iGATE Announces Intent to File Shelf Registration Statement
October 13 2010 - 6:00AM
iGATE (Nasdaq:IGTE), the first Business Outcomes driven integrated
Technology and Operations (iTOPS) solutions provider today
announced that its Board of Directors has approved the filing of a
shelf registration statement on Form S-3 to register 10 million
shares of its common stock and up to $100 million aggregate amount
of debt securities. The shelf registration statement is intended to
provide iGATE flexibility to raise funds from the offering of
securities, subject to market conditions, which may be used to fund
working capital, acquisitions and other capital needs.
In addition, the registration statement will permit iGATE's
co-founders and shareholders, Sunil Wadhwani and Ashok Trivedi (the
"Selling Shareholders"), to sell up to 6,000,000 shares of iGATE's
common stock from time to time, in the open market or otherwise, in
order to diversify their holdings for estate planning purposes.
No assurance can be given as to whether or when any offering
under the registration statement will be completed or the exact
number or amount of securities which will be sold by the Company or
the Selling Shareholders.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein. No
registration statement relating to the securities described above
has yet been filed with the Securities and Exchange
Commission. These securities, if registered, may not be sold
nor may offers to buy be accepted prior to the time the proposed
registration statement becomes effective.
About iGATE
iGATE (Nasdaq:IGTE) is the first Business Outcomes driven
integrated Technology and Operations (iTOPS) solutions provider
with a global delivery model. iGATE enables clients to
optimize their business through a combination of process investment
strategies, technology leverage and business process outsourcing
and provisioning. Our unique business model aligns with the
client's strategic objectives to achieve operational efficiencies,
increase cost variability and rationalize their current operating
environment. iGATE has over 8,000 employees and 7 development
centers in Australia, India, Japan, and Mexico. iGATE has offices
in 17 countries and 4 continents. With industry expertise spanning
16 years, iGATE has developed the right solutions with its Business
Outcomes driven approach for industry verticals – Banking,
Insurance, Manufacturing, Retail, Health Care, Media &
Entertainment and Telecom & Hi-Tech. For more information,
please visit www.igate.com
The iGATE Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5150
Forward-Looking Statements
Some of the statements contained in this news release that are
not historical facts are forward-looking statements. These
forward-looking statements include the company's financial, growth
and liquidity projections as well as statements concerning the
company's plans, strategies, intentions and beliefs concerning
business cash flows, costs and the markets in which it
operates. Without limiting the foregoing, the words
"believes," "anticipates," "plans," "expects," "intends" and
similar expressions are intended to identify certain
forward-looking statements. These statements are based on
information currently available to the company and it assumes no
obligation to update the forward statements as circumstances
change. There are risks and uncertainties that could cause
actual events to differ materially from the forward-looking
statements. These risks include, but are not limited to, the
company's ability to predict its financial performance, the level
of market demand for its services, the highly-competitive market
for the types of services offered by the company, the impact of
competitive factors on profit margins, market conditions that could
cause the company's customers to reduce their spending for its
services, the company's ability to create, acquire and build new
businesses and to grow existing businesses, attract and retain
qualified personnel, reduce costs and conserve cash, currency
fluctuations and market conditions in India and elsewhere around
the world, political and military tensions in India and South Asia,
changes in generally accepted accounting principles and/or their
interpretation and other risks that are described in more detail in
the company's filings with the Securities and Exchange Commission
including its Form 10-K for the year ended December 31, 2009.
CONTACT: iGATE
Investor Contact:
Araceli Roiz
+ 1 510 896 3007
araceli.roiz@igate.com
Media Contact:
Rathnam Subramanyam
+91 9741662000
pr@igate.com
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