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William Weiss |
Hasbrouck Heights, NJ, June 5, 2000 - PaperClip Incorporated., announced today at its Annual Shareholders meeting the election of a new Board of Directors, ratification of a plan to authorize issuance up to 10,000,000 shares of preferred stock and amended the 1995 stock option plan.
PaperClip Shareholders elected William Weiss, Mike Suleski and D. Michael Bridges to the Board of Directors. Mr. Weiss, CEO and Director since 1991 is also a cofounder and Treasurer of the Company. Mr. Suleski, Vice President of Engineering and a Director since 1992 is also a cofounder and Secretary of the Company. Mr. Bridges was recently named President of the Company and a newly elected member to the Board.
With the issuance of 10,000,000 shares of preferred stock, the Board of Directors can continue negotiations with Access Solutions International to convert approximately $3.0 million of debt owed to Access Solutions to equity in the Company. Successful resolution of the Access Solutions transaction will enable the Company to pursue equity funding, merger and acquisition opportunities.
Amending the 1995 Stock Option plan provides an additional 3,000,000 shares of Common Stock representing 33% of the outstanding shares on a fully diluted basis. The amended plan will assist the Company in retaining and motivating its key personnel and attracting new executives.
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.