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[SUMmedia.com LOGO]
COMPANY CONTACT MEDIA RELATIONS CONTACT
Grant Petersen Patricia Misutka
Chief Executive Officer BenchMark Porter Novelli
877.605.0901 877.605.0901/604.608.4482
[email protected] [email protected]
SUMMEDIA.COM PREPARES CORPORATE STRUCTURE FOR GOING
FORWARD OPERATIONAL FOCUS
KEY ARCHITECTS OF eCOUPONING COMPANY DEVELOPMENT TO MAKE WAY FOR NEW EXECUTIVE
TEAM TO DIRECT FUTURE OPERATIONS
DENVER, CO, JULY 14, 2000 -- SUMmedia.com Inc., (OTC Bulletin Board: ISUM) a
leading provider of eBusiness solutions for small business through its eCoupon
portal, www.savingumoney.com, today announced that, effective immediately, John
Veltheer, President, David Lewis, Chief Financial Officer, and Al Szajman, Vice
President, Marketing, have resigned their executive positions.
While these officers are no longer on the company payroll, each remains
committed to the company and maintains a significant shareholder stake. Each
will be available to serve in a consultant capacity until this transition is
complete. John Veltheer will remain on the SUMmedia.com Board of Directors.
Today's announcement is part of ongoing efforts by the Company to realign its
expense structure and to ensure that maximum efficiencies are in place as it
moves into routine operations after completing its initial period of rapid
development and growth.
"SUMmedia.com has completed its initial business phase as an Internet start-up
and is moving aggressively into global operations," said Grant M. Petersen,
Chairman and Chief Executive Officer, SUMmedia.com Inc. "Now is the right time
for a senior management group with more operational experience, as well as
mergers and acquisition experience, to assume the reins from those who led us
through the beginning of our business."
"I want to personally congratulate and thank John Veltheer, David Lewis, and Al
Szajman, each of whom has been an architect of the savingumoney.com business
model and instrumental in initiating and establishing the SUMmedia.com corporate
structure and global reach."
Petersen said that the process of naming and integrating a President and other
replacement officers would be accomplished over the next 3 months. In the
meantime, he would be assuming the duties of President, while Steve Tatone, Vice
President, Finance, would assume the responsibilities of acting Chief Financial
Officer.
"Going forward, SUMmedia.com is poised to focus on its key strengths: a proven
product in eCoupons, a global sales channel, and a fully functioning technology
backbone for back office processing," said Petersen.
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"SUMmedia.com has world-class technology, strong business partners, and a
first-rate group of dedicated employees," said Petersen. "The company has a
core product -- the digital coupon -- and is now singularly focused on selling
it. Today's announcement is designed as a step forward in moving SUMmedia.com
to the next level of its development, with costs and personnel being realigned
to better reflect the needs of an ongoing operation," added Petersen.
ABOUT SUMmedia.com INC.
Founded in 1999, SUMmedia.com (OTC Bulletin Board: ISUM) is a consumer and
small business empowering company that provides online coupons through its
eCoupon portal, savingumoney.com. SUMmedia.com's products and services enable
the millions of smaller companies without Web expertise to easily and
inexpensively increase their sales by using the eCouponing phenomenon to target
and entice shoppers. savingumoney.com cumulatively hosts more than 19,000
coupons worldwide for redemption in major population centers across Canada, the
United States, Hong Kong and Australia.
For more corporate information, visit the company's Web site at
www.summedia.com or the SUMmedia Mobile Technology Web site at
http://go.savingumoney.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21B of the Securities
Exchange Act of 1934. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives,
goals, assumptions or future events or performance are not statements of
historical fact may be forward-looking statements. Forward-looking statements
are based on expectations, estimates and projections at the time the statements
are made that involve a number of risks and uncertainties which could cause
actual results or events to differ materially from those presently anticipated.
