Accrue Software Implements Cost Restructuring Programs
FREMONT, Calif., Aug 7, 2002 -- Accrue Software(R), Inc. (Nasdaq:ACRU) today announced that the Company has implemented additional cost restructuring programs, including a temporary unpaid leave program for a number of its employees, to conserve working capital and improve liquidity.
"The unpaid leave program affects approximately 30 employees in all areas of the company`s operations, but does not materially impact Accrue`s customer support and services organizations. Most of the affected employees are taking vacation as a result of the program. The Company is continuing to reduce discretionary spending, as it aligns its expenses with revenue," said Jonathan Becher, interim President and Chief Executive Officer of Accrue.
The Company also said that management and the Board of Directors continue to actively pursue strategic alternatives for the Company, including sale of all or a portion of the company`s operations and the sale of a significant portion of the Company`s equity to generate additional capital. Further details of the restructuring programs will be available in the Company`s upcoming 10Q for the first quarter of fiscal 2003 ended June 30, 2002.
About Accrue Software
Accrue Software(R), Inc (NASDAQ: ACRU) is a leading provider of Internet analytics solutions that help companies worldwide understand, influence, and respond to Internet customer behavior. Accrue`s products enable companies to increase the effectiveness of Internet marketing and merchandising initiatives, better manage customer interactions across multiple channels, and streamline business operations. With Accrue`s solutions, companies transform volumes of complex Internet data into actionable information that executives and managers use to drive key business decisions and improve the return on their Internet investment. Accrue`s customers include industry leaders such as Citicorp, Dow Jones & Company, Eastman Kodak, Lands` End, Macy`s, Lycos Europe, and Deutsche Telekom.
Accrue Software was founded in 1996 and is headquartered in Fremont, California, with regional sales offices throughout the U.S. and international headquarters in Cologne, Germany. Accrue has strategic application and platform partnerships with leading technology companies such as IBM, Oracle, Sun Microsystems, BroadVision, ATG and Vignette. Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at www.accrue.com.
Except for the historical information contained herein, the matters discussed in the news release are forward-looking statements that involve risks and uncertainties that could cause actual future operating results and liquidity. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these and other forward-looking statements. Such risks and uncertainties include, but are not limited to the insufficiency of current cash resources to fund operations necessary to continue as a going concern and reach positive cash flow, the impact of concerns about our financial viability that may affect our ability to close sales transactions with current and prospective customers, the Company`s inability to obtain additional financing on acceptable terms, if at all, especially in the uncertain market climate, or to implement or negotiate such other arrangements to improve our cash position or to sell the Company or its assets. These and other risk factors are described in detail in the Company`s Registration Statement on Form S-1, and in the Company`s other filings, which are on file with the Securities and Exchange Commission (http://www.sec.gov).
CONTACT:
Accrue Software, Inc.
Jonathan Becher, Chief Executive Officer
510/580-4500
Greg Carson, Chief Financial Officer
510/580-4500
or
Kalt Rosen & Co.
Howard Kalt
415/397-2686
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