VitalStream Announces Resignation of Its Co-Founder and Chief Executive Officer
2004年11月20日 - 2:19PM
PRニュース・ワイアー (英語)
VitalStream Announces Resignation of Its Co-Founder and Chief
Executive Officer Co-Founder Philip Kaplan Named President IRVINE,
Calif., Nov. 20 /PRNewswire-FirstCall/ -- VitalStream Holdings,
Inc. (OTC:VSTH) (BULLETIN BOARD: VSTH) , the parent company of
VitalStream, Inc., today announced that Paul S. Summers resigned as
chief executive officer and president of VitalStream Holdings, Inc.
and its main operating subsidiary, VitalStream, Inc. Philip N.
Kaplan, co-founder and chief operating officer of the Company since
its inception, has been appointed as president of VitalStream
Holdings, Inc. in addition to his role as COO. Michael F. Linos,
previously the Company's vice president of sales, has been promoted
to the position of executive vice president, sales and marketing,
with responsibility for sales, marketing and business development.
The board of directors of the Company believes that Summers'
entrepreneurial skills and leadership as a co-founder of the
Company were instrumental in starting and building a successful
company. As the Company's operations and opportunities continue to
expand, Summers and the board of directors believe that the Company
could benefit from a chief executive officer with additional
operational and public company executive experience as it seeks to
achieve its strategic goals and reach its full potential. Summers'
experience and insight regarding the Company and the industry will
continue to be available to the Company as he continues serving as
a director of the Company. The Company intends to conduct a
thorough search for a new chief executive officer and expects to
name a successor to Summers by early 2005. In the interim, Kaplan
together with other senior management will have responsibility for
the day-to-day duties that Summers had handled. "Speaking on behalf
of my fellow board members and myself, we are extremely grateful to
Paul for his many contributions to the Company. As a result of
Paul's efforts and those of the rest of our team, we believe we are
well-positioned to make VitalStream the premier provider and
recognized leader in the content delivery services market," Kaplan
said. "We continue to build momentum as evidenced by our revenue
growth of 51% in the third quarter of 2004 and 34% for the first
nine months of 2004, and the growing demand for our products and
services," Kaplan added. Summers remarked, "Five years ago, I
would've never imagined how far we would be able to take the
Company. Today, the Company has approximately 50 incredible
employees, hundreds of customers including many large media and
enterprise household names, a solid balance sheet, and a history of
significant growth. In order to take advantage of the full
potential of the Company, we are all dedicated and united in our
efforts to find a world-class executive with extensive public
company experience. As a consummate entrepreneur, I look forward to
creating additional opportunities in the future." Summers added,
"My tenure at VitalStream has been challenging and rewarding, and I
appreciate the support I've received during these formative years
from colleagues and investors alike. I am confident VitalStream
will continue to evolve as a solid public company and strategic
player." Phil Sanderson, a director of the Company and general
partner at WaldenVC, a San Francisco-based venture capital firm
that invests primarily in digital media companies and is a
VitalStream shareholder, commented "Since our initial investment in
VitalStream in June, we have gained confidence in VitalStream's
deep management team and the Company's prospects as an investment.
We believe that this transition provides an excellent opportunity
for VitalStream to continue its strong growth and market
leadership." About VitalStream, Inc. VitalStream, Inc., a
wholly-owned subsidiary of VitalStream Holdings, Inc. (OTC:VSTH)
(BULLETIN BOARD: VSTH) , is a global provider of integrated content
delivery services that enable businesses to broadcast their digital
media and communications to worldwide audiences via the Internet.
The Company provides complete solutions, including audio and video
streaming, live event broadcasting, media asset management,
integrated web hosting and consulting services, that seamlessly
integrate with today's leading streaming media technologies. To
ensure a worldwide reach, VitalStream engineered its award- winning
content delivery network certified for quality delivery in the
United States, Europe and Asia. For more information, call
800-254-7554 or visit http://www.vitalstream.com/. Investor
Relations Contact: Mark Belzowski Neal Rosen VitalStream, Inc. Kalt
Rosen & Co. LLC 949/743-2000 415/397-2686 DATASOURCE:
VitalStream Holdings, Inc. CONTACT: Mark Belzowski, VitalStream,
Inc., +1-949-743-2000, or ; or Neal Rosen of Kalt Rosen & Co.
LLC, +1-415-397-2686, or , for VitalStream Holdings, Inc. Web site:
http://www.vitalstream.com/
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