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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
SEEC INVESTOR RELATIONS:
[email protected]
(412) 893-0300, ext. 490
DENNIS YABLONSKY JOINS SEEC BOARD OF DIRECTORS
SEEC Also Reports that VP Alan Parnass Increases Equity Stake
PITTSBURGH, PA., NOVEMBER 9, 2000--SEEC, Inc. (NASDAQ: SEEC) today announced
that software industry veteran Dennis Yablonsky has been appointed to the
company's Board of Directors.
Mr. Yablonsky is currently the President and CEO of the Pittsburgh
Digital Greenhouse, a private-public partnership for nurturing companies that
develop system-on-a-chip technology in Southwestern Pennsylvania. Prior to
joining the Digital Greenhouse in 1999, Mr. Yablonsky was President and CEO of
Carnegie Group, Inc., a software solutions company he joined in 1987 and led to
a successful initial public stock offering in 1995. The company was sold in 1998
to Logica Corp. of the UK. Prior to Carnegie Group, he was instrumental in the
growth of Cincom Systems, Inc. to become a $125 million software solutions
company. Mr. Yablonsky served in various sales management positions with Cincom
before becoming Vice President of Sales and Marketing in 1982, and then
President and COO in 1984.
"Dennis Yablonsky is an excellent addition to the SEEC Board of
Directors," said Ravi Koka, President and CEO. "He has a long and successful
record in growing software solutions companies like SEEC, and brings wide
knowledge and practical experience in sales and marketing to the board. We
believe Dennis's knowledge, strategic insights, and marketing expertise will
help SEEC achieve its goal of creating long-term value for shareholders."
Separately, SEEC announced that Alan Parnass, Vice President of Web
Solutions, has converted a cash bonus of $250,000 into 9,058 shares of SEEC
common stock and 100,000 non-qualified stock options with an exercise price of
$4.33 per share. With this transaction, Mr. Parnass's stake in SEEC increases to
approximately 237,000 shares and 117,500 stock options. Mr. Parnass was the
President and founder of Mozart Systems Corp., which was acquired by SEEC in
August 1999.
"I'm extremely pleased that SEEC has been able to integrate Mozart
technology into SEEC Mosaic(TM) Studio, offering companies a comprehensive
solution for building composite applications that allow them to rapidly deploy
Web transactions," said Mr. Parnass. "My decision to convert the bonus into
equity reflects my confidence in the company's potential in this emerging
market."
As Vice President of Web Solutions, Alan Parnass is a key member of the
SEEC executive management team, helping to establish product strategies and
spearheading business development efforts. Before founding Mozart in 1985, Mr.
Parnass was a Vice President at Oracle Corporation, and previously worked at IBM
Corporation and Computer Sciences Corp.
ABOUT SEEC, INC.
SEEC enables rapid deployment of e-business transactions for
brick-and-mortar companies. SEEC Mosaic(TM) Solutions include best-in-breed
technologies and services for Web-enabling host computer systems and for reusing
legacy applications and business logic in component based e-business transaction
systems. SEEC's e-Business Solutions Practice builds complete e-business
applications utilizing industry-specific application templates and proven
implementation techniques. Based in Pittsburgh, Pennsylvania, SEEC has direct
sales and support offices in Burlingame, California, and throughout North
America, Europe and Asia, plus sales and services alliances with leading global
IT service providers in North America, Latin America, Asia and Europe. Visit
SEEC's Web site at www.seec.com.
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(C)2000 SEEC, Inc. SEEC product names are trademarks of SEEC, Inc.
The statements made in this press release that are not historical facts contain
forward-looking information that involves risks and uncertainties that may cause
actual results to differ. Such risks include, but are not necessarily limited
to, those detailed in the Company's Securities and Exchange Commission filings.
