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Exhibit 20.1
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PSDI
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FOR IMMEDIATE RELEASE
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CONTACT:
Constance Mazelsky Paul D. Birch
Lois Paul & Partners EVP, Finance & Administration
(617) 238-5751 Chief Financial Officer & Treasurer
mazelsky@lpp.com (617) 503-3550
paul_birch@psdi.com
PSDI APPOINTS DAVID SAMPLE AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
CAMBRIDGE, MASS. -- February 5, 1997 -- The board of directors of Project
Software & Development, Inc. (NASDAQ:PSDI), a leading provider of maintenance
management software, announced today that David M. Sample, 48, is joining the
company as president and chief executive officer.
Sample joins PSDI after 11 years with Hyperion Software Corp. of Stamford, Conn.
(NASDAQ:HYSW), which International Data Corp. recently ranked first worldwide in
budgeting software revenue and third worldwide in client/server accounting
software revenue. Sample most recently served as senior vice president of
international operations and North American sales, helping to grow the business
to $173 million in fiscal 1996. During 1995, Sample served as head of Hyperion's
Pillar Software subsidiary. Previously, he headed Hyperion's UK business unit as
senior vice president and general manager. Prior to Hyperion, Sample spent eight
years with Ceridian Corporation (NYSE:CEN), a Bloomington, Minn. computer
services company, in a variety of increasingly responsible sales and marketing
positions.
"I stepped aside as CEO in August to facilitate this search and this is the type
of executive I was seeking who can help PSDI accomplish its goals," said Bob
Daniels, PSDI founder and chairman of the executive committee of the board. "The
board is very pleased that David is joining us to help lead PSDI in the next
phase of its growth in revenue and profitability."
Dean Goodermote, chairman of the board of PSDI, added, "We look forward to
taking advantage of David's extensive background in client/server application
software, strong international experience, and proven track record in helping
Hyperion grow from $1 million in 1986 to nearly $200 million in 1996."
The board expects that Sample will begin in his new role in late February. It is
expected
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that he will be elected to the board at that time.
PSDI develops, markets and supports applications software used by businesses,
government agencies, and other organizations to assist them in maintaining
high-value capital assets such as plants, facilities and production equipment.
The Company's products are designed to enable customers to reduce downtime,
control maintenance expenses, cut spare parts inventories and costs, improve
purchasing efficiency, and more effectively deploy productive assets, personnel
and other resources.
Based in Cambridge, Mass., PSDI markets its products through a direct sales
force with sales offices throughout the United States, Canada, Argentina,
Australia, UK, France, Germany, Hong Kong, Thailand, Sweden and the Netherlands,
combined with a network of international sales agents.
The statements made in this release that are not historical facts are
forward-looking statements and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that all forward-looking statements involve risks and uncertainties, including
without limitation risks related to delays in product development and new
product introductions, rapidly changing technology, an intensely competitive
market, market acceptance of new products, foreign operations and general
economic conditions. Each of these factors, and others, are discussed more fully
in the Company's Form 10-K and the Company's other filings with the Securities
and Exchange Commission.
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EDITOR'S NOTE: ALL PSDI NEWS RELEASES ARE AVAILABLE VIA THE PSDI HOME PAGE AT
HTTP://WWW.PSDI.COM. THE INTERNET PROVIDES AN EASY WAY TO FIND INFORMATION ABOUT
ALL PSDI PRODUCTS AND SERVICES.
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