FORT LAUDERDALE, Fla., Feb. 10, 2005 (PRIMEZONE) -- NetWorth Technologies, Inc. (OTCBB:NWRT), an information networking, security and IT auditing company, today announced that Lawrence R. Van Etten has been named the company's chief operating officer. In addition, Ed Beddow has been elected to the board of directors.
As chief operating officer, Mr. Van Etten will be responsible for daily operations. He will report to Chief Executive Officer L. Joshua Eikov. Mr. Van Etten has been a board member of NetWorth Technologies since May 2000 and serves on the audit committee.
Mr. Van Etten is a former employee of IBM, where he worked from 1956-1987. He retired from IBM in 1987 as part of an early retirement program. During his tenure with IBM, Mr. Van Etten held management and senior management positions in several different areas of the business. His business management experience includes manufacturing, education, human resources, quality control, and materials management. At the time of his retirement, he was the Director of Logistics Special Projects.
L. Joshua Eikov, chief executive officer of NetWorth Technologies, said, "We are pleased to have Larry join NetWorth Technologies as chief operating officer. His varied experience in business management systems, materials management, management development, personal computer application software and the Internet coincide perfectly with NetWorth Technologies needs as we are expanding its operations."
During the past five years, Mr. Van Etten has served as an executive with several companies. He was vice president, International Digital Communications Systems, Inc., Miami, FL, from 1996 to 1998; president, TechTel Communications, Inc., Pompano Beach, FL, from 1998 to 1999; and he managed his own consulting company LVE & Associates.
In announcing the naming of Mr. Beddow to the board, Mr. Eikov said, "We welcome Ed Beddow to the NetWorth Technologies' board. His wealth of experience in global business management and accounting will provide invaluable advice and counsel on the board as NetWorth Technologies expands its operations."
Edward Beddow is presently engaged as a consultant to Ernst and Young LLP to conduct reviews for compliance with the Sarbanes-Oxley Act. He also has served as a consultant on issues of corporate governance, audit, business development and finance in the banking, technology, healthcare, restaurant and gaming industries.
He has more than 25 years of experience as an executive with Citigroup, Mitsubishi, N.A. and Philip Morris Companies, Inc.
About NetWorth Technologies, Inc.
NetWorth Technologies (OTCBB:NWRT) is a 12-year-old IT services company. Its portfolio of operating companies consists of NetWorth Systems Inc., an IT network management, security and IT auditing company, and NetWorth Government Systems, which offers IT services and products to municipal, state and federal agencies.
The Company's proprietary solution, the Reliability Edge, evaluates IT asset usage and network security and eases the migration to new software and hardware platforms. NWRT also offers software products from Microsoft, Best and Open Systems.
For more information on NetWorth Technologies Inc. please visit www.networthtechnologies.com.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of NetWorth Systems, Inc. management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: adverse weather conditions, historical seasonality, loss of customers, increased competition and other risks detailed from time to time in filings with the Securities and Exchange Commission. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, the Company's actual results could differ materially from the results forecast in the forward-looking statements.