FOR IMMEDIATE RELEASE
PASW, INC.
APPOINTS NEW CHAIRMAN
NEWBURY PARK, CA October 16, 2000 PASW, Inc. (NASDAQ: PASW) today announced
that Glenn P. Russell, Chairman of the Board of PASW, Inc, is relinquishing his
position as Chairman and a Director of the company.
In submitting his resignation Mr. Russell stated: "Due to increasing involvement
in personal business activities I have found it difficult to balance the
interests of both the company and my other commitments therefore I believe that
the stockholders of PASW are better served with the efforts of an individual who
can devote full time to the activities of the company."
To fill the vacancies the Board of Directors has appointed William E. Sliney,
as Chairman and a Director. Sliney will continue as the company's President and
Chief Financial Officer. Sliney joined Pacific Softworks in April of 1999.
Prior to that, he was the Chief Financial Officer of Legacy Software, Inc., from
1995 to 1999, and from 1993 to 1994, he was Chief Executive Officer for Gump's.
In making the transition Sliney stated: "Glenn Russell as a founder of the
Company has been instrumental in its evolution from a software development
company to an enabler of the development of emerging varied technology
companies. Glenn has provided excellent service and leadership during his tenure
as chairman and going forward he has agreed to become a consultant to the
company on an as-needed basis. The board and I wish him well in his new
ventures".
PASW, INC.
PASW, Inc. (www.pacificsw.com), formerly Pacific Softworks, Inc., through its
wholly owned subsidiary iApplianceNet has developed proprietary technology that
allows conventional and state of the art industries to accumulate,
tansmit/receive and manage data. In addition PASW is making strategic
investments and/or associations to accelerate growth of small and medium sized
Internet technology companies. To date PASW has made strategic investments in
Combio (www.combio.com), formerly FSPNetworks, and RedFlag, Inc.
(www.redflag.com). PASW is headquartered in Newbury Park, California.
Except for the historical information contained herein, this news release
contains forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially from those contemplated herein,
including but not limited to timely development, acceptance and pricing of new
products, the impact of competitive products and pricing, the ability of PASW to
implement its business plan, and other risk factors detailed in the company's
periodic filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
PASW, Inc. William E. Sliney, Chairman
[email protected]
www.pacificsw.com
805-499-7722
