HOUSTON, Sept. 6, 2001 (PRIMEZONE) -- Houston InterWeb Design, Inc. (OTCBB:HITD) announced today that it has completed phase one of its restructuring plan. By relocating corporate headquarters and implementing telecommuting for a majority of company employees, the company projects annual cost savings of over $130,000.
The resignations of company officers Harry White and Richard Finn, combined with decreased general and administrative expenses, will result in additional annual savings of over $340,000.
The company is in the process of identifying and hiring new executive talent with experience in publicly traded technology companies.
InterWeb CFO Lee Magness stated, "These cost control measures will enable InterWeb to achieve profitability by October 2001, much sooner than originally expected. Also, InterWeb is proud to be one of the first companies in Houston to have implemented a successful telecommuting plan for a majority of its workforce."
Restructuring will not affect InterWeb's ability to perform and achieve results for its customers. InterWeb intends to focus on serving well-established companies like current customers Enron Corp. (NYSE:ENE) and The Hearst Corporation. InterWeb plans to announce details on its revised business model within two weeks.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. This is not a recommendation to buy or sell securities of Houston InterWeb Design or of any other publicly traded company.