EXHIBIT 99
COMTEX NEWS NETWORK
LOGO
NEWS RELEASE
Release: IMMEDIATE
For: Comtex News Network, Inc.
Contact: Amber Gordon (Symbol: CMTX)
703-820-2000
COMTEX BOARD ELECTS C.W. GILLULY CHAIRMAN & INTERIM CEO;
PIETER VANBENNEKOM JOINS BOARD OF DIRECTORS
ALEXANDRIA, VA, February 9, 2004 - Comtex News Network, Inc. (OTC
BB: CMTX), a leading wholesaler of electronic real-time news and
content, today announced that
C.W. Gilluly has been elected Chairman of the Board of Directors
and appointed to the position of Interim Chief Executive Officer.
Stephen W. Ellis, former Chairman and CEO, and Laurence F.
Schwartz, former President, have resigned their positions.
Comtex also announced that Mr. Pieter VanBennekom has joined
its Board of Directors, following the resignation of Mr. Ellis
from the Board.
Dr. Gilluly stated, "I look forward to working with Comtex's
strong management teams in Virginia and New York, who have the
full support of the Board of Directors. Together, we will
continue the process of strengthening product offerings, while
increasing interactive communications with our distributors and
publishers."
"Pieter VanBennekom brings extraordinary strength in
editorial content to Comtex. VanBennekom is an experienced
international journalist with a successful track record as an
entrepreneur -- a rare combination, and we are most fortunate
that he has joined our Board," added Dr. Gilluly.
Steve Brosnihan, Vice President, Business Development,
directs the Company's New York operations and Dee McGonagle, Vice
President, Publisher Relations, continues to serve as General
Manager of Comtex's Alexandria, Virginia operations. Robin Deal,
Vice President, Finance, runs all financial and administrative
activities for the Company.
About C.W. Gilluly
C.W. GILLULY, Ed.D., 58, has served as a director of Comtex since
1992. Dr. Gilluly served as President of the Company from June
1992 until May 1993, as Chief Executive Officer from June 1992
until September 1997, as Chairman from June 1992 until December
2002 and as Vice-Chairman from December 2002 through June 2003.
Dr. Gilluly holds a significant position in Comtex, directly
owning approximately 16% of the Company's common stock.
Moreover, since June 1992, he has served as Chairman and
President of AMASYS Corporation, which owns approximately 16% of
the Company's common stock and holds an $856,000 subordinated
Note from the Company, convertible into an additional 6% of
Comtex common stock. From June 1992 until March 2000, Dr.
Gilluly served as Chairman and CEO of Hadron, Inc. (a Federal
government technology services provider focused on national
security and biodefense, now named Analex Corporation, AMEX:
NLX), where he continued to serve as a director through April
2003. Dr. Gilluly served as an officer and naval aviator in the
U.S. Navy from 1967 to 1980. Dr. Gilluly holds a B.S. from
Marquette University, an M.A. from Chapman College and an Ed.D.
from Catholic University. He resides in Washington, D.C. with
his wife.
About Pieter VanBennekom
PIETER W. VANBENNEKOM, 58, is Editorial Director of Progressive
Business Publications, Inc. (PBP) a diversified business
information services publishing company. He joined PBP in 1994
and has been responsible for the launches of several successful
new business information products. Prior to joining PBP,
VanBennekom had a long career (from 1969 until 1992) with the
worldwide wire service United Press International (UPI). He
started with UPI as a foreign correspondent in Mexico and Central
America, and moved up through various management positions to
International Vice President. His last position at UPI was
President and CEO.
VanBennekom was born in Amsterdam, Holland, and studied Classics
and Ancient History in his native country before switching to
Journalism at the University of Colorado, Boulder, on a Fulbright
foreign exchange student scholarship. He has traveled
extensively throughout the world, interviewed some 60 heads of
state and speaks five languages.
About Comtex
Comtex is a leading wholesaler of real-time news and related
content for the world's leading financial and business
information distributors. With a specialization in the financial
news and content marketplace, Comtex receives, enhances,
combines, filters and distributes news and content received from
more than 10,000 national and international news bureaus,
agencies and publications. The resulting news and content
products - with embedded stock tickers, key words, standardized
metadata, uniform formatting and custom filters - are all
designed to meet the exacting standards required by investment
professionals. More information on the company can be found at
www.comtex.com.
Please Note: Except for the historical information contained
herein, this press release contains forward-looking statements
within the meaning of Section 21E of the Securities and Exchange
Act of 1934, as amended, that involve a number of risks and
uncertainties. These forward-looking statements may be identified
by reference to a future period by use of forward-looking
terminology such as "anticipate," "expect," "could," "intend,"
"may" and other words of a similar nature. These statements
involve risks and uncertainties that could cause actual results
to differ materially from those contemplated herein, including
the occurrence of unanticipated events or circumstances relating
to the fact that Comtex is in a highly competitive industry
subject to rapid technological, product and price changes. Other
factors include the possibility that demand for the Company's
products may not occur or continue at sufficient levels, changing
global economic and competitive conditions, technological risks
and other risks and uncertainties, including those detailed in
the Company's filings with the Securities and Exchange
Commission. Comtex undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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