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| [July 18, 2008] |
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Zanett Receives Compliance Letter From NASDAQ
NEW YORK --(Business Wire)-- Zanett, Inc. (NasdaqCM: ZANED), a leading consulting firm specializing in business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) serving Fortune 500 corporations and mid-market companies, today announced that it has received a compliance letter from Nasdaq.
The letter read in part, "This is to inform you that Zanett Inc. (the Company) has evidenced compliance with the Nasdaq Hearings Panel's decision dated May 29, 2008 . . . . Accordingly, the Panel determined to continue the listing of the Company's securities on The Nasdaq Stock Market."
Dennis Harkins, President and Chief Financial Officer of Zanett, said, "We take great pride in our Nasdaq listing, and we believe that it provides investors with a level of comfort. As part of our plan to comply with Nasdaq's rules, we engineered a reverse split of our stock, and we anticipate that our healthy revenue growth and cost-cutting efforts will make investing in Zanett increasingly attractive, which in turn should support the adjusted price."
Zanett recently reported that it had signed new contracts during June worth a combined total of almost $5.8 million, bringing the total value of contracts signed in the second quarter to approximately $13.2 million. The contracts signed in June included a $1.4 million agreement with a leading global clinical research organization involved in the biopharmaceutical industry; a $1.0 million contract with a cancer treatment center, and two contracts worth an aggregate of $1.2 million with a State Government. Zanett has offered second quarter 2008 revenue guidance growth rate of 10-12% above the same period of 2007.
About Zanett, Inc.
Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations, mid-market companies, and highly classified federal agencies involved in Homeland Defense and Homeland Security. The company has historically operated in two segments, Government Solutions and Commercial Solutions. With the sale of PDI, Zanett will focus exclusively on its Commercial Solutions business.
The Commercial Solutions segment provides BPO, ITES, IT and Management Consulting Services, as well as delivers custom business solutions that integrate and implement Oracle's full suite of product offerings - Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle Fusion technologies. A wide range of industry-focused delivery expertise is provided to clients, including Managed Services, Enterprise Applications, Business Intelligence, SOA, and Middleware Technologies. Zanett also provides full infrastructure and application hosting, utilizing local and international resources, remote and onsite DBA support, all on a 24x7 basis.
Zanett currently employs over 200 people nationwide, is headquartered in New York City, and operates out of 8 offices (Atlanta, Boston, Cincinnati, Detroit, Indianapolis, Jacksonville, New York City and the Philippines). For more information, please visit http://www.zanett.com.
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.
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