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NR Software Systems Announces Spin-Off of its Service Provider Division into new company, ColoMAX
September 9, 2002
Los Angeles, CA - September 9, 2002 - NR Software Systems, Inc., one of the world's leading providers of e-business solutions, announces that it has spun-off its Managed Services Provider (MSP) division to a new company, ColoMAX. While still remaining under the umbrella of NR Software, ColoMAX will function as a separate business entity dedicated to providing premium datacenter connectivity and infrastructure management solutions. This action will allow both companies to execute independent strategies and provide greater focus on their respective opportunities, while still benefiting from the resources each company possesses.
"We are beginning an exciting new phase of our life as a leader in our industry," said Ram Ramachandran, CEO of NR Software Systems, Inc. "As an independent company, ColoMAX will sharpen our focus on our target markets and forge deeper, more strategic relationships with our clients."
"Our industry-leading solutions, strong client base and talented team of employees have enabled us to build a solid foundation for our business. With the steps we are taking to improve our performance and reduce our cost structure, we are positioning ColoMAX to take full advantage of the opportunities ahead."
This new structure will enable each company to independently focus on growth opportunities in the most promising markets.
"We are proud to launch ColoMAX." said NR Software Systems, Inc. Chief Operating Officer Katy So. "We wish them every success as they begin an exciting new chapter in our history."
Before the spin-off NR Software's MSP Division had expanded rapidly to become one of the market leaders in the Managed Services arena for an increasing array of business applications. This restructuring will allow NR Software to be focused exclusively on building custom applications and IT solutions development. ColoMAX's focus will be centered around datacenter network performance, application availability and infrastructure reliability.
Both companies remain committed to achieve breakthroughs in simplicity, efficiency and convergence in all businesses solutions they provide. Additionally, each company can further extend the exceptional leadership position of its respective brand.
This press release contains forward-looking statements. Actual results may differ materially due to a number of risks, including: the technological and operational challenges of developing, deploying and delivering NR Software's services. NR Software does not assume any obligation to update the forward-looking information contained in this press release. All information set forth in this release is as of the date listed, and NR Software Systems, Inc. undertakes no duty to update this information.
The statements contained in this press release that are not purely historical, such as statements relating to the emergence of a market for hosted applications and the potential benefits of hosted applications, are forward looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the company's expectations, beliefs, hopes, intention or strategies regarding the future.
NR Software and NR Software Systems are trademarks of NR Software Systems, Inc., and may be registered in certain jurisdictions. All other trademarks mentioned in this document are the property of their respective owners.
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