XML Global Announces Changes to Board of Directors and Executive Officers
March 04 2004 - 1:35PM
PR Newswire (US)
XML Global Announces Changes to Board of Directors and Executive
Officers VANCOUVER, March 4 /PRNewswire-FirstCall/ -- XML-Global
Technologies, Inc. (the "Company") (OTC BB: XMLG), announced today
the following changes to its Board of Directors: Jun Li, a director
since 2003, voluntarily tendered his resignation, citing personal
reasons. To fill the vacancies created by the resignations of Peter
Shandro as director and chief executive officer, announced in
December 2003, and Jun Li, the remaining members of the board
pursuant to the Company's by-laws elected Sheldon Drobny and Jack
Rabin to serve as directors. Concurrently with the election of
Messrs. Drobny and Rabin to the board of directors, Simon Anderson
resigned as Chief Financial Officer and the board elected the
following persons to serve as executive officers of the Company:
Sheldon Drobny, CPA Chief Executive Officer and President Jack
Rabin, CPA Chief Financial Officer Sheldon Drobny, age 58, is
Chairman and Principal of Paradigm Group II, LLC, an investment
firm that serves as managing partner of Paradigm Millennium Fund,
LP, which entities together are a principal and largest shareholder
of the Company. Mr. Drobny is also a director of numerous portfolio
companies of Paradigm Group II, LLC and was formerly a partner in
the firm of Adler Drobny Fischer, LLC, Certified Public Accountants
and Consultants. Mr. Drobny is a member of the NASD and the
American Institute of Certified Public Accountants, the Illinois
C.P.A Society and several other professional associations. He holds
a BS degree in Accounting from Roosevelt University, 1967. Jack
Rabin, age 63, has been Chief Financial Officer of Paradigm Group
II, LLC since its inception in 2000. Previously, he served as Chief
Financial Officer of a major national underwriting firm from 1998
to 2000 and Controller of the Illinois Superconductor Corp. from
1993 to 1998. He received a BS degree in business administration
from Roosevelt University in 1961 and a CPA degree from the
University of Illinois. Messrs. Simon Anderson, Robert Gayton and
Sergio Nesti continue to serve as members of the board of
directors. As part of the Company's reorganization, the board
resolved to move the principal executive offices of the Company
from Vancouver, BC to the Paradigm Group offices located in
Northbrook, Illinois. Effective March 4, 2004, the principal
executive offices of the Company are located at: 3000 Dundee Road,
Suite 105 Northbrook, Illinois 60062 (847) 562-0700 (847) 562-0611
(fax) The Company will occupy offices with the Paradigm Group at
that location. Expense for rent, overhead and general
administrative costs will be shared with the Paradigm Group
companies on an "as used" basis. As previously disclosed in the
Company quarterly report on Form 10-QSB for the period ended
December 31, 2003, effective February 19, 2004, the Company sold
its 750,000 shares of common stock of Xenos Group Inc. for
approximately US$2.71 per share, given the US/Canadian exchange
rate at the time. The proceeds of approximately US$2.0 million are
being held inescrow subject to the tax holdback agreements
previously covering the Xenos shares. About XML-Global
Technologies, Inc. ----------------------------------- XML-Global
Technologies, Inc. had been an XML middleware company focused on
providing a methodical approach to the adoption of XML-based
solutions until November 2003, when it sold substantially all of
its business assets to Xenos Group Inc. Since then, the Company has
been engaged in efforts to identify potential business acquisition
candidates; although as of the date of this report, there exist no
commitments or agreements regarding any material acquisition. To
find out more about XML Global (OTCBB: XMLG), visit our website at
http://www.xmlg2.com/ About Paradigm Millennium Fund, L.P.
------------------------------------ Paradigm Millennium Fund
specializes in small and micro-cap public companies. Its track
record is posted at http://www.paradigmventure.com/. Forward
Looking Statements -------------------------- All statements are
based on XML Global Technologies, Inc.'s current knowledge and
specific assumptions with respect to future business decisions. The
actual results of XML Global Technologies, Inc. may differ
materially from those indicated by these forward looking statements
as a result of various important factors, including, but not
limited to, those discussed in the Risk Factors section of XML
Global Technologies' recent definitive proxy statement which is on
file with the Securities and Exchange Commission. DATASOURCE: XML
Global Technologies, Inc. CONTACT: Corporate Communications -
XML-Global Technologies, Inc.: Phone (847) 562-0700
Copyright