Zeros & Ones Restructures Management|
$20 Million Private Placement Expected To Begin Funding In 30-60 Days
Los Angeles -- November 3, 1999 -- Zeros & Ones, Inc. (OTC BB: ZOZO) announced today a restructuring of its key management. Steve Schklair, the Company's current President, has been selected by Chairman and CEO Robert Holtz to be his successor in the role of CEO. Holtz will remain as Chairman of the Board and assume Schklair's former role as President.
Steve Schklair joined Zeros & Ones earlier this year as President (see news release, BusinessWire, 5/19/99).
Holtz added, "I knew we were taking a very solid step bringing Steve into the organization when we acquired Quantum Arts. During his time here as President, he has exceeded all expectations and built a strong rapport with the rest of the board. He is far and away the best candidate to assume the role of CEO as we proceed to drive our flagship projects to the marketplace."
Holtz, who founded the original Zeros & Ones in 1994, will remain active in day-to-day operations, focusing on identifying strategic opportunities for the company, evangelizing key projects, maintaining the company's technological alliances, and working directly with development staff on next-generation products and services.
Holtz and Schklair both believe that 1999 will represent the year that the world-class people from both companies came together under Holtz's vision for an advanced media consortium. 2000 will represent the first operational year of the redefined organization and of Schklair's active leadership.
The Company has initiated the process to launch a $20 million private placement offering, expected to begin funding in the next 30-60 days, that will be utilized to fuel a group of key projects upon which the new Zeros & Ones will focus its resources.
"Over the years, I have worked with some of the best people in the industry, and it has always been a dream to assemble this kind of talent within the framework of a single company. The potential represented by the talented people Robert and the Company have attracted in recent months is that dream come true," said Schklair. "While there will be many challenges to meet on the road ahead, the view to the future with this group of exceptional people is fantastic. In this new position, I am committed to working tirelessly to achieve our goals, build a great company, and to bring substantial value to Zeros & Ones' clients and shareholders."
Steve Schklair is a proven leader in the development of consumer entertainment through the use of cutting-edge technologies, with a track record of being among the first to successfully adopt each new evolution in technology. Considered a forefather of the multimedia industry, Mr. Schklair founded Quantum Arts, which was acquired by Zeros & Ones in May of 1999. Prior to that, Mr. Schklair served as vice president and general manager of new media for Digital Domain, the studio responsible for the effects on such films as "Titanic," "Apollo 13," "The Fifth Element," and "True Lies." In partnership with Mattel he developed the award-winning CD-ROM, "Barbie Fashion Designer," the best-selling software title ever produced for the children's market. Among his other accomplishments in the multimedia industry is the acclaimed "Columbus: Encounter, Discovery and Beyond" for IBM, a project which has been honored with numerous awards, including selection by the Library of Congress as their centerpiece multimedia exhibit.
Schklair also has a diverse background in film, TV, and location-based entertainment, including HDTV and 3D films. Among them was, "To Dream of Roses," the award-winning film made for the Sumitomo Pavilion at the Osaka World Expo.
Founded in 1994 by Chairman Robert J. Holtz, Zeros & Ones (www.zerosones.com) is an advanced media consortium and venture catalyst focused on the convergence of television and the Internet. The company develops technology, content, and services for e-business, broadband networks, and digital television. Zeros & Ones is quoted on the Over-the Counter Electronic Bulletin Board under the symbol ZOZO.
This news release contains forward-looking statements, including but not limited to, those that refer to the company's plans for future exchange listings, or future development plans or operating results that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties.
Actual results could differ materially from those anticipated due to risk factors that include, but are not limited to, lack of timely development of products and services by the company; lack of market acceptance of products, services and technologies; inadequate capital; adverse government regulations; competition; lack of operating experience; inability to earn revenue or profits; dependence on certain individuals; inability to obtain or protect intellectual property rights; risks associated with customer concentration; inability to obtain NASDAQ Small Cap Market or any other listing for the company's securities; lower sales and higher operating cost than expected; technological obsolescence of the company's products; limited operating history and risks inherent in the entertainment, telecommunications and Internet markets and business.
For Investor Information Contact:
Investor Communications Co.
800 511-4217 or 800 511-4219
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