| Bitstream Appoints PricewaterhouseCoopers
LLP As Its Independent Auditors CAMBRIDGE, MA — May 03, 2002— Bitstream Inc. (NASDAQ: BITS) today announced that its Board of Directors has appointed PricewaterhouseCoopers LLP as the company's independent auditors. PricewaterhouseCoopers will replace Arthur Andersen LLP as the independent auditors for the company effective immediately. The appointment of PricewaterhouseCoopers was made after careful consideration by the Board of Directors, its Audit Committee and management of the company, and concludes an extensive evaluation process. The decision to change auditors was not the result of any disagreement between the company and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. "Arthur Andersen has provided many years of quality service and has demonstrated a high level of professionalism as Bitstream's outside auditors," said Anna M. Chagnon, President, Chief Operating Officer and Chief Financial Officer of Bitstream Inc. "In light of recent events with Arthur Andersen, we made the difficult decision to seek proposals from other accounting firms, including PricewaterhouseCoopers. After careful consideration of these proposals, we selected PricewaterhouseCoopers because of its expertise in high technology issues, strong international presence and excellent reputation." About Bitstream Inc. Founded in 1981, Bitstream is the first digital font foundry. In 1999, Bitstream created MyFonts.com, Inc. (http://www.myfonts.com), the Web site for finding, trying, and buying fonts on line. Bitstream is headquartered in Cambridge, Massachusetts. Bitstream and TrueDoc are registered trademarks, and Font Fusion and ThunderHawk are trademarks of Bitstream Inc. Other technologies and brand names are trademarks or registered trademarks of their respective companies. ContactAnna Chagnon |