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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT:
Chris Walker Dave Miller
Director, Corporate Communications Vice President, Finance and
USinternetworking, Inc. Investor Relations
(410) 897-3560 USinternetworking, Inc.
[email protected] (410) 897-1746
[email protected]
USINTERNETWORKING PROMOTES ANDREW STERN TO CEO
COMPANY POSITIONING FOR ACCELERATED GROWTH
Annapolis, MD, July 24, 2000 - USinternetworking, Inc. (USi, Nasdaq: USIX), the
leading Application Service Provider (ASP), today announced that Executive Vice
President and Chief Operating Officer, Andrew Stern, was promoted to CEO,
effective immediately. Christopher R. McCleary, the company's co-founder, will
continue as Chairman of the Board of Directors and Chairman of the newly
created Executive Committee.
"We are proactively evolving our organization to better focus on our core
business as well as the many strategic opportunities that are available to us
as the leading ASP," commented McCleary.
Mr. Stern will add the responsibilities of the USi global network operations
and the finance and administration functions to his current responsibilities,
enabling a tight integration of all the functions required to accelerate
growth. By forming the Executive Committee of the Board of Directors, the
company can now better address the many strategic opportunities afforded USi as
the industry leader and further enhance the strategic decision-making process
as the company moves to the next level of growth and market penetration.
"Our team is ready to capitalize on the great opportunities now visible to us
as the market leader in this category," commented Stern. "I look forward to
this new challenge. Since we already have a great senior management team in
place, the transition time will be minimal."
Mr. Stern came to USi in July of 1998 as Chief Financial Officer, and helped
successfully launch the company's initial public offering in April 1999,
raising $145 million for the company. Since June of 1999, Mr. Stern has been
the Chief Operating Officer, responsible for the P&L of USi and the operation
of nine business units. Prior to joining USi, Mr. Stern was Executive Vice
President, Strategic Planning and Reinsurance Operations of USF & G, an
insurance company with over $14 billion of assets. In that role, he had
responsibility for roughly 20 percent of USF & G's business as well as all of
its merger, acquisition, and corporate marketing activities. Mr. Stern was a
partner at Booz, Allen & Hamilton, an international management and technology
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consulting firm from 1987 to 1993. Mr. Stern holds an MBA from the University
of Chicago and a degree in electrical engineering from MIT.
DETAILS CONCERNING THIS RELEASE WILL BE DISCUSSED IN A TELECONFERENCE CALL:
Date: Monday, July 24, 2000
Time: 11:00 AM (EDT)
Duration: 1 hour
Dial-in Number Domestic: 800-553-5275
International: 612-332-0820
A REPLAY OF THIS TELECONFERENCE CALL WILL BE AVAILABLE:
Date: Monday, July 24 - Friday, July 28, 2000
Start Time: 4:00 PM (EDT)
Dial-in Number: 800-475-6701
Access Code: 530705
ABOUT USINTERNETWORKING, INC.
USinternetworking Inc. (Nasdaq: USIX) is a leading Application Service Provider
delivering e-commerce and enterprise software as a service. The Company's iMAP
portfolio of service offerings delivers the rich functionality of leading
software from Ariba, BroadVision, Lawson, Microsoft, Oracle, PeopleSoft and
Siebel as a continuously supported, flat rate monthly service via an advanced,
secure global data center network. For more information, visit www.usi.net.
Internet Managed Application Provider, iMAP, AppHost, PriorityPeering, USiGSP,
USiSAN USiAccelerate, and Making Software Simple are service marks of
USinternetworking, Inc. All other trademarks are the property of their
respective owners. USi strategic partners and providers are publicly traded on
Nasdaq under the symbols: ARBA, BVSN, CSCO, MSFT, ORCL, PSFT and SEBL.
Information in this release may involve expectations, beliefs, plans,
intentions or strategies regarding the future. These forward-looking statements
involve risks and uncertainties. All forward-looking statements included in
this release are based upon information available to USinternetworking Inc. as
of the date of the release, and we assume no obligation to update any such
forward-looking statement. The statements in this release are not guarantees of
future performance and actual results could differ materially from our current
expectations. Numerous factors could cause or contribute to such differences.
Some of the factors and risks associated with our business are discussed in the
Company's registration statement on Form S-1 declared effective by the
Securities and Exchange Commission ("SEC") on April 8, 1999, the Company's Form
10-Q filed with the SEC on May 15, 2000, and in our other reports filed from
time to time with the SEC.
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