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March 19, 1999
Contacts Steve
Schmitt Sidana Systems, Inc. Announces LBO and Restructuring MOUNTAIN
VIEW, CA (March 19, 1999). Sidana Systems, Inc. (SSI) today announced
that its founder and CEO, Ashmeet Sidana has agreed to sell his
share of SSI in an LBO to an investor group led by SSI Director
Steve Schmitt. The terms of the deal were not disclosed. Mr. Schmitt
said, "We have reached a definitive agreement and acquired
control of SSI but there will be no change in SSI's primary focus
on Mr. Sidana, who will be leaving SSI to head a new Internet startup based on technologies previously initiated by SSI, said, "SSI has been a wonderful place for me. I have enjoyed growing it over all these years, and all the people here have been terrific to work with. I will miss them all; however, I'm excited to work on new products--look for an announcement about that soon!" Scott Ober, who will be replacing Mr. Sidana on SSI's Board, has been named as the new President by the Board. He said, "Ashmeet contributed immensely to SSI, and we will miss his leadership and vision. We face significant challenges in the immediate future; however, I am confident that, as we have done in the past, we will continue to grow steadily and serve our customers well." Ravin Suri, who will continue as a Director on the Board of SSI and is also part of the investor group, said, "I am sorry to see Ashmeet leave. He's done a terrific job leading the company from inception, but I have full confidence in our ability to make the transition under Scott." About Sidana Systems Headquartered in Mountain View, California, Sidana Systems, Inc. is a privately held corporation specializing in electronic publishing products and services. Docsan(TM) is a Web-based document publishing system. It includes a powerful search engine with an innovative architecture that merges the Web and CDs into a comprehensive publishing platform. For example, Docsan provides live update for many popular standard filetypes, such as HTML, XML, SGML, and Adobe (NASDAQ:ADBE) Acrobat's PDF. The Docsan end-user component is supported on any browser running Java from Sun Microsystems (NASDAQ:SUNW), such as Microsoft (NASDAQ:MSFT) Internet Explorer or Netscape (NASDAQ:NSCP) Navigator, and on many platforms, including HP-UX from Hewlett-Packard (NYSE:HWP), Windows 95/98/NT from Microsoft, and AIX from International Business Machines (NYSE:IBM). For more information on SSI and its products, please visit http://www.sidsys.com/. Docsan is a trademark of Sidana Systems, Inc.
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