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Artificial Life Announces Closing Of Its European Operations And Drastic Cut Back Of Operations and Expenses in The United StatesCompany plans to move headquarters to NY


BOSTON, Jun 1, 2001 /PRNewswire via COMTEX/ -- Boston based Artificial Life,
Inc. (Nasdaq: ALIF) announced today that it has shut down its operations in
Russia and that its German and Swiss subsidiaries will file for bankruptcy
protection next week. The Company has also laid off almost all of its global and
US staff. Global expenses have been cut back over 80%.

The Company also announced that it has entered into merger talks with certain
companies.

"We are in the process of a major corporate restructuring and consolidation and
are re-inventing the Company by adjusting to the current circumstances in the
financial and global Internet markets. As it is still hard for us to raise
sufficient funds for operations, we are reducing our operations and expenses to
a bare minimum by drastic measures. We have closed and sold our Russian entity
and will file for bankruptcy protection in Switzerland and Germany. The US
office has been reduced to a handful of key employees. However, the company has
generated award winning and very valuable technology over the last few years
representing development efforts of several hundred person years. Therefore, we
believe that these technology assets can and should now be used to help us to
recover by selling nonexclusive source code licenses to interested partners and
clients around the world. This way we take advantage of our valuable technology,
but do not have to incur any longer the expenses associated with a support
infrastructure", said Eberhard Schoeneburg, CEO of Artificial Life, Inc.

The Company also announced that Nasdaq has notified the Company on May, 30,
2001, that it has determined that the Company is not in compliance with the net
tangible asset requirements for continued listing on the National Market. The
net tangible assets requirement is $4,000,000. However, the Company will request
a hearing with Nasdaq and plans to submit and present an explanation and turn
around plan to Nasdaq. The hearing request will stay the delisting (scheduled
for June 7, 2001) pending a final determination by Nasdaq.

Former CFO Robert Pantano has resigned. The new CFO of the company is Chin Phaik
Lim. Chin graduated from Curtin University Perth, WA, in 1988. She worked as an
accountant in a chartered firm, Bourne Griffiths and for Barrington Partners
thereafter. After moving to Sydney she worked as a Financial Controller at Frank
Russell, Australia (headquartered in Tacoma, Washington State). Chin had full
finance, administration, statutory, legal and hr responsibilities. She also set
up the New Zealand branch office for the company. In 1996 she joined ACEA,
Association of Consulting Engineers Australia as the company secretary,
financial and administration manager with full responsibilities. Since 1997 Chin
worked as a senior consultant for an executive management-leasing firm in Hong
Kong.

"It`s a tough time for the company now, but also a good time for a new business
approach. I am ready to help out with my international contacts and experience
and I am very excited about this opportunity as I believe in the company and its
great technology and the value of the assets generated by Artificial Life over
the past years as I have noticed personally the very positive reception of the
Artificial Life technology in Asia. I am determined to help the company to turn
around and to support and improve the fundraising process and IP licensing. I
also intend to help the company evaluate all options in the current situation
such as a going private or mergers with potential candidates around the globe. I
am driven by optimization of shareholder value", said Chin Lim, CFO of
Artificial Life."

The Company is in negotiations with potential investors and lenders to secure
short term funding for operations, as previously disclosed.

The company also announced that it plans to move its headquarters from Boston,
MA, to New York City, NY, in June/July 2001.
 
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Autor (Datum des Eintrages): Michael_III  (04.06.01 15:11:34)
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