Vsource(R) and Symphony(TM) House Announce Completion of Investment in Vsource Operating Companies
March 01 2004 - 9:30AM
PR Newswire (US)
Vsource(R) and Symphony(TM) House Announce Completion of Investment
in Vsource Operating Companies LA JOLLA, Calif., March 1
/PRNewswire-FirstCall/ -- Vsource, Inc. (OTC Bulletin Board: VSCE),
an innovative leader in providing customized global business
process outsourcing (BPO) services to clients worldwide, and
Symphony House Berhad, an IT and corporate services company based
in Malaysia, are pleased to announce that the acquisition of a
36.9% interest in Vsource's operating subsidiaries in Malaysia,
Japan and Taiwan by Symphony House and two other investors was
completed on February 28, 2004. Completion of the acquisition took
place after the shareholders of Symphony House unanimously voted in
favor of the transaction at an extraordinary general meeting of
shareholders held on February 28, 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGO ) Symphony
House acquired a 30.34% interest, and the other two investors
acquired a combined 6.58% interest. Vsource retains a
63.08%interest in the operating subsidiaries, and has the option to
sell up to an additional 2.4% interest to other investors.
Commenting on the successful completion of the alliance, Phil
Kelly, Chairman and CEO of Vsource, said, "We are delighted to have
the resounding endorsement of the Symphony House shareholders who
support the partnership of these two strong companies. This is a
truly unique opportunity to combine the complementary strengths of
Vsource and Symphony House to deliver superior value to our
customers." Dato' Mohamed Azman Bin Yahya, Group Chief Executive of
Symphony House, said, "We are confident this alliance will build on
the combined assets and resources of these two companies and
continue our momentum in offering our clients superior service
delivery capabilities and exceptional BPO solutions. We believe the
BPO business will grow significantly over the coming years and this
alliance will position the companies at the leading edge as key
players in the BPO business". This announcement comes on the heels
of Vsource's recent certification to the COPC-2000(R) Standard for
its outsourced technical support and customer service, establishing
Vsource as the first company in Malaysia to achieve this
certification. This achievementunderlines Vsource's commitment to
delivering world-class BPO solutions to its regional and global
clients through its expanding Centers of Excellence. 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 offerings include: Human Resource
Solutions, Warranty Solutions, Sales Solutions, and Foundation
Solutions(TM), which include Customer Relationship Management
(CRM), Financial Services, Travel and Expense Claims, and Supply
Chain Management (SCM). Under Vsource Human Capital Management
(HCM) Solutions, Vsource delivers Fortune 500 reliability to small
and medium-sized businesses in the U.S. HCM solutions include: HR
Management, Health & Welfare, Administrative Services, and Risk
Management. For more information, log on to:
http://www.vsource.com/. About Symphony The Symphony Group of
companies offers a wide range of IT services, solutions and managed
services to over 2,500 Malaysian and companies in the South East
Asian region. The Symphony Group currently comprise of: -- Symphony
House Berhad as its parent company, which is listed on the MESDAQ
Market of the Malaysia Securities Exchange in Malaysia; IT
Division: -- Global Innovative Management Partners-ACT Sdn Bhd,
Symphony Global Technologies Sdn Bhd, Symphony Xen Solutions Sdn
Bhd, Symphony Xen Solutions (S'pore) Pte. Ltd. which provide
complete systems integration, business processing outsourcing
services and business software solutions; Corporate Services
Division: -- Symphony Capital Sdn Bhd,Signet & Co. Sdn Bhd,
Signet Share Registration Services Sdn Bhd, Malaysian Share
Registration Services Sdn Bhd, Signet Nominee Services Sdn Bhd,
Malaysian Issuing House Sdn Bhd and OSK-Signet Trustees Berhad
provides a wide spectrum of managed services including corporate
advisory, company secretarial, accounting and financial management,
human resource management, share registration, share issuance
services, nominee and trustee services. For more information, visit
the Symphony House site: http://www.symphony.com.my/ 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 TimeInc. Vsource disclaims any
proprietary interest in the marks and names of others. Media
Relations Contact: Cindy Kim Tel: 858.456.4871 Fax: 858.456.4878
http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGODATASOURCE:
Vsource, Inc. CONTACT: Cindy Kim of Vsource, Inc., +1-858-456-4871,
or fax, +1-858-456-4878, or Web site: http://www.vsource.com/
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