Verticalnet CFO Gene Godick Leaves Company for New Venture

  
    
  
  
    
      Verticalnet, Inc. (Nasdaq:VERT), a leading provider of on demand supply 
      management solutions, today announced that Verticalnet EVP and Chief 
      Financial Officer Gene S. Godick has resigned from Verticalnet effective 
      December 1, 2006. Godick resigned his position to purchase and serve as 
      chief executive officer for an apparel company based in the Philadelphia 
      area.
    
    
      Verticalnet Controller Jonathan T. Cohen has been named Chief Accounting 
      Officer and Godick has been retained by the Company as a consultant to 
      assist in the transition for the next several months. Cohen has served 
      as Verticalnet’s Controller since 2003 with 
      primary responsibility for the Company’s 
      accounting operations and financial reporting.
    
    
      Cohen’s public accounting background includes 
      an account manager position with Deloitte & Touche as well as five years 
      as a senior auditor with Fishbein & Company. In addition to his public 
      accounting experience, Cohen has held senior accounting positions with 
      both publicly traded and privately held companies. Cohen, a Certified 
      Public Accountant in the Commonwealth of Pennsylvania, received a 
      bachelor’s degree from Hartwick College and an 
      MBA with a concentration in Finance from LaSalle University.
    
    
      “It has been a pleasure for me to serve as 
      Verticalnet’s CFO for over seven years in two 
      separate stints,” said Godick. “While 
      there are exciting prospects ahead for Verticalnet, I could not pass up 
      a unique opportunity to expand my skill set as a business owner and CEO. 
      I am grateful for the experiences that I have had at Verticalnet, and I 
      look forward to following the Company’s 
      continued progress from the sidelines. Jon and I have worked very 
      closely over the last several years and I am quite confident that Jon 
      will have a smooth transition into his new position.”
    
    
      “Gene has been a tremendous asset to 
      Verticalnet -- from taking the Company public in 1999, to helping to 
      restructure the Company since his return to Verticalnet in 2003,” 
      said Nathanael V. Lentz, Verticalnet’s 
      president and CEO. “I thank Gene for his 
      contributions and wish him well in his new role. Jon Cohen has been our 
      Controller since 2003, and is well prepared to take on the role of Chief 
      Accounting Officer. Gene’s continued 
      involvement with Verticalnet in a consulting role will ease the 
      transition and speaks to the strength of our relationship even as Gene 
      moves on to a new and exciting opportunity.”
    
    
      About Verticalnet
    
    
      Verticalnet is a leading provider of supply management solutions that 
      enable companies to identify and realize sustained value across the 
      supply management lifecycle. Going beyond traditional spend management 
      and sourcing approaches, Verticalnet’s 
      solutions provide the visibility, insight and process control required 
      to maximize the sustained value realization from supply management. 
      Large enough to help customers attain supply management success 
      worldwide, yet nimble enough to provide individual attention and remain 
      focused on customer priorities, Verticalnet is helping leading Global 
      2000 companies and mid-market enterprises move their supply management 
      efforts to the next level through an optimal blend of software, 
      comprehensive services, and deep category knowledge and domain expertise.
    
    
      To learn more, please visit us at www.verticalnet.com
    
    
      Verticalnet is a registered trademark or a trademark in the United 
      States and other countries of Vert Tech LLC