Edulink Announces Charlie Guy as New Member of Board Of Directors
MONDAY, MARCH 08, 2004 4:13 PM
SANTA MONICA, Calif., Mar 8, 2004 (BUSINESS WIRE) -- Edulink Inc. (MYIQ) announced today the appointment of Charlie Guy, CEO, to replace Dr. Ronald Rescigno as a member of the Board of Directors.
Michael Rosenfeld, co-founder and current Chairman of the Board, stated:
"Ron Rescigno co-founded this company with a vision to provide a total virtual schoolhouse, or a one-stop solution for the K-12 education market. In the process of attempting to implement this vision, a powerful knowledge sharing system was created for the company by SAIC that can uniquely serve as the core technology for any desired education portal or learning management system implemented by schools, school districts, or states.
"Charlie Guy, who joined the company initially as a consultant after years of working within the education technology market, has led the company in a refocusing process to better leverage the value of this core technology. In recognition of the successful impact of Charlie Guy's management influence upon the future direction of the company, he was appointed CEO in June of 2003. All the members of the Board approved this appointment, except Dr. Rescigno, who had previously nominated his son, Ian Rescigno, for this position. Based upon the formal interviews held at that time by several key investors, Ian Rescigno's candidacy was rejected.
"As we approach the move from a research and development firm to that of an operating company, Charlie Guy has better positioned us to move in a manner that allows us to work in association with, and not compete against, the vast number of education technology vendors selling educational learning resources and learning management tools. This strategy provides us with increased ability to leverage the core strength and unique competitive advantages of our system. The path now taken also provides us with the best opportunity to penetrate other niche markets, such as 'publishing services' and for that reason the Company acquired Jaqkar, Inc. and is now in negotiations with another company to acquire one of its divisions which would add significantly to Edulink's ability to penetrate this niche market.
"The company's refocusing process was a departure from the initial goal of building a virtual schoolhouse and as a result, neither Dr. Rescigno nor his son, Ian Rescigno, have actively participated in or contributed significant value to company operations. Based upon the new focus and the Company's current limited cash position, Charlie Guy is working with vigor and vision, while deferring compensation and advancing funds himself for the benefit of the Company, all due to his belief in the future of Edulink. Based on Charlie's efforts, the Company is in the process of negotiating terms for potential financing arrangements."
Edulink's current business focus is on the near and long term opportunities to implement a series of revenue generating products and services built upon our knowledge sharing system's core technologies known as the eKnowledgeXchange. The Company's focus is not limited to the U.S. K-12 market, but includes implementation in the international education marketplace as well as the utilization of these same core technologies to deploy revenue-generating models outside of the education market.
Edulink's core technology system, developed by its technology integration partner SAIC, and market tested over the last several years, is based on the integration of the three core foundations for digital asset or eKnowledge management: Storage & Retrieval, Repurposing, and Distribution. The eKnowledgeXchange will allow for the personalized, secure and managed delivery of enhanced digitized assets or eKnowledge utilizing one of our four proprietary delivery systems: the Internet, CD-ROM/DVD, Traditional Print, or e-Print on Demand. eKnowledge is knowledge, as it exists in a profoundly networked world. It is not just a digitized collection of knowledge. eKnowledge consists of knowledge objects and knowledge flows that combine content, context, and insights on application. The new Web site is located at http://www.eknowledgexchange.com/
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the ability of Edulink Inc. to grow its related businesses, consummate potential financing arrangements and/or consummate anticipated service or distribution or acquisition agreements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the limited operating history of Edulink, the Company's limited financial resources, domestic or global economic conditions, especially those relating to the operations in China, activities of competitors and the presence of new or additional competitors, and conditions of equity markets. More information about the potential factors that could affect Edulink's business and financial results is included in Edulink's filings, available via the United States Securities & Exchange Commission.
SOURCE: Edulink Inc.
Stuart Smith, 760-643-1946
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