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FOR IMMEDIATE RELEASE
Contact: Ammar Afif, ammar@yackinc.com
Jeff Morris hands over reins to Steve Fredericks, who has been named Chief Executive Officer and President http://www.yack.com Last summer, as Yack shifted its business strategy from a primarily ad-supported B2C business to the far more attractive B2B model of licensing private-label Web guidance products and its proprietary software, Yack management recognized the need for new skill sets in the organization and recruited Dr. Steven J. Fredericks as the Chief Operating Officer and the Chief Financial Officer. Steve brought a wealth of experience in management leadership, operational efficiency and financial discipline. Since that time, the Yack management team has fully built out its proprietary software, dramatically improved and expanded its product line, effected a tenfold increase in the size of its event database and has made significant progress in licensing its products to a number of high profile clients in a variety of industries including cable, set-top boxes, entertainment portals and ISP's both domestically and internationally. In addition, the Company's financial position has markedly improved and expense management has exceeded expectations. As a result, Yack Media Services' position as the preeminent source of live and on-demand Web events has been solidified and the company is now positioned to take advantage of the expected explosive growth in the broadband environment over the next few years. In light of these accomplishments, we are announcing several changes. Jeff Morris has announced his decision to step down from his role as President and Chief Executive Officer and has resigned from the Board of Directors in order to pursue other interests. Jeff has made enormous contributions to the company's success over the past two years and will be available to provide the company with his expertise regarding the media businesses, convergence and its impact on our business model. Steve Fredericks will succeed him and has been named Chief Executive Officer and President and will take a seat on the Board of Directors. Commenting on these changes, Steve Fredericks stated, "Jeff Morris has been instrumental in Yack's ascendancy to preeminence in its category. I will personally miss the daily interaction we have had together, but also look forward to continued dialogue with Jeff, whom I regard as one of the foremost visionaries in the area of convergence." By consolidating some of its bicoastal divisions into New York and completing the build out of Yack's proprietary patent-pending, software, additional and immediate downsizing of its staff will provide the company with the operating flexibility to successfully execute its business objectives in today's challenging marketplace. These changes, and Yack's ability to quickly and decisively react to market conditions, ensures its leading role in online guidance and we look forward enthusiastically to continued success in implementing both our business model and financial plan. About Yack |
