SOURCE: SourceForge, Inc.
June 10, 2008 16:30 ET
SourceForge President and CEO Ali Jenab Resigns; Board Appoints Robert M. Neumeister, Jr. Interim President and CEO
MOUNTAIN VIEW, CA--(Marketwire - June 10, 2008) - SourceForge, Inc. (NASDAQ: LNUX), the
leader in IT community-driven media and e-commerce, today announced that,
effective today, Ali Jenab has resigned as the company's President and
Chief Executive Officer, and as a member of the Board of Directors, to
pursue other opportunities. The Board of Directors has appointed Robert M.
Neumeister, Jr., who is currently a member and Chairman of the Board of
Directors, to serve as the company's interim President and Chief Executive
Officer. "Ali has made many significant contributions during his nearly
eight year tenure at SourceForge," Neumeister commented. "We thank him and
wish him the best of success in his future endeavors." The board has formed
a search committee and will begin a search for a new CEO immediately.
Going forward, the company intends to take aggressive steps to accelerate
the growth of its core Internet properties: Slashdot, SourceForge.net and
ThinkGeek. "These sites represent a truly unique set of Internet assets and
there is more we can be doing to make them better and more engaging for our
users," said Neumeister. "We are focused on aggressively pursuing our plans
for each of these sites and making opportunistic investments that will
enable us to reach our objectives faster."
A conference call with members of the executive team (including a question
and answer session) and audio webcast will be held at 5:30 a.m. PT or 8:30
a.m. ET on June 11, 2008.
Live Teleconference Details:
Toll Free Access: 1-877-407-0782
International Access: 1-201-689-8567
Replay Teleconference Details:
Toll Free Access: 1-877-660-6853
International Access: 1-201-612-7415
Replay A/C: 286 - ID: 288303
The live web cast audio link as well as this press release will be made
available in the Investor Relations section of the company's corporate web
site at http://ir.corp.sourceforge.com. A replay of both the teleconference
and audio web cast will be available for 90 days.
About SourceForge, Inc.
SourceForge's media and e-commerce web sites connect millions of
influential technology professionals and enthusiasts each day. Combining
user-developed content, online marketplaces and e-commerce, SourceForge is
the global technology community's nexus for information exchange, goods for
geeks, and open source software distribution and services. SourceForge's
network of web sites serves 32 million unique visitors each month* and
includes: SourceForge.net, Slashdot, ThinkGeek, Linux.com, freshmeat.net,
and ITManagersJournal. For more information or to view the media kit
online, visit www.sourceforge.com. (*Source: Google Analytics and Omniture,
SourceForge, SourceForge.net, Slashdot, freshmeat, and ThinkGeek are
registered trademarks of SourceForge, Inc. in the United States and other
countries. All other trademarks or product names are property of their
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations, and involve risks and uncertainties. Forward-looking
statements contained herein include statements regarding growth strategies
and prospects for SourceForge's online media and e-commerce businesses.
Actual results may differ materially from those expressed or implied in
such forward-looking statements due to various factors, including:
SourceForge's ability to attract and retain qualified personnel; success in
designing and offering innovative online advertising programs; decreases or
delays in online advertising spending; SourceForge's ability to achieve and
sustain higher levels of revenue; SourceForge's ability to protect and
defend its intellectual property rights; rapid technological and market
change; unforeseen expenses that SourceForge may incur in future quarters;
and competition with, and pricing pressures from larger and/or more
established competitors. Investors should consult SourceForge's filings
with the Securities and Exchange Commission, www.sec.gov, including the
risk factors sections of its Annual Report on Form 10-K/A for the fiscal
year ended July 31, 2007, and the Quarterly Report on Form 10-Q for the
fiscal quarter ended April 30, 2008, for further information regarding
these and other risks of SourceForge's business. All forward-looking
statements included in this press release are based upon information
available to SourceForge as of the date hereof, and SourceForge does not
assume any obligations to update such statements or the reasons why actual
results could differ materially from those projected in such statements.