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News Release ON Technology To Increase Focus
on CCM through Waltham, MA, January 6, 2000 -- ON Technology Corporation (NASDAQ:ONTC) today announced that it would seek shareholder approval, on or before the Annual Meeting in April, to sell its Meeting Maker product line to Meeting Maker, Inc., a company led by Michael Benninga. For the nine months ended September, 1999, the ON Command CCM software business posted a 136% increase over the same period of the previous year. "We are increasing the focus of our resources on the opportunities represented by the growth of our CCM business," stated Herman DeLatte, ON's CEO. "These opportunities were underscored in the Wall Street Journal on Monday, where 84% of respondents polled reported that Y2K work curtailed software management initiatives." Pending shareholder approval, Meeting Maker, Inc. will manage the product line under a Management Agreement with ON Technology. Shareholder approval is expected in the Spring of 2000. Terms of the sale were not announced. ON expects to post a gain on the sale of these assets. About ON Technology Corporation ###
ON Technology, ON Command, and ON Command CCM are registered trademarks, and the ON logo and ON iCommand are trademarks of ON Technology Corporation. Microsoft and Windows are either registered trademarks or trademarks of Microsoft Corporation in the United States and other countries. All other brand names and trademarks are properties of their respective owners. The statements in this press release that relate to ON Technology’s future plans, events and performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve a number of risks and uncertainties. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, including the current weakness in the global economy, demand for the Company’s products and services, performance of the Company’s direct and indirect distribution channels, competitive pressures, market acceptance of the Company’s new products and technologies, and the risk factors detailed from time to time in ON Technology’s periodic reports filed with the Securities and Exchange Commission, including without limitation the Company’s Quarterly Report on Form 10-Q for the third quarter of 2003 filed in November 2003. Actual results and performance may differ materially due to these and other factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. ON Technology undertakes no obligation to release publicly any updates or revisions to any forward-looking statements contained in this press release that may reflect events or circumstances occurring after the date of this press release.
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