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Weekly News Digest

February 5, 2007 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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ProQuest Announces Management Changes

The board of directors of ProQuest Co. (www.proquestcompany.com) and Alan Aldworth announced that they have mutually agreed that Aldworth will leave his position as ProQuest's chairman, president, and CEO, and as a director, effective immediately (Jan. 30). Richard Surratt, the company's chief financial officer (CFO) since 2005, will become ProQuest's president and CEO. David Asai, the company's controller since 2006, will become ProQuest's CFO. William E. Oberndorf, managing director of SPO Partners & Co., will become the chairman of ProQuest's board of directors. Ronald Klausner, who joined the company in 2003, will remain president of ProQuest Education and Voyager Expanded Learning.

The company said that Surratt has a capable finance team in place that is driving the company's financial restatement process. In August 2006, an independent Audit Committee concluded its investigation of the "accounting irregularities" revealed in February 2006. (See the NewsBreak at http://newsbreaks.infotoday.com/nbReader.asp?ArticleId=17326.) The New York Stock Exchange has informed the company that it will initiate suspension procedures if the company has not filed its Annual Report on Form 10-K for 2005 by April 2, 2007.

ProQuest Co. is currently completing the sale of its Information and Learning division (PQIL; http://il.proquest.com) to Cambridge Information Group (CIG; www.cambridgeinformationgroup.com), which plans to create a new, privately held company (yet to be named) that merges the operations of PQIL and CSA (www.csa.com). (See the Dec. 26, 2006, NewsBreak at http://newsbreaks.infotoday.com/nbReader.asp?ArticleId=18853.) In October 2006, ProQuest Co. sold off its ProQuest Business Solutions unit. ProQuest Education is the remaining business unit of ProQuest Co.

Source: ProQuest Co.



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