WORLDS INC. NAMES TELECOM EXEC
AS BOARD CHAIRMAN
Former WinStar Communications Vice Chairman/Co-Founder
Chrust
Joins Internet Technology Company
Boston, April 13, 1999 - Worlds Inc. (OTC: WDDD), a leader in three dimensional (3D) Internet technology and content, today announced that it had named Steven G. Chrust, a long-time telecommunications executive and Wall Street analyst, as chairman.
The announcement, made by Worlds president Thomas Kidrin, signifies a major commitment on the part of Worlds to expand its business through mass distribution of its proprietary 3D Internet technology via CD and broadband channels.
"Steve's involvement brings to Worlds insight and high level business relationships developed over two decades in the telecommunications industry," said Kidrin. "We are now poised to rapidly deploy our 3D Internet technology in new business and broadband applications initially focusing on the record industry and other broadcast distribution channels, such as high speed Internet access via cable modem systems."
Chrust, most recently co-founder and vice chairman of WinStar Communications Inc. (NASDAQ: WCII), brings more than 25 years of experience in the telecommunications industry to his new position at Worlds. He is also the former chairman of AMNEX, a provider of long distance of operator services, and former executive vice president of Executone Information Services, Inc.
Chrust, 49, has also been the director of technology research at Sanford C. Bernstein & Co., where he was named one of the top telecommunications analysts for more than a decade by Institutional Investor and ranked number one in the sector for five consecutive years.
Worlds Inc., founded in 1994, is a pioneer in the development of three dimensional Internet technology and the creation of cutting edge 3D Internet virtual worlds for the recording, multi-media and entertainment industries. Worlds provides imbedded software and content on compact discs (CDs), allowing the personal computer (PC) user access to spatial environments by employing avatars (alter ego animated characters) for self representation on the Internet.
"The Worlds 3D technology has enormous potential," Chrust said. "I've spent a significant amount of time evaluating the market and Worlds' position. I believe, the company is also perfectly positioned for a broadband rollout over the next 12-24 months."
Kidrin added, "Steve spent five years at WinStar helping the company through its high growth, startup stages, leading corporate development, strategic and capital planning and acquisitions. His experience in those areas, coupled with our own expertise and technology, will provide us with the leadership we need for our next phase of development."
Chrust was also chairman of the Association for Local Telecommunications Services (ALTS), the national organization representing facilities-based competitive local exchange carriers. He is founder and chairman of SGC Advisory Services, Inc., an advisory and money-management service firm specializing in telecommunications and technology.
Michael J. Scharf, currently chairman of Worlds, will remain on the Company's board of directors.
Forward-looking Statements:The information herein contains forward-looking statements that involve risks and uncertainties. A number of factors could cause actual results, performance, and achievements of the company, or industry results, to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the competitive environment, inflation, changes in the cost of goods and services, economic conditions in general and in the Company's business, demographic changes, changes in the availability of and terms of financing to fund the anticipated growth of the Company's business, the ability to attract and retain qualified personnel, changes in the Company's capital plans, and other factors referenced herein and in the Company's filings with the SEC. In addition, such forward-looking statements are necessarily dependent upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included herein do not purport to be predictions of future events of circumstances and may not be realized. Forward-looking statements can be identified, by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "anticipates," "intends" or the negative of any thereof, or other variations thereon or comparable terminology, or by discussions of strategy or intentions. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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