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EXHIBIT 99.1
[WHOLETREE.COM LOGO]
WHOLETREE.COM CONTACT:
Geoffrey Flagg
Ph: 719-955-3400
FOR IMMEDIATE RELEASE
LANGUAGEWARE.NET ANNOUNCES PLANS TO
WIND DOWN OPERATIONS
Colorado Springs, Colo., January 16, 2001 - LanguageWare.net Ltd. (OTCBB: LWNTF
and LWNUF), parent company of Wholetree.com, Inc., a provider of technology that
enables multilingual and multi-cultural global business transactions over the
Internet, announced today that it will begin the orderly wind down of its
operations. In addition, it announced the layoff 17 of its 23 U.S. employees.
The company has reduced its work force and eliminated certain operating expenses
to allow the company to continue actively seeking a strategic partner to acquire
the company or its assets. If the company is unable to find such a partner in
the near future, it will be forced to commence the dissolution of the company.
As previously announced, on January 5, 2001 the Board of Directors of the
company decided, if no viable offers to acquire or fund capital into the Company
were received by January 15, 2001, the Company would reduce its work force to
only a skeleton technical staff capable of maintaining the integrity of the
technology in the short term, seek a buyer of its assets and attempt to
negotiate settlements with its creditors. The company has undertaken intense
efforts in recent months to raise capital or to sell the company outright.
During that time, the company worked to eliminate operating expenses and
conserve cash in an effort to provide more time and explore all of its options.
However, the company has not succeeded in finding a party to provide capital or
acquire the company.
As part of the plan to wind down operations, the company has terminated its CEO,
Fred Snow, its CFO, Tom Foster, and its Vice President of Solutioneering, Bob
Antoniazzi. It is expected that the former executives will be retained on a
limited consulting basis to assist in the orderly winding up of operations.
Additionally, Fred Snow has resigned his position as a director and chairman of
the company. Wilson Lee will assume the role of CEO in addition to his position
as Chief Technical Officer.
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ABOUT WHOLETREE.COM INC.
Wholetree.com Inc. enables businesses to communicate, transact and provide
customer support multi-nationally and multi-culturally over the Internet. Its
comprehensive e-business platforms are designed to help companies, their
customers, vendors, suppliers and employees interact with each other in their
native languages and currencies on an international scale. The company is a
wholly owned, U.S. subsidiary of LanguageWare.net Ltd., which was founded in
1988. For additional information, visit the company's Web site at
www.wholetree.com.
Portions of this press release contain historical information and
forward-looking statements. Statements looking forward in time are included
pursuant to the "safe harbor" provision of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown risks and the
Company's actual results in future periods may be materially different from any
future performance suggested herein.
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