DAG MEDIA ANNOUNCES APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER


KEW GARDENS, N.Y.--(BUSINESS WIRE)--July 19, 1999--DAG Media, Inc. (Nasdaq: DAGM) announced today that Orna Kirsh, formerly of Arthur Anderson, LLP, has been hired as its new chief financial and accounting officer, replacing Hanan Goldenthal, effective as of today. Unlike her predecessor, Ms. Kirsh will be a full-time, salaried employee of the company. Ms. Kirsh is a licensed CPA and has worked extensively with public reporting companies, first as a staff auditor and subsequently as a manager at big five public accounting firms. According to Assaf Ran, the company's president and chief executive officer, "The rapid growth of our business in general and of NewYellow, our general interest yellow page directory, in particular, requires that we have a full-time CFO. Orna was the manager of the Arthur Anderson team that audited the company's financial statements in connection with our IPO, completed in May 1999 and, as a result, is intimately familiar with all aspects of our operations, particularly those relating to our financial and accounting functions. As a result of her familiarity with the company, we expect she will be able to immediately pick up where Hanan left off. Accordingly, we consider ourselves quite fortunate to add Orna to our management team", said Mr. Ran. Mr. Goldenthal, who was serving in a part-time capacity, cited the increasing demands of his position and his desire to focus on continuing to build his independent accounting practice, Goldenthal & Suss CPA's PC, as the reasons for the change. He stated "my tenure at DAG Media and my participation in its successful IPO was a most rewarding experience." Mr. Ran praised Mr. Goldenthal. "Hanan was instrumental in the successful completion of our IPO. We appreciate all he has done for us and wish him continued luck and success", said Mr. Ran. At the same time, the company announced that Dvir Langer has resigned as an vice president-sales and corporate development and as a director of the company in order to pursue other business opportunities. Consistent with its ongoing cost containment policies, the company stated that it has no intention of hiring a replacement for Mr. Langer and that Mr. Ran would assume Mr. Langer's duties. DAG Media is a leading independent print and on-line publisher of yellow page directories, including NewYellow, a general interest yellow page directory that is challenging the monopoly of the Bell Atlantic Yellow Pages in the New York market. The company's directories are published on the Internet at www.porty.com. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this release which look forward in time involve risks and uncertainties that may cause actual results or achievements to materially differ from those indicated by the forward-looking statements. These forward- looking statements include any statements relating to increased demand for the Company's services, expansion of the Company's business as well as any other statements which are not solely historical. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that the forward-looking statements will prove to be accurate. The Company's documents filed with the SEC identify important factors that may cause the actual results to differ materially from those indicated by the forward-looking statements.

 

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