FOR IMMEDIATE RELEASE
- Name change reflects the company`s compelling `back to the future` strategy -
Carlsbad, CA – April 3, 2002 – SVI Solutions, Inc. (AMEX: SVI) has announced that one of its operating divisions, currently known as SVI`s Merchandise Management Systems group, will return to its original name, Island Pacific. Along with the name change, the company has implemented a compelling `back to the future` strategy that will serve to differentiate Island Pacific from the competition and allow them to take a position of leadership in the market.
The name change of this group reflects the company`s efforts to refocus the mission of SVI. “SVI has announced that we will now focus on the management of retail software companies,” said Barry Schechter, SVI’s Chairman and Chief Executive Officer. “An aggressive growth strategy has been put in place to support this mission and is already underway. One of the key changes required was to create distinct operating divisions of the current retail groups. The groups will continue to work together to serve customers, but will also be allowed to focus on their individual strengths. Island Pacific is returning to a name which has an excellent, long standing reputation in the industry and reflects the division`s strengths.”
Island Pacific combines two SVI acquisitions, Island Pacific Systems acquired in 1999 and Marketplace Systems acquired in 2000. “Island Pacific Systems brought a highly-respected team, retail industry knowledge and a 23-year history of producing enterprise software to SVI,” said Coleen McNally, Chief Operating Officer, Island Pacific, and an Island Pacific Systems veteran. “Combined with the team and technology of Marketplace Systems, with strong direct-to-consumer offerings, the new Island Pacific will be an industry powerhouse.”
The Island Pacific brand has remained very strong. “Although we dropped the name for awhile, it still has wide recognition in the industry,” added McNally. “We believe our `back to the future` strategy will be compelling to both our customers and prospects. Our long-time customers already know the value the Island Pacific team can bring to their operations. Potential customers will benefit from the same expertise and level of commitment we have offered in the past. But the `future` is what the team members, new technology and support of our parent company, SVI, brings to our organization. These are very exciting times.”
The name change will be addressed in an upcoming dial-in telebriefing, "Integrated Retail Solutions 2002,” being hosted by SVI/Island Pacific and moderated by AMR Research on April 4, 2002 at 1:00 p.m.EST/10:00 a.m. PST. The telebriefing is free of charge and open to retailers with multiple store locations. The companies will provide an overview of the state of the retail market, an update on SVI/Island Pacific, and a discussion on the direction of integrated retail technologies in 2002 and beyond.
Participants will also get a chance to ask questions of the AMR Research and SVI/Island Pacific executives. Retailers interested in participating in the April 4th telebriefing can register at SVI`s Web site, www.svisolutions.com or e-mail Yvie at firstname.lastname@example.org.
About Island Pacific
Island Pacific, a division of SVI Solutions, Inc. (AMEX: SVI), provides multi-channel technology solutions to retailers. The company’s complete suite of software applications provide retailers with the ability to efficiently, effectively, and profitably, manage their corporate merchandising business processes. Complementing its product offerings, the Company provides an expansive menu of professional services including consulting and implementation services, as well as technical and project management services. Headquartered in Irvine, California, Island Pacific has sales offices in the United States and the United Kingdom. Its worldwide customer base includes major retailers such as American Eagle Outfitters, Charming Shoppes, Chick’s Sporting Goods, The Limited, Nike, Signet, Toys "R" Us and Vans, Inc. More information about Island Pacific can be obtained on their website at www.islandpacific.com.
SVI is a global company, headquartered in Carlsbad, CA, with operating division offices in Carlsbad, Irvine and London. The company manages retail software companies. These companies offer multi-channel technology solutions such as store solutions, enterprise management, merchandising and direct-to-consumer solutions for leading retailers such as Home Depot, The Limited, Nike, OfficeMax, Toys "R" Us, and Vans, Inc. to name a few. For more information, please go to SVI’s website at www.svisolutions.com.
Certain statements contained in this news release regarding matters that are not historical facts are forward-looking statements. These statements relate to future events or the Company’s future performance. These statements are only predictions. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed in the Company’s Form 10-K (as amended) for the fiscal year ended March 31, 2001 and other risk factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. SVI undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.