New Business Unit Complements the Company's Strategic Plan To Expand Its Product and Service Offerings
Aliso Viejo, CA - Smith Micro Software, Inc. (Nasdaq:SMSI), a leading developer and marketer of a wide range of software and service solutions for the Internet market, today announced the formation of its Wireless and Broadband Division. This new business unit will provide wireless and broadband products to customers worldwide.
Initially, wireless products will be targeted to cell phone manufacturers with the long-standing Smith Micro design concept of "Enhancing the Out-of-Box" experience for the cell phone consumer. In the broadband arena, products will continue to focus on meeting the needs of camera, cable and DSL modem manufacturers such as previously announced relationships with Philips Consumer Electronics and Thomson Multimedia.
Smith Micro's Wireless and Broadband Division, based at the company's headquarters in Aliso Viejo, joins the company's existing Internet Solutions and Macintosh Divisions. In the aggregate, the three divisions are focused on what Smith Micro believes to be those segments of the industry with substantial growth potential.
W. Rick Wyand, 52, was named General Manager of the Wireless and Broadband Division. He previously served as General Manager of the company's Macintosh Division. Mr. Wyand brings broad industry experience to this position including seven years as a senior manager with United Telecommunications, Inc. (United Telecom), the predecessor company to Sprint, and former CEO of STF Technologies, the company acquired by Smith Micro in April 1999. Robert E. Elliott, 48, succeeds Mr. Wyand as General Manager of the Macintosh Division. Mr. Elliott previously served as Assistant General Manager of the Macintosh Division and joined Smith Micro from Quarterdeck.
"The establishment of the Wireless and Broadband Division represents another significant step in Smith Micro's strategic direction as a comprehensive Internet communications company," said William W. Smith, Jr., President and Chief Executive Officer of Smith Micro. "The company is now moving forward with distinct business units, each focusing on market segments that we believe will have tremendous growth potential. Forecasts by the IDC show that Internet commerce spending is expected to grow at a compound annual rate of 88% through the year 2003. The number of wireless subscribers with Internet access should grow by almost 85% at a compound annual rate for the same period. Mac shipments are encouraging with units shipped in FY99 exceeding FY 98 by 25% and first quarter FY00 shipments exceeding the same period in FY99 by 46%."
"Our Internet Solutions Division focuses on providing products and services for the exciting business-to-business eCommerce market," said Mr. Smith. "Our Macintosh Division is dedicated to delivering Internet and communications products for the reinvigorated and growing Mac market. Now our Wireless and Broadband Division will concentrate on providing products to enhance the user experience when employing wireless or broadband technologies."
"The formation of the Wireless and Broadband Division completes our vision of the 'new' Smith Micro," added Mr. Smith. "We have focused our company on three of the strong growth sectors in the Internet space. We believe it is truly an exciting time for our company, our customers and our shareholders."
About Smith Micro
Smith Micro Software, headquartered in Aliso Viejo, CA, is a leading developer and marketer of eCommerce and communication software products and services. The company designs integrated, cross platform, easy-to-use software for personal computing and business solutions around the world. With a focus on the Internet, Wireless, and Broadband technologies, the company's products enable eCommerce, Internet communications (voice-over-IP), video conferencing, wireless communications, and network fax, along with traditional computer telephony.
Smith Micro's complete line of products is available through direct sales, retail stores, value-added resellers (VARs) and original equipment manufacturers (OEMs). Smith Micro's common stock trades on The Nasdaq Stock Market® under the symbol SMSI). For more information, contact Smith Micro at (949) 362-5800.
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This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, governmental and technological factors affecting the company's operations, markets, products, services and prices, as well as other factors detailed in the company's filings with the Securities and SMSI), Exchange Commission including its recent filings on Forms 10-K and 10-Q.