PITTSBURGH, March 8, 2012 /PRNewswire/ -- Mastech Holdings,
Inc. (NYSE Amex: MHH), a national provider of Information
Technology and Specialized Healthcare staffing services, announced
the preliminary results of its modified Dutch auction tender offer,
which expired at 5:00 pm,
New York City time, on
Wednesday, March 7, 2012.
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Based on the preliminary count by BNY Mellon Shareowner
Services, the depositary for the tender offer, a total of 429,886
shares of Mastech's common stock were properly tendered and not
properly withdrawn at or below the purchase price of $5.50 per share, including 17,286 shares that
were tendered through notice of guaranteed delivery.
In accordance with the terms and conditions of the tender offer,
and based on the preliminary count by the depositary, Mastech
expects to acquire approximately 429,886 shares of its common stock
at a price of $5.50 per share, for an
aggregate cost of approximately $2,364,373, excluding fees and expenses relating
to the tender offer. These shares represent approximately 12
percent of the shares of common stock outstanding as of
February 6, 2012, the last trading
day before the commencement of the tender offer.
The number of shares to be purchased and the purchase price are
preliminary and subject to change. The preliminary information
contained in this press release is subject to confirmation by the
depositary and is based on the assumption that all shares tendered
through notice of guaranteed delivery will be delivered within the
five trading day settlement period. The final number of shares to
be purchased and the final purchase price will be announced
following the expiration of the guaranteed delivery period and
completion by the depositary of the confirmation process. Payment
for the shares accepted for purchase under the tender offer will
occur promptly thereafter.
Stockholders who have questions or would like additional
information about the tender offer may contact the information
agent for the tender offer, Georgeson Inc. toll-free at (866)
482-5136.
About Mastech Holdings, Inc.:
Leveraging the power of 25 years of
IT experience, Mastech (NYSE Amex:
MHH) provides Information Technology Staffing services in
the disciplines which drive today's business operations
and Specialized Healthcare Staffing services to hospitals and other
healthcare facilities. More information about Mastech can be
found at Mastech's website: www.mastech.com.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking
statements based on management's expectations, estimates,
projections and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements, which include but are not
limited to projections of revenues, earnings, and cash
flow. These statements are based on information currently
available to the Company and it assumes no obligation to update the
forward-looking statements as circumstances change. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results and trends may differ materially
from what is forecast in forward-looking statements due to a
variety of factors, including, without limitation, 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, and the company's ability to create, acquire and build
new lines of business, to attract and retain qualified personnel,
reduce costs and conserve cash, 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, 2010.
SOURCE Mastech Holdings, Inc.