SAY Saratoga Investment Corp

- Active outreach to global clients even as customers affirm support and confidence HYDERABAD, India, Jan. 8 /PRNewswire-FirstCall/ -- The top leaders of Satyam Computer Services Limited (NYSE:SAY) have launched an immediate action plan to ensure business continuity and leadership transition even as it initiates efforts to ascertain its liquidity position and verify allegations by its founder and chairman Mr. Ramalinga Raju of financial irregularities. Satyam's leaders announced at a press conference at the IT services company's headquarters in Hyderabad that the Company has started to actively reach out to customers globally and has been heartened to receive strong expressions of confidence and support from customers. At the same time, the leaders of Satyam steering the organization through the crisis, and approximately 40 top managers representing the Leadership Council from various geographical regions have pledged their commitment to remain in the company. The leadership team is headed by interim CEO Mr. Ram Mynampati. At a press conference chaired by Mr. Mynampati, the company announced several immediate actions already carried out or being undertaken by the leaders. -- Formulation of a Task Force to address all ongoing operational issues to ensure business continuity, including maintaining customer confidence. -- An immediate customer outreach by all geographical regions to assure clients that Satyam will meet all its business commitments. "Many clients rely on Satyam for mission-critical functions and collaborate closely with our team. While we have to address various customer concerns, we have been heartened by expressions of confidence and support from various clients," said Mr. Mynampati. Satyam's top 100 customers account for 85% of total revenue and have had relationships with the company ranging from four to ten years. -- Assurances to the approximately 53,000 associates from leaders and line managers that the company places top priority in protecting the careers and livelihood of employees and their families. "We share the pain and grief being felt by all associates and their families and will do our utmost to ensure that salaries can be paid," Mr. Mynmapati said. "We are extremely touched by the outpouring of support from associates." -- Begun a process to ascertain Satyam's financial liquidity position and verify allegations by the Chairman. An independent audit is being contemplated. -- As part of efforts to strengthen corporate governance, leaders have accorded top priority to addressing various legal issues which are expected to unfold; and have written to the regulatory authorities and various industry associations for assistance to identify candidates to be new members of Satyam's board. The immediate action plans announced were collectively decided based on an initial assessment of the key challenges faced. These actions will be reviewed by the leadership team on a daily basis for the next few months. "The leadership team comprises highly experienced veterans with cross-functional responsibilities across geographical regions. They have also been mandated with additional tasks of great urgency including collection of accounts receivable, cost containment as well as customer and associate retention," said Mr. Mynampati. "At the onset we wish to stress that the leaders have offered themselves to steer the organization through the current crisis. About Satyam Satyam (NYSE:SAY), a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20* industries and more than 65* countries. Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 52,865* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities. Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 690* clients, including 185* Fortune 500. For more information, see http://www.satyam.com/. *As of September 30, 2008 Satyam Contacts: For clarifications, write to us at Or contact our global Satyam PR representatives at: India Deepa Jayaraman +91-981-980-8681 US Melissa Baratta +1-212-679-3300 ext. 118 Europe Sandeep Thawani +44-783-010-3838 Asia-Pacific Dan Bleakman +61-439-408-484 Reshma Wad Jain +65-98-140-507 Safe Harbor This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on November 7, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov/. DATASOURCE: Satyam Computer Services Limited CONTACT: India, Deepa Jayaraman, +91-981-980-8681, ; US, Melissa Baratta, +1-212-679-3300 ext. 118, ; Europe, Sandeep Thawani, +44-783-010-3838, ; or Asia-Pacific, Dan Bleakman, +61-439-408-484, , or Reshma Wad Jain, +65-98-140-507, , all for Satyam Computer Services Limited Web Site: http://www.satyam.com/

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