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EXHIBIT 99
ANALYTICAL SURVEYS NAMES CORPORATE TURNAROUND EXPERT AND GIS INDUSTRY VETERAN
NORMAN ROKOSH AS PRESIDENT AND CEO
COMPANY ALSO INDICATES LIKELIHOOD OF SUBSTANTIAL THIRD QUARTER LOSS AND
POSSIBILITY OF FINANCIAL RESTATEMENT
INDIANAPOLIS, July 6 /PRNewswire/ -- Analytical Surveys, Inc., (ASI) (Nasdaq:
ANLT ), a leading provider of customized data conversion and digital mapping
services for geographic information systems (GIS) and related "spatial data"
markets, today announced its board of directors has appointed Norman Rokosh as
president and chief executive officer effective July 11, 2000. He will replace
Sol Miller and John Thorpe, directors who earlier this year were named CEO and
assistant CEO, respectively. Rokosh joins the Company with extensive experience
in the GIS and digital mapping fields, as well as corporate restructuring and
turnaround efforts. He joins ASI from PricewaterhouseCoopers LLP where he was
vice president, Financial Advisory Services Division.
Making the announcement today, Board Chairman James Rothe said, "This is a
natural fit. Norman Rokosh, with his strong technical background as well as
international banking and business experience, has successfully led several
corporate restructuring and turnaround efforts." Rothe added that Sol Miller and
John Thorpe, ASI's two largest shareholders, will remain on the board and be
actively involved with Rokosh on a daily basis during the transition.
Since January 1999, Rokosh has been responsible for growing a corporate
regeneration consulting practice in Canada. While there, he assumed senior
executive responsibilities for client corporations in a range of industries
where considerable restructuring efforts were necessary. Prior to his consulting
activities, Rokosh was vice president of business development for Intermap
Technologies Limited, a provider of mapping and GIS products and services to
industry and governmental customers worldwide. Rokosh was responsible for
obtaining financing for the company's working capital and acquisition budgets,
and was a member of Intermap's corporate executive team. Additionally he was
responsible for establishing strategic alliances related to major new industry
initiatives and for negotiating select international contracts.
"Our selection of Mr. Rokosh as CEO brings us the most experienced and qualified
candidate available," said Sol Miller. "We are extremely impressed with Norman's
qualifications in the area of corporate turnarounds, as well as in the GIS and
digital mapping fields. We are very pleased he has joined the Company and will
work closely with him to achieve success."
John Thorpe added, "Norman's leadership track record coupled with his extensive
and specialized knowledge of GIS technologies and applications make him ideally
suited for this role. In addition to his work with Intermap, he served in a
leadership position with Intera Information Technologies, which provides mapping
products, engineering software and consulting services to international oil and
gas and environmental industries."
ASI also reported today that it will likely report a substantial third quarter
loss and may restate previously reported financial figures following further
adjustments to certain contract cost-of-
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completion estimates. As a result of these recent developments, management has
withdrawn its previously issued guidance for the third and fourth quarters of
fiscal 2000. Management expects to update the Company's financial forecasts in
the coming weeks.
Analytical Surveys is an industry leader in providing customized data
conversion, digital mapping and consulting services for the spatial data
markets. Geospatial data is used for a variety of applications, including the
creation of geographic information systems (GIS). A GIS is a high-resolution,
large-scale, richly detailed "intelligent map" that allows users to input,
update, query, analyze and display detailed information about a geographic area.
Geographic information systems are widely used by utilities, state and local
governments, federal agencies and commercial businesses to manage massive
infrastructures effectively, to improve operating efficiencies and to analyze
future demand for facilities. The Company's traditional markets have been
utilities and state and local governments. The Company also is expanding its
target markets by offering a broad new range of services.
Certain statements made in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Act of 1995. Results may
differ materially from the Company's expectations. A number of uncertainties and
other factors could cause actual results to differ materially from such
forward-looking statements, including, but not limited to, the possibility that
the Company will not be awarded contracts in the numbers, for the amounts, or at
the time that the Company currently expects, and therefore, that overall
contract volume does not increase. The forward-looking statements are also
based on assumptions related to the growth of the Company's consulting services,
as to which there can be no assurance. A more detailed description of factors
that could affect the Company's financial results are included in the Company's
Annual Report on Form 10-K and other filings with the Securities and Exchange
Commission.
Special Notice:
In an effort to improve efficiencies, Analytical Surveys, Inc. will transition
its investor fax list to an e-mail delivery system. If you are currently on the
fax list and would like to continue receiving the Company's news releases,
please e-mail your request and e-mail address to [email protected]. If you
have any questions, please call Alicia Alexander at 303-393-7044.
