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Exhibit 99.1
WEDNESDAY AUGUST 9, 8:44 AM EASTERN TIME
PRESS RELEASE
ENVISION DEVELOPMENT CORPORATION ANNOUNCES CORPORATE REORGANIZATION
MARLBORO, Mass.--(BUSINESS WIRE)--Aug. 9, 2000--Envision Development Corporation
(AMEX: EDV - NEWS), the emerging leader in web-centric transactive technologies
and eBusiness solutions, today announced Envision's board of directors has
unanimously elected board member, Dean M. Willard as chairman and interim chief
executive officer, effective immediately.
We are in the process of transforming Envision from a traditional professional
services organization to an eBusiness solutions company with expertise in
transactive and wireless technologies," Dean M. Willard, Envision's chairman and
interim chief executive officer, said. "As we implement these changes, it has
become clear that our management structure will also need to change. We are
committed to a new organizational structure that will provide for faster
decision making, and encourage action that is entrepreneurial and responsive to
change," Willard said.
"I am pleased to report that our restructuring will reduce Envision's annualized
operating costs by approximately $3 million beginning in the third quarter. The
company is producing revenues which are currently running in excess of $200,000
per month," Willard stated. "We have also begun customer beta testing of our
Interosa and LiQ products with an expectation of initial product sales before
the end of the year," he concluded.
Williard has more than 28 years of executive management experience, including
president and chief executive officer of Products Research & Chemical
Corporation, a New York Stock Exchange listed company. Mr. Willard has also
served as chairman and chief executive officer of PBT Brands, Inc., a holding
company which owns and operates Permatex, Inc. and Advanced Chemistry &
Technology, Inc.
Mr. Willard also serves on the board of directors of American Pacific
Corporation, the sole source producer in North America of ammonium perchlorate,
the primary chemical component of solid propellants used in rocket and booster
motors by NASA, the military and a growing number of commercial launch vehicles.
"Dean joins us with the full support of our board and brings with him more than
28 years of successful experience running complex operations, and supervising
innovative and entrepreneurial management teams." said Michael Amideo, chief
financial officer.
Envision also announced today along with the appointment of a new chairman and
interim chief executive officer, that William J. Patch, the company's former
chairman and chief executive officer and Envision mutually agreed to severe
their relationship.
Envision Development Corporation (WWW.EDVCORP.COM), is a rapidly growing leader
in providing Web-centric transactive technologies through breakthrough
applications development and end-to-end eBusiness solutions.
This press release contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties are
described in the company's filings with the SEC, including its Registration
Statement on Form S-1.
