Investment Group acquires Pick Systems

Pick Systems Inc., a leading developer of multi-user, multi-value database management system (DBMS) software, announced it has been acquired by the Pick Acquisition Company (PickAx), an investment group led by Gil Figueroa with financial backing by Astoria Capital and Devonshire Holdings. The acquisition includes all of the stock owned by the estate of Richard Pick, the original founder of Pick Systems and developer of its core technology. As a result of the acquisition, a new Board of Directors has been appointed and a new senior management team has been named.

Figueroa, who served as Pick Systems` executive vice president from 1987 through 1991, will head up a new management team as the company`s chief executive officer (CEO) and president. In addition to Mr. Figueroa, the new management team includes Executive Vice President Rich Lauer; Chief Technical Officer Tim Holland; Vice President of Training and Education Jonathan Sisk; Vice President of Finance Scott Anderson; Vice President of Business Development Dave Baum; and Vice President of Professional Services Steve VanArsdale. John Bramley, Vice President of Engineering, and Rick Davies, Vice President of Customer Service, will remain in their previous roles within the organization.

Gil Figueroa, the newly appointed CEO and president of Pick Systems stated "We fought hard to buy Pick Systems because Pick is the best. We are committed to deliver the best to our customers and channel partners. We are also determined to use a renewed vision and vitality to restore Pick to its rightful place in the database world.

"At our World-wide User Conference April 9-13, we will start down this road to renewal by openly discussing and inviting the users to participate in mutually discovering Pick`s best future."

"This is an exciting new beginning for Pick Systems," continued Figueroa. "With the vision of our new management team and the solid financial backing of our investors, we are poised for tremendous growth. We look forward to tapping into the emerging markets made possible by the new paradigm of the World Wide Web. Watch for us to expand our horizons."

New Board of Directors

Pick Systems` new Board of Directors is led by Chairman Douglas K. Smith, who is noted as a visionary consultant, writer and speaker on organisational performance, strategy and innovation with extensive experience in technology-based companies. Mr. Smith is the notable author of Make Success Measurable! on tools and disciplines required for achieving performance. And, he is the author of Taking Charge of Change, a book named by the Peter Drucker Foundation as "the best book on change management in current release."

William T. Nolan, Vice Chairman of the Board, is President and CEO of Devonshire Holdings, an investment banking firm specializing in restructurings and financial reorganisations. Mr. Nolan has been an investment banker for over twenty-five years specializing in corporate finance, turnarounds and securities sales. He is also the co-founder of ThinkSheet, Inc, "a software and services company using artificial intelligence to make software think and communicate as people do."

Additional board members include George F. Baker, Dr. Roy Freedman and Donald D. Durr. Gil Figueroa, Pick`s new CEO and president, will also serve on the Board, as will two representatives of Astoria Capital.

World-wide User Conference 2000

Additional details on the acquisition and Pick Systems` new strategy will be presented in the General Session of Pick Systems` World-wide User Conference, which will be held April 9-13 at the Hotel Del Coronado in San Diego, Calif. The cost for the full conference is $150. A complete conference agenda is available at http://www.picksys.com/PickEvents/conf.html.