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VISIONWEB ANNOUNCES TRANSITION OF COO/CFO AND APPOINTMENT OF NEW EXECUTIVE OFFICERS Former COO/CFO Michael O’Malley to be Succeeded by Thomas Loveless, CFO/VP Business Development, and Kenneth Engelhart, COO New York, NY (International Vision Expo East) – April 11, 2008 - VisionWeb, the premier provider of technology services to streamline the optical industry, announced today the transition of executive officer Michael O’Malley and appointments of Thomas Loveless, Chief Financial Officer and Vice President of Business Development, and Kenneth Engelhart, Chief Operating Officer, as his successors. Effective April 1, Michael O’Malley resigned his position at VisionWeb to become a principal with N3 Capital Partners, LLC, a real estate private equity firm with offices in Fort Worth and Austin, Texas. As one of the earliest VisionWeb employees, Mike was integral in the company’s financial success and operational growth, most recently serving as Chief Operating Officer and Chief Financial Officer/VP Business Development. Mike is recognized as a primary driver of VisionWeb vendor relationships and technology agreements, as well as serving an instrumental role in forming VisionWeb's extensive equity partnerships. Mike joined VisionWeb in the fall of 2000 and worked diligently to create the largest electronic network of suppliers and software providers in the eyecare industry. His work in the industry was also recognized by VisionMonday in 2004 when he was named to their “Forty Under 40” list of professionals, bringing new ideas to the day-to-day business of delivering eyecare and eyewear solutions. Mike will assist senior management in a consulting capacity for six months following his official departure. “VisionWeb is fortunate to have had Mike’s expertise in its formative years, and we will miss him,” stated Jeff Saddington, President, and CEO for VisionWeb. “He is a close personal friend and certainly a friend of VisionWeb. Going forward, we will benefit from his assistance in his new consulting role, and we are excited for him in his new opportunity.” On February 29, VisionWeb welcomed Thomas Loveless as Chief Financial Officer and Vice President of Business Development. Tom comes to VisionWeb from Hoya Vision Care North America, where he served for the past two and a half years as Chief Financial Officer. Tom has extensive experience in finance and business development areas and previously worked with increasing levels of responsibility at Nokia, Federal Mogul, and Eaton Corporation. Tom holds a bachelor’s degree from the University of Oklahoma and an MBA from Oklahoma City University. Tom is a CPA and a CVA (Certified Valuation Analyst). “Tom Loveless brings outstanding experience across a wide range of industries, and his most recent success and strong relationships with one of our valued supplier partners, Hoya Vision Care, is a terrific bonus to us,” stated Jeff Saddington. “I am confident that his addition to the VisionWeb team will help lead the organization to new levels of success in the future.” On March 31, VisionWeb welcomed Kenneth Engelhart as Chief Operating Officer. Ken joins VisionWeb from Essilor of America, where he held marketing and sales positions in multiple divisions including Silor and Essilor Retail for nearly 17 years, most recently as a senior executive in the Essilor Retail division. Ken has extensive experience with top manufacturing companies in the optical industry. He began his professional career in 1980 as a sales representative with Alcon Laboratories. In 1982 he joined Vistakon, a division of Johnson & Johnson Vision Care, and for 8 years delivered results earning him increased responsibility in both the sales and marketing areas, including serving as their first National Sales Manager. As an early Product Director for Vistakon, he was part of a small marketing team taking ACUVUE Contact Lenses from concept testing and test marketing to a successful national launch. In his new position at VisionWeb, Ken will have direct responsibility for marketing, sales, and customer service. “VisionWeb is very fortunate to have recruited an executive from the optical industry having 25 years of success with the two largest equity partners of VisionWeb, Essilor of America, and Johnson & Johnson,” noted Jeff Saddington. “With these companies, Ken has demonstrated two key skill sets: building small businesses into large, profitable ones, and building strong relationships within the optical industry. Both of these are essential to VisionWeb’s mission in serving the Eye Care Professionals of our industry, and we welcome Ken to our team in Austin.” ABOUT VISIONWEB |
