Cmgi (MM) (NASDAQ:CMGI)
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Former Internet operating and development company CMGI®,
Inc. (NASDAQ: CMGI) has transformed from its legacy as an Internet
pioneer into a leading provider of global supply chain business process
management solutions. The transition is marked today with the renaming
of CMGI to ModusLink Global Solutions™,
Inc. Commencing with market open tomorrow, Tuesday, September 30, 2008,
ModusLink Global Solutions will trade on NASDAQ under the symbol MLNK.
During the last several years, the company executed many strategic and
operational initiatives as part of its transformation, including
investments in a globally integrated technology platform, introduction
of new solutions and appointment of new senior leadership. The recent
acquisitions of Open Channel Solutions®
and PTS Electronics™
solidified the transition and complement the Company’s
existing operating company, ModusLink®.
ModusLink Global Solutions delivers an integrated portfolio of supply
chain business process outsourcing and technology solutions across four
core competencies: supply chain, aftermarket, e-Business and entitlement
management.
“CMGI’s 2004
acquisition of Modus Media began the company’s
transformation into a focused provider of supply chain business process
management solutions,” said Joseph C. Lawler,
chairman, president and CEO of CMGI, now ModusLink Global Solutions. “The
decision to change the name reflects the success and respect that
ModusLink has earned as a leader in the supply chain outsourcing
industry, and encompasses the market synergies enabled by the
acquisitions of PTS and Open Channel Solutions. We have created a strong
platform and believe that the business is ready to move from a
transformational phase to a growth phase.”
About ModusLink Global Solutions
ModusLink Global Solutions, Inc. is a leader in global supply chain
business process management. The Company executes critical processes for
clients in the high technology and communications industries to provide
competitive differentiation and enable new channel and new market
opportunities. An integrated portfolio of supply chain business process
outsourcing and technology solutions span four core competencies: supply
chain, aftermarket, e-Business and entitlement management. ModusLink
Global Solutions has headquarters in Waltham, Massachusetts and more
than 30 facilities in 13 countries – giving
it the largest global footprint in the industry. For additional
information, visit www.moduslink.com.
This release contains forward-looking statements, which address a
variety of subjects including, for example, expected future growth, the
further execution of the Company’s strategic
business plan and impact of that plan, prospects for growth, the
expected impact of strategic initiatives and financial performance, the
expected benefits and impact of the OCS and PTS transactions and the
expansion of capabilities expected to occur as a result of the
transactions. All statements other than statements of historical
fact, including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: the
Company’s success, including its ability to
improve its cash position, expand its operations and revenue, lower its
costs, improve its gross margins, sustain profitability, reach its
long-term objectives and operate optimally, depends on its ability to
execute on its business strategy and the continued and increased demand
for and market acceptance of its services; global economic conditions,
especially in the technology sector are uncertain and subject to
volatility; demand for our clients’ products
may decline or may not achieve the levels anticipated by our clients;
the Company's management may face strain on managerial and operational
resources as they try to oversee the expanded operations; the Company
may not be able to expand its operations in accordance with its business
strategy; the Company’s cash balances may not
be sufficient to allow the Company to meet all of its business and
investment goals; the Company may experience difficulties integrating
technologies, operations and personnel in accordance with its business
strategy; the Company derives a significant portion of its revenue from
a small number of customers and the loss of any of those customers could
significantly damage the Company’s financial
condition and results of operations; the Company frequently sells to its
supply chain management clients on a purchase order basis rather than
pursuant to contracts with minimum purchase requirements, and therefore
its sales and the amount of projected revenue that is actually realized
are subject to demand variability; risks inherent with conducting
international operations; and increased competition and technological
changes in the markets in which the Company competes. For a
detailed discussion of cautionary statements that may affect the Company’s
future results of operations and financial results, please refer to the
Company's filings with the Securities and Exchange Commission, including
the Company's most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q. Forward-looking statements represent management's
current expectations and are inherently uncertain. We do not undertake
any obligation to update forward-looking statements made by us.
CMGI is a registered trademark and ModusLink Global Solutions is a
trademark of ModusLink Global Solutions, Inc. ModusLink is a registered
trademark of ModusLink Corporation. All other company names and
products are trademarks or registered trademarks of their respective
companies.