Message #19 From:
NewsBot Date: October 5, 2006 09:00:00 AM
SEVI News Systems Evolution Business Update
HOUSTON--(BUSINESS WIRE)--Systems Evolution (OTCBB:SEVI) is pleased to announce the appointment of
Mr. Eddie R. Tipton to its board of directors. “Mr.
Tipton brings knowledge of managed services and their implementation, as
well as managing diverse businesses in the oil & gas industry to our
board,” says Chairman and CEO Mr. Robert C.
Rhodes.
Everyone at Systems Evolution was saddened at the passing of Mr. John B.
Dewberry, one of its directors and chairman of its audit committee, on
Monday, September 18, 2006. Mr. Dewberry served on SEVI’s
board of directors since 1993.
Systems Evolution has converted $818,105 out of $3,325,000 of debt into
the company’s common shares. This debt
conversion accounts for a majority of share issuances over the last
year, leaving today’s outstanding share count
at 492,128,052 million shares.
Systems Evolution’s board has negotiated
another three-year management contract for Mr. Rhodes’
services as Chairman and CEO, ensuring management continuity. The board
has also finalized forgiveness of $100,000 of debt owed to Mr. Rhodes.
This will decrease the current A/P outstanding by 22%.
About Systems Evolution
Systems Evolution Inc. ("SEVI"), http://www.systemsevolution.com,
is a publicly held professional services organization founded in 1993
that provides software development solutions and managed network support
through its Consulting division, a Microsoft Gold Certified Partner, and
permanent placement through its Next Hire Consultants division.
