Zanett Inc. (MM) (NASDAQ:ZANED)
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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.