Exhibit 99.1
Netgateway Appoints New CEO and Board Members
Orem, Utah - Nov. 21, 2000 - Netgateway, Inc., a provider of
business-to-business and business-to-consumer e-Commerce solutions, announced
today that Keith Freadhoff was unanimously appointed by the Board of Directors
as Chief Executive Officer. Freadhoff was co-founder of the Company in 1997, and
served as its first Chairman and Chief Executive Officer. His career spans many
years in the high tech industry. Roy W. Camblin, III resigned his positions as
Chief Executive Officer and as a Director of the Company.
"We have made good progress as evidenced by the advances in our technology
offering. It is the appropriate time to concentrate on marketing and partnership
opportunities to propel the Company forward," said Freadhoff. "Roy was a key
player in developing and implementing our plans. On behalf of Netgateway, I
thank Roy for his contributions to the Company and wish him future success."
Netgateway, Inc. also announced the appointment of three new Board members
replacing John Dillon and Joseph Roebuck as Directors who have resigned. The new
Board members are John J. Poelman of Galaxy Enterprises, Inc., which was
acquired by Netgateway, Robert E. Ciri of STAR Associates, and Shelly Singhal of
BlueStone Capital. Poelman will continue in his current management role, in
addition to his Board responsibilities.
"We are delighted to welcome our new members to the Netgateway Board. These
respected business leaders bring to our Board extensive experience in a broad
number of industries and operations," continues Freadhoff. "I look forward to
working with them as we continue to focus on innovative and value-driven
e-Business solutions."
The following provides a brief background on the new Netgateway Board members:
John J. Poelman
With more than 30 years' experience working with Fortune 500 and start-up
companies, Poelman previously served as CEO and President of Galaxy Enterprises,
Inc, now a division of Netgateway. Poelman held a variety of positions,
including sales, marketing, business development, and training, in over 17 years
at AM International, Inc. Poelman has successfully developed, implemented and
managed advanced training for sales and customer service. Poelman was also the
former Chief Operating Officer for Newcastle Financial Corporation.
Robert E. Ciri
Currently a Partner at STAR Associates, Ciri has led many companies through
successful initial public offerings, secondary offerings, debt restructurings,
and corporate re-organizations. Ciri has been CEO of numerous early stage
businesses. In addition, he served as President of a company where he led them
to a successful initial public stock offering. He has worked with a Washington
area Venture Fund specializing in technology markets. Ciri also worked for
Hewlett-Packard Company for fifteen years. Ciri holds a BS from Rensselaer
Polytechnic Institute and an MS in medical biology. Ciri also attended the
executive program at the Wharton School of Business at the University of
Pennsylvania.
Shelly Singhal
Currently a Managing Director of Technology at BlueStone Capital, Singhal has a
broad base of experience in corporate finance and commercial lending, including
public and private offerings of securities, mergers and acquisitions, debtor in
possession financing and restructuring. Singhal was also Managing Director of
Corporate Finance at Roth Capital Partners and head of the e-Commerce Group.
Prior to investment banking, Singhal held a position in commercial lending at
Foothill Capital, Inc., and at Heller Financial, working on highly leveraged
transactions. Singhal received his BS from Seaver College at Pepperdine
University.
About Netgateway
Netgateway enables companies of all sizes to extend their business to the
Internet quickly, effectively - with minimal investment. Netgateway develops,
hosts, licenses, and supports a wide range of built-to-order B2B, B2E, and B2C
applications including enterprise portals, e-Retail, e-Procurement, and
e-Marketplace solutions. Netgateway (www.netgateway.com) is located at 754
Technology Ave., Orem, UT 84097.
This press release contains forward-looking statements within the meaning of the
Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995.
Such statements are based on the current expectations and beliefs of the
management of Netgateway and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. For a more detailed discussion of
factors that affect the company's operating results, please refer to the
company's SEC reports including Netgateway's most recent reports on Form 10-K
and Form 10-Q. Additional information is available from Netgateway's Investor
Relations department may be obtained by calling or writing. Netgateway (Error!
Bookmark not defined.) is located at 754 Technology Ave, Orem, Utah, 84097. This
is material information only and is not an offer or solicitation to buy or sell
securities.
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