VA Software Names Kathleen R. McElwee Vice President & Chief Financial Officer
FREMONT, Calif. January 16, 2002 VA Software Corporation (Nasdaq:LNUX), provider of the SourceForge™ collaborative software development platform, announced today that Kathleen R. McElwee has been named Vice President & Chief Financial Officer. Ms. McElwee will be responsible for directing all facets of VA Software Finance, Administration, Investor Relations and Legal department functions.
Ms. McElwee most recently served as Senior Vice President of Finance and Chief Financial Officer at The 3DO Company, a developer of interactive software for advanced entertainment systems. Prior to 3DO, she served as CFO at Lightspan, Inc., Galoob Toys, and Canteen Corporation. Kathy also held management positions at Nissan, Dun & Bradstreet, Burroughs, and IBM. She holds a B.A. from Pennsylvania State University and an M.B.A. from the Wharton School of Business, University of Pennsylvania.
"We're very pleased that Kathy is joining VA. She brings a great breadth of operational experience in the CFO role, as well as software industry experience. She will be an excellent addition to the team," said VA Software Chairman and CEO, Larry M. Augustin.
Ms. McElwee replaces former Vice President and Chief Financial Officer Todd B. Schull who resigned to pursue other interests. CEO Larry M. Augustin commented, "Todd has been a key part of the VA Software executive team and we appreciate the significant contributions he has made to our organization. He has been considering this step for some time and we appreciate his assistance in the recruitment of and transition to Kathy. We wish Todd well in his new endeavors."
About VA Software
VA Software is the provider of SourceForge™, the collaborative software development (CSD) platform used by more than a quarter million developers worldwide. SourceForge Enterprise Edition helps R&D and IT organizations accelerate development by improving internal visibility and control through a centralized, integrated CSD platform. Information on VA's SourceForge enterprise software product, services and support is available at www.vasoftware.com.
Note Regarding ForwardLooking Statements: This press release contains forwardlooking statements that involve risks and uncertainties, including statements regarding VA's: future financial performance and results of operations, including anticipated revenue, cash usage and net loss from operations; technological trends in and emergence of collaborative software development; the future functionality, market acceptance and adoption of, business potential and demand for, and efficiencies created by SourceForge enterprise software; management's strategy, plans and objectives for future operations; the impact of our restructuring, reductions in force and new business model on our operating expenses and the amount of cash utilized by operations each quarter; our intentions and strategies regarding customers and customer relationships; our intent to continue to invest significant resources in software development; our intent to develop longterm relationships and strategic alliances; competition, competitors, the bases of competition and our ability to compete; liquidity and capital resources; and sales strategy and anticipated benefits from such strategy. Actual results may differ materially from those expressed or implied in such forwardlooking statements due to various factors, including: unforeseen expenses that VA may incur in future quarters; the possibility that VA will not identify sufficient sources of expense reduction; VA's quarterly sales cycle and fluctuation in demand for VA's products and services; competition with, and pricing pressures from, more established competitors; VA's success in expanding its SourceForge enterprise software business; the risk that VA's restructuring efforts will not succeed; VA's ability to successfully attract, retain and motivate employees; the possibility of further deterioration in the general economy and its impact on VA and its current and potential customers; VA's reliance upon strategic relationships with other companies and its ability to negotiate, close and implement specific terms relating to them; rapid technological and market change; future guidelines and interpretations regarding software revenue recognition; and VA's ability to protect and defend its intellectual property rights. Investors should consult VA's filings with the Securities and Exchange Commission, including its Annual Report on Form 10K for the fiscal year ended July 28, 2001, for further information regarding these and the other risks of the Company's business. These documents are available at the SEC Web site: www.sec.gov. VA assumes no obligation to update the forwardlooking information contained in this news release.
Note to editors: VA Software and SourceForge are trademarks of VA Software Corporation. All other trademarks are property of their respective owners.
Patrick Fossenier, Media Relations
Marla Kramer, Media Relations