SEATTLE, WA--(Marketwired - July 31, 2015) - Modern Systems (MDSY) a world leader in legacy application/data migration and system modernization, today announced that the Company's Board of Directors has formed a Special Committee to explore strategic alternatives to enhance shareholder value. These alternatives could include, among others, acquisitions, possible joint ventures, strategic partnerships or alliances, or other possible transactions.
The Special Committee of the Board is comprised of Brian Crynes, Carla Corkern, and Tom Jurewicz, and will be chaired by Mel Keating.
"Modernization is a very fertile space right now," says Matt Bell, CEO of Modern Systems. "Our customer base is as diverse as ever, with new customers coming from verticals ranging from publishing in the US to government entities in the UK."
"We believe there are compelling opportunities for Modern Systems and that now is the right time to explore those opportunities," he explained. "While the Special Committee evaluates alternatives, we will be continuing our efforts to reduce costs and drive operational efficiency, as well as sales."
Stonepine Advisors, LLC is serving as financial advisor to Modern Systems.
There can be no assurance that this exploration process will result in any transaction. Modern Systems does not currently intend to disclose further developments with respect to this process, unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives.
About Modern Systems Corporation
Modern Systems Corporation (MDSY) is a leading provider of legacy modernization services. The Modern Systems portfolio includes a comprehensive suite of tools and services that modernize legacy applications and databases incrementally or all at once.
Modern Systems technologies can be applied to source applications and databases leveraging COBOL, Natural Adabas, IDMS, CA GEN and more. The modernized environments can leverage Java, C#, SQL Server, Oracle Database, IBM DB2 and virtual infrastructure to deliver identical or better functionality and performance. Modern Systems customers come from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing, and retail. The company delivers services worldwide through offices in the USA, the UK, Italy, Romania, and Israel. Modern Systems Corporation is a subsidiary of ModSys International Ltd. (MDSY) "Modern Systems".
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding strategic alternatives, opportunities, reduction of costs and increased efficiency and sales. Forward-looking statements are based on Modern Systems management's beliefs and assumptions and on information currently available to Modern Systems management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions, including those relating to future events or our future financial performance and financial guidance. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "should," "expect," "plan," "anticipate," "project," "believe," "estimate," "predict," "potential," "intend" or "continue," the negative of terms like these or other comparable terminology, and other words or terms of similar meaning in connection with any discussion of future operating or financial performance. These statements are only predictions. All forward-looking statements included in this document are based on information available to Modern Systems on the date hereof, and Modern Systems assumes no obligation to update any such forward-looking statements. Any or all forward-looking statements in this document may turn out to be wrong. Actual events or results may differ materially. Forward-looking statements can be affected by inaccurate assumptions Modern Systems might make or by known or unknown risks, uncertainties and other factors. These risks and uncertainties include but are not limited to the risks and uncertainties as identified in Modern Systems' most recent Quarterly Report on Form 10-Q and other reports filed by it with the Securities and Exchange Commission. All names and trademarks are their owners' property.