SAN MATEO, CA -- (Marketwired) -- 08/27/13 -- Selectica, Inc. (NASDAQ: SLTC), provider of software that accelerates sales cycles and streamlines contract processes, today announced the addition of four new key executives to its management team.
Michael Brodsky, Chairman and Chief Executive Officer, announced today that Jeffrey Grosman, Eric Faulkner, Rose Lee, and Amalia Rosen will be joining the company's leadership team. "The addition of this group of seasoned professionals will enable Selectica to accelerate building our market momentum while ensuring we are delivering on our customer-first strategy," said Mr. Brodsky. "Comprehensive new leadership is an integral part of transitioning the current business. This team has exceptional strength and experience in marketing, technology delivery, process management, operations management and customer service. I'm pleased to introduce the new executive team members to our industry leading customers and prospects."
Jeffrey Grosman brings over two decades of experience in marketing, management, branding and operations across a wide spectrum of enterprise and consumer oriented businesses. Mr. Grosman has held senior roles in marketing, product management and operations at Network Solutions, MCI Telecommunications and Youbet.com, and will join Selectica as Chief Operating Officer helping to lead the company's operations, with a focus on customer experience, marketing, business analytics and strategic planning.
Eric Faulkner, a seasoned technology and certified project management executive with a wide range of experience from Accenture to Network Solutions to Youbet.com, will join the company as CIO. Mr. Faulkner will oversee four key technology and customer delivery teams, including professional services, product management, process management and quality assurance.
Rose Lee brings to Selectica over two decades of diversified experience with Fortune 100 companies and small and medium sized businesses. Ms. Lee's career has focused on defining and delivering on customer needs in sales, service, and product management for a broad range of companies, including Sprint/Nextel, MCI, Youbet.com and Vistge International. Ms. Lee will join Selectica as its Senior Vice President of Customer Experience, responsible for the three key customer management touch points: customer service, customer success, and customer marketing and communications.
Amalia Rosen is an accomplished expert in online marketing, search engine optimization, and online sales. She has a successful history of transforming and growing both B-to-B and B-to-C businesses. Ms. Rosen has previously delivered significant acquisition results and efficiencies for AOL, Network Solutions, Carat Interactive, ATG, Churchill Downs Inc. and The Virgin Group. Ms. Rosen will be joining Selectica as Vice President of Acquisition and Business Analytics, leading Selectica's acquisition and lead generation teams and managing business metrics and analytics across the company.
"I'm excited at the prospect of beginning this new phase of Selectica's development with the addition of this strong group of management professionals," said Mr. Brodsky. "The new team will be crucial for us to successfully supply our best in class sales effectiveness solutions to a growing number of industry leading enterprises."
Concurrent with the addition of the four new executive team members, Kamal Ahluwalia, the current CMO for the company, has decided that he will pursue other opportunities. Mr. Grosman, Mr. Faulkner, Ms. Lee and Ms. Rosen will absorb Mr. Ahluwalia's business responsibilities as part of their new roles and responsibilities.
In addition to the key staffing augmentation announcements, on August 21, 2013, the company received a staff determination letter from The Nasdaq Stock Market indicating that the company had not regained compliance with the minimum stockholders' equity requirement for continued listing under Nasdaq Listing Rule 5550(b)(1) and that in accordance with Nasdaq Listing Rule 5101 to preserve and strengthen the quality and integrity of The Nasdaq Stock Market, unless the company requests an appeal of this determination, the Company's common stock would be suspended. The company is appealing the staff determination with a Nasdaq Hearings Panel and is working diligently to regain compliance with the Listing Rule. The company had anticipated that it had regained compliance with the stockholders' equity requirement based on the sale of the shares of common stock and Series C Convertible Preferred Stock in May 2013, but due to a combination of a number of factors, including the accounting treatment of the company's warrants as discussed in the company's Form 10-Q filing for the fiscal quarter ended June 30, 2013, the company's stockholders' equity as of June 30, 2013 was below the $2.5 million stockholders equity requirement set forth in Nasdaq Listing Rule 5550(b)(1). The company's appeal allows its common stock to remain listed on Nasdaq pending the issuance of a decision by the Panel following the hearing.
Selectica (NASDAQ: SLTC) develops innovative software that the world's most successful companies rely on to improve the effectiveness of their sales and contracting processes. Our guided selling, sales configuration, and contract lifecycle management solutions support Global 2000 and growing mid-size firms in closing billions of dollars' worth of business each year. Our patented technology, delivered through the cloud, makes it easy for customers in industries like high-tech, telecommunications, manufacturing, healthcare, financial services, and government contracting to overcome product and channel complexity, increase deal value, and accelerate time to revenue.
For more information:
•Visit the Selectica website to learn more about the company and its products and customers (http://www.selectica.com) •Follow @Selectica_Inc on Twitter to stay up to date with industry news and updates (http://twitter.com/Selectica_Inc) •Visit "Done Deal," the Selectica blog, to read articles, advice, and commentary on how to optimize deal processes (http://www.selectica.com/blog) •Watch Selectica videos on YouTube to see what Selectica and its products can do (http://www.youtube.com/user/SelecticaVideos) •Browse the Selectica resource center to find guides and resources on how to improve sales and contracting processes (http://www.selectica.com/resources)
Certain statements in this release and elsewhere by Selectica are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to the on-going global recession; fluctuations in demand for Selectica's products and services; government policies and regulations, including, but not limited to those affecting the company's industry; and risks related to the company's past stock granting policies and related restatement of financial statements. Selectica undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company's most recent Form 10-K, filed by the company with the Securities and Exchange Commission.
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