Exhibit 99.1
LOCATEPLUS HOLDINGS CORPORATION ANNOUNCES THE REMOVAL OF PRESIDENT AND CEO AND
ACTING CFO JAMES C. FIELDS
ANNOUNCES GEOFFREY LEE AS INTERIM CEO, PRESIDENT AND ACTING TREASURER
Beverly, MA., Feb 25, 2009 (BUSINESS WIRE) - LocatePLUS Holdings
Corporation(LPHC-PK) today announced the removal of James C. Fields from his
position as President, Chief Executive Officer, Acting Chief Financial Officer
and Treasurer with immediate effect.
LocatePLUS also announced the appointment of Geoffrey Lee as Interim Chief
Executive Officer, President and Acting Treasurer. Mr. Lee has served as the
President of Entersect, a wholly owned subsidiary of LocatePLUS since July 2003
and Vice President of LocatePLUS Holdings since January 2008. Mr. Lee joined
LocatePLUS in July 2007 as the Vice President of Online Services. Through his
tenure at LocatePLUS, Mr. Lee has established long-standing relationships with
customers and employees.
The Board has begun a CEO and CFO search, and a subcommittee of the Board has
been established to review potential candidates.
About LocatePLUS
LocatePLUS is an industry-leading provider of public information and
investigative solutions that are currently being used in homeland security,
anti-terrorism and crime fighting initiatives. The Company's proprietary,
Internet-accessible database is marketed to business-to-business and
business-to-government sectors worldwide. LocatePLUS' customer base exceeds
13,500 members, including over 2,000 law enforcement agencies, as well as many
major police departments across the country. Clients include many of the
nation's leading agencies.
Based on the 2000 United States Census figures and Company estimates, LocatePLUS
has information on nearly 98% of the adult population and data entries relating
to approximately 205 million individuals in the place country-region United
States - - maintained in one of the largest and most comprehensive XML data
sources of its kind, capable of national delivery. For more information, visit
the Company's Website at http://www.locateplus.com.
LocatePLUS is an industry-leading provider of public information and
investigative solutions that are currently being used in homeland security,
anti-terrorism and crime fighting initiatives. The Company's proprietary,
Internet-accessible database is marketed to business-to-business and
business-to-government sectors worldwide. LocatePLUS' customer base exceeds
13,500 members, including over 2,000 law enforcement agencies, as well as many
major police departments across the country. Clients include many of the
nation's leading agencies.
Based on the 2000 United States Census figures and Company estimates, LocatePLUS
has information on nearly 98% of the adult population and data entries relating
to approximately 205 million individuals in the United States maintained in one
of the largest and most comprehensive XML data sources of its kind, capable of
national delivery. For more information, visit the Company's Website at
http://www.locateplus.com.
Forward-looking Statements
This press release contains forward-looking statements, including statements
regarding expected first quarter of fiscal 2009 outlook and future operating
results and regarding execution of our strategy. Actual results could differ
materially from those projected in or contemplated by the forward-looking
statements. Factors that could cause actual results to differ include the
Company's ability to close business as expected this quarter in general and as a
result of the events described in this press release, adjustments made in
connection with closing the quarter and releasing financial statements, general
economic conditions, market demand and price of our products, the Company's
ability to sufficiently anticipate market needs and develop products and
enhancements that achieve market acceptance, the Company's ability to effect its
restructuring goals, unanticipated costs and expenses or the inability to
identify expenses which can be eliminated, the outcome of arbitration and
litigation, any slowdown or deferral of orders for products or the application
of accounting or tax principles in an unanticipated manner. Risks, uncertainties
and factors which could affect the accuracy of such forward-looking statements
are identified in the public filings made by the Company with the Securities and
Exchange Commission, and forward-looking statements contained in this press
release or in other public statements of the Company should be considered in
light of those factors.
SOURCE: LocatePLUS Holdings Corporation
INVESTOR RELATIONS:
Thomas Murphy
508-579-4716