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TechTeam Global Announces Divestiture of TechTeam A.N.E. Nv
Company increasing focus and alignment
SOUTHFIELD, Mich., Nov 04, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- TechTeam Global, Inc. (the "Company") (Nasdaq: TEAM), a worldwide provider of information technology, enterprise support and business process outsourcing services, today announced the divestiture of TechTeam A.N.E. Nv, a wholly-owned subsidiary of TechTeam Global Nv, effective October 31, 2008. TechTeam A.N.E. sells hardware, software, systems integration services, consulting and IT infrastructure maintenance services primarily to small business customers in Belgium. The specific terms of the transaction were not disclosed.
"With the unanimous support of our board of directors, TechTeam has embarked on a new strategic plan calling for the Company to adopt a more focused approach to its service offerings and targeted customers," said Gary J. Cotshott, President and Chief Executive Officer. "In line with this plan, we have chosen to divest certain IT consulting and systems integration capabilities focused on small business customers in Belgium. This divestiture also de-emphasizes low margin product sales, which were approximately 70 percent of TechTeam A.N.E.'s business. At the same time, we are increasing our emphasis on professional service offerings that promote and expand the value of our core IT outsourcing and business process outsourcing services on a global basis."
Mr. Cotshott added, "During the strategic planning phase of our transformation, we carefully evaluated the business and concluded that focus and alignment were key elements for our future success. This direction has and will continue to improve the Company's market position, operating performance and financial strength. We intend to continue this process as a normal course of business."
As previously announced on October 16, 2008, TechTeam will host a conference call to discuss the Company's strategic plan on November 6, 2008 at 4:30 p.m. EST. To participate in the teleconference, including the question and answer session, please call 1-800-299-7089 (outside the United States, call +1-617-801-9714). When prompted, enter the passcode: 50095461. To access a simultaneous webcast of the teleconference, go to the TechTeam Global Web site at http://www.techteam.com/investors and click on the webcast icon. From this site, you can download the necessary software and listen to the teleconference. Attendees are encouraged to review the site before the teleconference to ensure that their computers are configured properly.
A teleconference replay of the call will be available beginning at approximately 6:30 p.m. EST, Thursday, November 6, 2008. This toll-free replay will be available through Thursday, November 20, 2008. To listen to the replay, call 1-888-286-8010 (outside the United States, call +1-617-801-6888). When prompted, enter the passcode: 23683962.
About TechTeam Global, Inc.
TechTeam Global, Inc. is a worldwide provider of information technology, enterprise support and business process outsourcing services to Fortune 1000 corporations, multinational companies, product providers, small and medium-sized companies, and government entities. TechTeam's ability to integrate computer services into a flexible, ITIL-based solution is a key element of its strategy. Partnerships with some of the world's "best-in-class" corporations provide TechTeam with unique expertise and experience in providing information technology support solutions. For information about TechTeam Global, Inc. and its services, call 800-522-4451 from the United States or visit our Web sites at www.techteam.com and www.techteam.eu. TechTeam's common stock is traded on the Nasdaq Global Market under the symbol "TEAM."
Safe Harbor Statement
The statements contained in this press release that are not purely historical, including statements regarding the Company's expectations, hopes, beliefs, intentions, or strategies regarding the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding, among other things, the potential impact of this acquisition on the Company's revenue and earnings performance going forward. Forward-looking statements may be identified by words including, but not limited to, "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Specifically, there can be no assurance that the focus and alignment developed through the strategic planning process will have the impact on the Company's financial condition and results of operations contemplated in this release. The forward-looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consider the risks described from time to time in the Company's Reports on Forms 8-K, 10-Q, and 10-K filed with the United States Securities and Exchange Commission.
Margaret M. Loebl
(248) 213-3697
mloebl@techteam.com
Jessica Klenk
(301) 588-2900 Ext. 121
jklenk@boscobel.com
SOURCE: TechTeam Global, Inc.
www.techteam.com
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