TEANECK, New Jersey,
July 12, 2011 /PRNewswire/ --
Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a
global provider of information technology solutions and services,
announced today that the company will release financial results for
the second quarter ended June 30,
2011 before the start of trading in New York on Wednesday,
July 27, 2011. The financial results will be released over
the news wires and will also be posted on the Ness corporate web
site.
Sachi Gerlitz, president and
chief executive officer of Ness Technologies, and Ofer Segev, executive vice president and chief
financial officer, will conduct a conference call to discuss the
second quarter 2011 results. The call, which will be simultaneously
webcast, will begin at 8:00 AM Eastern
Time / 5:00 AM Pacific Time /
3:00 PM Israel Time on Wednesday, July 27, 2011.
To access the Ness Technologies second quarter 2011 earnings
conference call, participants should dial one of the following
numbers and provide the password "NESS" to the operator.
North America:
1-800-399-0427
Israel: 1-80-924-5917
All other locations: +1-973-200-3375
A live audio webcast of the conference call will be available on
the investor relations page of the Ness Technologies corporate web
site at http://investor.ness.com. Please visit the web site at
least 15 minutes early to register for the teleconference webcast
and download any necessary audio software. A replay of the call
will be available on the web site approximately two hours after the
conference call is completed.
Goodwill Impairment Test
The company performs an annual impairment analysis of goodwill
as of December 31 of each year, or
more often if there are indicators of impairment present. As a
result of the company's entry into a definitive merger agreement,
under which an affiliate of Citi Venture Capital International, a
global private equity investment fund, will acquire the company in
an all-cash transaction valued at approximately $307 million, the company is performing a
goodwill impairment analysis as of June 30,
2011 to determine if the fair value of the company's
reporting units implied by the transaction value requires the
company to record a goodwill impairment. If the company determines
any portion of goodwill is impaired, it would recognize a non-cash
charge that would impact GAAP earnings and earnings per share for
the quarter ended June 30, 2011, but
would not directly impact Ness' normal business operations or its
cash flows. Such a charge would be reported in the company's
quarterly earnings release, announced above, and in its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2011.
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global
provider of IT and business services and solutions with specialized
expertise in software product engineering; and system integration,
application development, consulting and software distribution. Ness
delivers its portfolio of solutions and services using a global
delivery model combining offshore, near-shore and local teams. With
about 6,900 employees, Ness has operations in North America, Europe, Israel and India, has customers in over 20 countries, and
partners with numerous software and hardware vendors worldwide. For
more information about Ness, visit http://www.ness.com.
Forward Looking Statement
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements often are preceded by words such as "believes,"
"expects," "may," "anticipates," "plans," "intends," "assumes,"
"will" or similar expressions. Forward-looking statements reflect
management's current expectations, as of the date of this press
release, and involve certain risks and uncertainties. Ness' actual
results could differ materially from those anticipated in these
forward looking statements as a result of various factors. Some of
the factors that could cause future results to materially differ
from the recent results or those projected in forward-looking
statements are included under the heading "Risk Factors" in Ness'
filings with the Securities and Exchange Commission. Ness is under
no obligation, and expressly disclaims any obligation, to update or
alter its forward-looking statements, whether as a result of such
changes, new information, subsequent events or otherwise.
Media Contact:
David Kanaan
Intl: +972-54-425-5307
Email: media.int@ness.com
Investor Relations Contacts:
Drew Wright
USA: +1-201-488-3262
Email: investor@ness.com
Maya Lustig
Israel: +972-3-767-5110
Email: maya.lustig@ness.com
SOURCE Ness Technologies Inc