CFO Steven Horan Becomes Acting CEO of Renewdata

The board of directors for RenewData has appointed Steven Horan, currently RenewData’s Chief Financial Officer, as the acting Chief Executive Officer for the company. Mr. Horan replaces Ellery Buchanan, who will continue to serve as an executive advisor to RenewData. The move reflects a continuation of the strategy to provide proactive services to a rapidly changing marketplace.

Expanding on its core competencies in e-discovery including backup tape extraction, RenewData today outlined its strategy moving forward to provide its customers with the resources necessary to establish a more proactive approach to litigation readiness. RenewData, the leading provider of e-discovery, electronically stored information risk management (ESIRM), and evidence storage services, has already been making steps towards this focus with its ESIRM product line including its Data Migration Services and Backup Tape Liability Management Services.

RenewData believes its approach to provide customers with tools for litigation readiness reflects the growing industry need for services to help corporations gain control of their ESI. According to a recent April 2008 Gartner report, Key Issues for an Electronic Discovery Project, 2008, "litigation readiness will be the third major trend of 2008, which encompasses everything from legacy tape destruction under legal and controlled conditions, conducting thorough electronic information inventories to making litigation hold processes repeatable and consistent throughout the enterprise." To that point, the firm also noted in the same report, that "the biggest problem that end-user organizations face today is the sheer volume of data that they have stored."

"I am excited to lead such an accomplished team and to continue our success. Our industry is evolving before our eyes. These developments are creating legal, content management, security, and archiving convergence. As a result, the winners in our industry will be those companies that deliver quality solutions that properly address this evolution." said Steven Horan, newly-appointed acting CEO for RenewData. "We would like to thank Ellery for his contributions and for providing a strong technology platform to build on as we look ahead. The entire team is committed to drive this company forward and continue to proactively meet the challenges of our customers."

"These are exciting times for RenewData and our industry," said Tom Walker, Chairman of the Board of RenewData. "As the emphasis in the marketplace shifts from being driven primarily by reactive discovery activities to proactive litigation preparedness, RenewData, because of its investment in appropriate technology and expertise is poised to accelerate with this change and we are confident that Steven will lead the company to successfully capitalize on this opportunity and this strategy."

"It is clear that the 2006 revisions to the Federal Rules of Civil Procedure have made it imperative for organizations to be prepared for litigation," said Ellery Buchanan, executive advisor to RenewData. "As we have seen with recent court rulings, lack of preparation can have huge financial implications. Over the past few years, we have assembled an impressive portfolio of intellectual property and market-leading solutions for litigation readiness that is showing tremendous value based on the new market demands. I am confident that the team has the blueprint for further success."

Previously, Mr. Horan spent eight years as EVP and CFO of Arsenal Digital Solutions which was recently purchased by IBM. With a track record of over 20 years of successful strategic execution on a global basis, Mr. Horan has developed significant creditability in the capital markets by balancing sustained profitable growth, leadership development, and the highest standards of pro-active and transparent corporate governance.