Exhibit 99.1
[PLATO LEARNING LOGO]
_________________________________________________________ FOR IMMEDIATE RELEASE
CONTACT: JOHN MURRAY --CHAIRMAN, PRESIDENT & CEO
LARRY BETTERLEY--VP & CFO
STEVE SCHUSTER --VP & TREASURER
952.832.1000
PLATO LEARNING, INC.
ANNOUNCES RESIGNATION OF ITS CHIEF FINANCIAL OFFICER
MINNEAPOLIS, MN -- NOVEMBER 10, 2004 -- PLATO Learning, Inc. (NASDAQ: TUTR), a
leading provider of K-Adult computer-based and e-learning solutions, announced
today that Greg Melsen, its Vice President, Chief Financial Officer, has
resigned and will be leaving the company in December after assisting in
transitional activities. Mr. Melsen has served in his current role since joining
PLATO Learning in February 2002. He intends to accept a similar position at a
Minneapolis-based life sciences company with which he has a prior professional
relationship.
Larry Betterley has been appointed Vice President and Chief Financial Officer.
Mr. Betterley joined the company in June 2004 as its Vice President, Finance and
Chief Accounting Officer. His hiring was designed to strengthen the company's
finance and accounting organization and for succession planning within those
areas. Prior to joining the company, Mr. Betterley was Senior Vice President and
Chief Financial Officer of Diametrics Medical, Inc., a publicly-held medical
device company, from 1996 through 2003. From 1984 to 1996, he was with Cray
Research, Inc., a publicly-traded developer, manufacturer and worldwide marketer
of high performance computing systems, serving in various roles including Chief
Financial Officer, Vice President-Finance and Administration, and Corporate
Controller. Mr. Betterley is a Certified Public Accountant and began his
professional career at Deloitte & Touche.
John Murray, Chairman, President and CEO, said, "While disappointed that Greg
Melsen is leaving PLATO Learning, I fully understand his reasons and wish him
the best for the future. I am pleased to say that Greg has left the company in
better standing than when he joined us and thank him for his contributions."
Mr. Murray continued, "We are fortunate to be able to attract experienced
business people such as Larry Betterley and to have the personnel depth to
promote professionals from within the company. Larry has quickly learned our
business and industry. I look forward to his continued contribution in
supporting the executives and employees of PLATO Learning and to his active
involvement in enhancing shareholder value."
Mr. Melsen stated, "PLATO Learning is a strategically-driven company that has
distinguished itself from its competition and has outperformed its peers in a
difficult market. I am grateful to have had the opportunity to work with fellow
executives and employees who are focused on continual improvement. I believe the
company is well-positioned for strategic and operational success."
1
CONFERENCE CALL
A conference call to discuss this announcement is scheduled for today at 3:45 PM
(CDT). The dial-in number for this call is 1-877-775-1746. Please call ten
minutes prior to the start of the call and inform the operator you are
participating in PLATO Learning's call. Should you be unable to attend the live
conference call, a recording will be available to you from 4:30 p.m. on November
10, 2004, through midnight November 21, 2004. To access the recording call:
1-800-642-1687. At the prompt, enter pass code number 2164896.
ABOUT PLATO LEARNING
PLATO Learning, Inc. is a leading provider of computer-based and e-learning
instruction for kindergarten through adult learners, offering curricula in
reading, writing, math, science, social studies, and life and job skills. The
company also offers innovative online assessment and accountability solutions
and standards-based professional development services. With over 6,000 hours of
objective-based, problem-solving courseware, plus assessment, alignment and
curriculum management tools, we create standards-based curricula that facilitate
learning and school improvement.
With trailing 12-month revenues of approximately $140 million, PLATO Learning,
Inc. is a publicly held company traded as TUTR on the NASDAQ-NMS. PLATO(R)
Learning educational software is marketed to K-12 schools and colleges. We also
sell to job training programs, correctional institutions, military education
programs, corporations and individuals and delivered via networks, CD-ROM, the
Internet and private intranets.
PLATO Learning is headquartered at 10801 Nesbitt Avenue South, Bloomington,
Minnesota 55437, (952) 832-1000 or (800) 869-2000. The Company has domestic
offices throughout the United States and international offices in the United
Kingdom and Canada. International distributors are located in Puerto Rico,
Singapore, South Africa and the United Arab Emirates. The Company's Web address
is http://www.plato.com.
This announcement includes forward-looking statements. PLATO Learning has based
these forward-looking statements on its current expectations and projections
about future events. Although PLATO Learning believes that its assumptions made
in connection with the forward-looking statements are reasonable, no assurances
can be given that its assumptions and expectations will prove to have been
correct. These forward-looking statements are subject to various risks,
uncertainties and assumptions. PLATO Learning undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Any forward looking statements made
are subject to the risks and uncertainties as those described in the Company's
Annual Report on Form 10-K for the year ended October 31, 2003. Actual results
may differ materially from anticipated results.
(R) PLATO is a registered trademark of PLATO Learning, Inc. PLATO Learning is a
trademark of PLATO Learning, Inc.
2