InfoVista Announces Gad Tobaly to Step Down as CEO
08 März 2007 - 7:00AM
PR Newswire (US)
PARIS, France and HERNDON, Virginia, March 8 /PRNewswire-FirstCall/
-- - Alain Tingaud, Founder & Chairman of the Board, Will
Resume as CEO - Reorganization Charges to Weigh on Q3 Performance
InfoVista (Euronext: IFV, ISIN: FR0004031649, Nasdaq: IVTA), the
leading service-centric performance management software company
announced that Mr. Tobaly will step down from his position as chief
executive officer of the company, as well as resign his seat on the
Board of Directors, effective today. InfoVista founder Alain
Tingaud will assume the duties of Chief Executive Officer while
retaining his position as Chairman of the Board. In addition to his
overall responsibilities for defining the Company's strategy, Mr.
Tingaud will directly oversee product research and development and
relationships with key accounts, while Philippe Ozanian, currently
CFO, will become President & CFO, responsible for worldwide
operations and all corporate functions. Mr. Tingaud said, "We want
to thank Gad for the hard work over the past three years. We
appreciate his efforts and wish Gad every success in his future
ventures." Mr. Tingaud added, "The Board has decided that the
timing is right for me to resume executive leadership of the
Company, and to put in place the new organization InfoVista
requires to retain its technological leadership and rapidly resume
growth in license revenues. While this reorganization will affect
our results in the short term, I am confident that, with Philippe's
support, we will lead InfoVista into the next stage of its
profitable growth. I will dedicate myself to product management and
will ensure that we continue to invest in new solutions that will
quickly enlarge our addressable market." Philippe Ozanian added,
"Effective today, three regional VPs lead our operations in Europe,
US and Asia. Each of them manages a results-focused organization
that combines sales, presales, marketing and channels. Benefits
from this new organization should be visible quickly as we speed up
the decision process, expand customer-facing resources and reduce
management layers to contain costs." Reflecting the impact of this
reorganization charges, as well as expenses related to its recently
announced delisting from NASDAQ, InfoVista now expects revenues in
the range of EUR9.5 million to EUR10 million and a net loss of
approximately EUR1.5 million in its fiscal year third quarter,
ending March 31, 2007. For the fiscal year ending June 30, 2007,
InfoVista now expects revenues to be at EUR40 million, and a net
loss of approximately EUR1 million. About InfoVista InfoVista is
the Service-Centric Performance Management Software Company that
assures the optimal delivery of business-critical IT services.
Driven by a uniquely adaptive and real-time technology foundation,
InfoVista solutions improve business effectiveness, reduce
operating risk, lower cost of operations, increase agility and
create competitive advantage. Eighty percent of the world's largest
service providers as ranked by Fortune(R), as well as leading
Global 2000 enterprises, rely on InfoVista to enhance the business
value of their technology assets. Representative customers include
Bell Canada, Bharti, BNP Paribas, British Telecom, Cable &
Wireless, Colt, Defense Information Systems Agency (DISA), Deloitte
& Touche, Deutsche Telecom, France Telecom, Natixis, Savvis
Corporation, SingTel, T-Mobile, Telefonica, Telstra and Voca. A
Software Magazine 500 company, InfoVista stock is traded on the
Eurolist by Euronext (FR0004031649). For more information about the
company, please visit http://www.infovista.com/. Cautionary
Statement for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995: Except for
historical information contained herein, the matters discussed in
this news release are "forward looking statements." These
statements involve risks and uncertainties which could cause actual
results to differ materially from those in such forward-looking
statements; including, without limitation, risks and uncertainties
arising from the rapid evolution of our markets, competition,
market acceptance of our products, our dependence upon spending by
the telecommunications industry and our ability to develop and
protect new technologies. For a description of other factors which
might affect our actual results, please see the "Risk Factors"
section and other disclosures in InfoVista's public filings with
the US Securities & Exchange Commission and French Autorite des
Marches Financiers. Readers of this news release are cautioned not
to put undue reliance on any forward-looking statement. The Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: InfoVista CONTACT: InfoVista is a
registered trademark of InfoVista, S.A. Contact: Karena D'Arcy,
Investor Relations Manager, InfoVista +33-1-64-86-85-65, - or -
Kirsten Molyneux, Gavin Anderson & Company, +44(0)207-554-1400
Copyright