Vsource (NASDAQ:VSCE)
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Vsource(R) Announces Sale of its Human Capital Management
Business to Former President of the Company's HCM Division
LA JOLLA, Calif., July 6 /PRNewswire-FirstCall/ -- Vsource, Inc. (OTC:VSCE)
(BULLETIN BOARD: VSCE) , an innovative leader in providing customized global
business process outsourcing (BPO) services to clients worldwide, today
announced the sale of its Human Capital Management (HCM) business via the sale
of its subsidiary, Vsource (Texas) Inc., to a company formed by Ted Crawford,
the former President of the Company's HCM division. The purchase price was
paid in the form of a promissory note and is based on the excess of assets over
liabilities as measured at June 1, 2004. The note is due in twelve equal
monthly installments starting on August 15, 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGO )
Vsource Chairman and CEO Phil Kelly said, "I believe this is a win-win
situation for all parties involved. The sale of Vsource HCM will enable us to
commit our focus on the company's core business of providing superior business
process outsourcing to our clients worldwide. Likewise, I believe Ted's
commitment combined with deep industry knowledge will ensure our former HCM
customers continue to receive superior service."
Kelly further noted, "As we continue our initiatives on profitability and
growth, we intend to pursue other operational and financial efficiencies."
Speaking about the purchase, Ted Crawford said, "Vsource is truly a client
focused company. As we move forward, I will continue to ensure that we retain
the quality service delivery and customer support that were the hallmarks of
Vsource."
About Vsource -- Vsource, Inc., headquartered in La Jolla, Calif., provides
customized business process outsourcing (BPO) services to clients worldwide.
Under Vsource Client Outsourcing Solutions (COS), Vsource delivers superior BPO
solutions to Fortune 500 and Global 500 organizations. Vsource COS include:
Human Resource Solutions, Warranty Solutions, Sales Solutions, and Vsource
Foundation Solutions(TM), which include Customer Relationship Management (CRM),
Financial Services, Travel and Expense Claims, and Supply Chain Management
(SCM). For more information, logon to: http://www.vsource.com/.
Forward Looking Statements: Some of the statements in this release and other
oral and written statements made by us from time to time to the public
constitute forward-looking statements. These forward-looking statements are
based on management's current expectations or beliefs and are subject to a
number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. These
forward-looking statements include, without limitation, statements with respect
to anticipated future operating and financial performance, introduction of
services and growth opportunities expected or anticipated to be realized by
management. Vsource disclaims any obligation to update or revise any
forward-looking statements based on the occurrence of future events, the
receipt of new information, or otherwise. Factors that could cause or
contribute to such differences include, but are not limited to reliance on one
client and the expectation that revenues from this client will decline
significantly, a potential requirement to redeem our Series 4-A convertible
preferred stock if we fail to meet certain conditions by March 31, 2006, our
limited experience in the business process outsourcing business, the new and
unproven market for business process outsourcing services in the Asia-Pacific
region, long cycles for sales of our solutions, complexities involved in
implementing and integrating our services, fluctuations in revenues and
operating results, economic and infrastructure disruptions, dependence on a
small number of vendors and service providers, litigation, and competition.
Other factors that may affect these statements are identified in our previous
filings with the Securities and Exchange Commission.
Vsource is a registered trademark of Vsource, Inc. Vsource Foundation Solutions
is a trademark of Vsource, Inc.
Fortune, Fortune 500 and Global 500 are registered trademarks of Time Inc.
Vsource disclaims any proprietary interest in the marks and names of others.
For further information, please contact: Media Relations, Cindy Kim of
Vsource, direct, +1-858-456-4871, .
http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGO
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DATASOURCE: Vsource, Inc.
CONTACT: Media Relations, Cindy Kim of Vsource, direct, +1-858-456-4871,
Web site: http://www.vsource.com/