate,
was largely spearheaded by Mr. Fehrenbacher, who was Vice President, Editor in
Chief. Mr. Parker said, "This restructuring and change in leadership is what
needs to be done in order to best position Crosswalk to be the long-term player
in this market. Scott has been responsible for the content generation,
positioning, service deployment and community development on crosswalk.com. The
progress we've made in bringing down costs, supporting clients, while increasing
traffic are largely due to his efforts and thus an orderly transition of
leadership should prevail."
Mr. Fehrenbacher said, "Thanks to Bill Parker's leadership in establishing
Crosswalk as THE community portal serving the Christian community, we can build
from our position as the dominant market leader. Going forward, we will
concentrate on our core business strengths in providing our users and growing
clientele a rich Internet experience that glorifies God and honors our
shareholders. Following our record fourth quarter ad revenue results, I expect
continued gains in revenue throughout 2001, and fully expect Crosswalk to be a
vibrant business for years to come."
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Prior to assuming his position as Vice President, Editor & Chief, Mr.
Fehrenbacher served as Director of the News, Business and Personal Finance
Channel Group, where he was responsible for the design and development of ten
content areas on crosswalk.com. Before joining Crosswalk, Mr. Fehrenbacher was
President of the Institute for American Values Investing in Seattle, the
nation's leading firm for cultural investment screening. There his
responsibilities included creation, development, management and marketing of a
values-based analysis tool used to rate mutual fund portfolios based on socially
conservative screening criteria. His work at the Institute earned media
attention from The New York Times, Boston Globe, Philadelphia Inquirer, London
Sunday Telegraph, Dallas Morning News, International Herald Tribune, as well as
Money, Business Week, Mutual Fund, New Republic, Institutional Investor and
American Banker magazines. Mr. Fehrenbacher received Bachelor of Arts degrees in
Economics and Political Science from the University of Idaho in 1980 and
continued graduate studies in Finance at the University of Houston from
1981-1983.
Jim Buick, Chairman of the Board of Crosswalk.com said, "The company's 4th
quarter results will provide momentum going into 2001. We have been impressed
with the accomplishments of Mr. Fehrenbacher, and his role in the growth of
Crosswalk. We are confident that this proven ability, along with his experience
in the equity markets, are the leadership qualities that the company needs at
this time. We are also most grateful and appreciative to Bill Parker for
bringing Crosswalk to its position of market leadership and his willingness to
be available to us as a consultant during this period of transition."
Crosswalk.com (http://www.crosswalk.com) provides a comprehensive range of
content and community services to support the integration of faith and values
into everyday life. Site features include: topical and lifestyle channels like
Music, Money, News & Culture, Teens, Family, Spiritual Life, and more; unique
online applications like cross-referenced Bible study databases, stock and
mutual fund screening tools, greeting cards, and more; community-building areas
like chat, discussion forums, the largest Christian Web site directory, and
more; and over two dozen topical and community related email newsletters.
Safe Harbor - This press release includes forward-looking statements that
involve risks and uncertainties, including, but not limited to, performance,
management capability, the management of growth, marketability of product
offerings and other risks. These forward-looking statements are made in reliance
on the "safe Harbor" provisions of the Private Securities Litigation Reform Act
of 1995. For further information about these factors that could affect
Crosswalk.com, Inc.'s future results please see the company's filings with the
Securities and Exchange Commission. Prospective investors are cautioned that
forward-looking statements are not guarantees of performance. Actual results may
differ materially from management expectations. Copies of these filings are
available upon request from Crosswalk.com, Inc. investor relations.
