Ted C. Feierstein, Sr. Retires from Board of Directors Member of Board since January 2000
MILWAUKEE, June 7, 2012 /PRNewswire/ -- ARI Network Services, Inc. (OTCBB:ARIS), a leading provider of technology-enabled SaaS and DaaS business solutions that help dealers, distributors and manufacturers increase revenue and reduce costs, today announced that Ted C. Feierstein. Sr. has resigned from its Board of Directors and Compensation Committee. Mr. Feierstein has been a Board member since January, 2000.
Mr. Feierstein is Co-Founder and Partner of LeanTechGroup, LLC,focused on working with the best and brightest Midwestern LeanStart Up companies and their investors to help them both maximize and realize their shareholder value. In addition, Mr. Feierstein is a charter member of TiE Midwest, a not-for-profit gathering of industry leaders joined together by the mission of supporting global entrepreneurship by working locally. "It was a difficult decision and I regret leaving the ARI Team, but the demands of LeanTechGroup prevent me from being a fully-involved Director. ARI has great upside potential. I'm confident that under Roy W. Olivier's leadership, the ARI Team will reach its full growth potential."
"It is with both sadness and gratitude that we accepted Ted's resignation from our Board," said Brian E. Dearing, Chairman of the Board of Directors. "Ted brought to the Board his expertise in the areas of finance, investment banking, mergers and acquisitions, venture capital and private equity services. More recently, it was his leadership that led us to focus on the industry-standard Bessemer metrics for SaaS and DaaS companies like ARI. Ted's unique insight coupled with his contemporary perspective played an important role in our growing the business. During Ted's years on the Board, ARI's revenues went from $13.3 million to $21.3 million; and our EBITDA went from a negative $1.8 million to $5.0 million. We will miss his insights and contributions as a Board member, and we wish him every success in his new venture."
ARI Network Services (OTCBB: ARIS) is a leading innovator of Software-as-a-Service (SaaS) and Data-as-a-Service (DaaS) solutions that serve several vertical markets with a focus on the outdoor power, powersports, marine, RV, and appliance segments. Solutions include eCommerce‐enabled websites, lead generation/lead management services, search engine marketing, and electronic catalogs (parts, garments, and accessories). ARI markets its products and services through multiple sales channels and geographic markets and currently serves approximately 18,000 equipment dealers, 125 manufacturers, and 150 distributors worldwide. ARI has customers in more than 100 countries with the primary market being the Americas served by multiple U.S. offices. The company also maintains sales and service operations in the Netherlands serving the EMEA and APAC markets.
For more information on ARI, please visit our Website at www.arinet.com.
Private Securities Litigation Reform Act
Statements in this news release that are not of a historical nature are considered "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act. The forward‐looking statements can generally be identified by words such as "believes," "anticipates," "expects" or words of similar meaning. Forward‐looking statements also include statements relating to the Company's future performance, such as future prospects, revenues, profits and cash flow. The forward‐looking statements are subject to risks and uncertainties, which may cause actual results to be materially different from any future performance suggested in the forward‐looking statements. Such risks and uncertainties include those factors described in Part 1A of the Company's annual report on Form 10‐K for fiscal year ended July 31, 2011, filed with the Securities and Exchange Commission earlier today. Readers are cautioned not to place undue reliance on these forward‐looking statements. The forward‐looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward‐looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.
For more information, contact:
Cheryl Pabich, Director of Marketing
ARI Network Services, Inc.
Phone: (414) 973-4426
Joe Dorame, Robert Blum, Joe Diaz
Lytham Partners, LLC
Phone: (602) 889-9700
SOURCE ARI Network Services, Inc.