Exhibit 99.1
EPICEDGE SECURES AN ADDITIONAL $2,000,000 FINANCING
Houston, TX - September 28, 2000 - EpicEdge, Inc. (AMEX: EDG), a leading
e-business professional services provider, today announced that two of its
current investors, Edgewater Private Equity Fund III, L.P., based in Chicago,
Illinois, and Fleck T.I.M.E. Fund L.P., based in Connecticut, have committed to
purchase from the company an aggregate of 2,000,000 shares of unregistered
common stock for an aggregate purchase price of $2,000,000. The stock purchase
agreement also provides for two additional board members to be appointed by
Edgewater.
Paul Ruiz, chief financial officer of EpicEdge stated, "We are pleased with the
continued support from our private investor group to provide additional funding
that will allow the company to meet its immediate liquidity requirements. This
transaction will enable the company to focus on executing its near term
operating plan which includes raising additional capital to meet its liquidity
requirements. The availability of additional capital resources will determine
how we adjust our operating plan to ensure that our working capital requirements
are consistent with the availability of capital resources."
The company also announced today that its chief executive officer and vice
chairman, Charles H. Leaver, has resigned from the company to pursue other
interests. The company has appointed Jeff Sexton, president and chief operating
officer, as interim chief executive officer and has selected Heidrick &
Struggles to perform a search for a new chief executive officer for the company.
Jeff Sexton stated, "The company is extremely grateful for all of the invaluable
contributions that Charles Leaver has made during his tenure as chief executive
officer. We wish him all of the best. As interim chief executive officer, I will
focus on continuing to deliver unmatched client service, increasing revenues and
achieving profitability."
These securities have not been and will not be registered under the Securities
Act of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from registration under the Securities
Act of 1933.
About EpicEdge
EpicEdge (http://www.epicedge.com/) partners with the world's best companies to
help them successfully transform their Internet vision into an effective
e-business solution. EpicEdge's professional services support customers through
all phases of implementation including strategy development and creative,
information architecture and design, e-commerce application development, legacy
system integration, project management and training, and Web site hosting. As a
Sun (NASDAQ: SUNW) service provider and strategic partner with iPlanet(TM)
E-Commerce Solutions, EpicEdge offers flexible consulting and technology
solutions that address emerging needs and help clients to focus on performance
improvement through measurement and assessment.
COMPANY CONTACTS:
Sarah Jane Militello Sam DiPaola
Chief Marketing Officer Investor Relations
[email protected] [email protected]
(212) 460-9898 (410) 576-8935
