Satyam Recovery Taking Shape
February 21 2009 - 3:01PM
PR Newswire (US)
- Consulting and IT leader has signed deals worth more than $250
million since Jan. 7 HYDERABAD, India, Feb. 21 /PRNewswire/ --
Satyam Computer Services Limited (NYSE:SAY), a leading global
consulting and information technology services provider, today
announced that its recovery is proceeding very well, and that
efforts to restore stakeholder confidence and ensure business
continuity have been extremely successful. "The board is satisfied
with the progress of the company's stabilization program and
appreciates the sustained efforts of the company's associates, who
have placed its revival on a fast track," said Kiran Karnik,
chairman of Satyam's board of directors. Associates' commitment to
client service and indomitable team spirit have done more than keep
customers from leaving Satyam after the company's accounting
crisis, which came to light Jan. 7. In fact, since that day,
"associates' dedication and the tireless efforts of the board have
helped Satyam win new purchase orders and extensions totaling more
than $250 million," said Satyam Chief Executive Officer A.S. Murty.
The contract wins include a $50 million project, plus numerous
others representing a broad range of industries, technologies and
geographies. "These wins reflect a positive trend," Murty said.
"More than half of this value comes from new purchase orders. That
fact reinforces the confidence customers have expressed to us
during our frequent discussions with them." Satyam also announced
that on Saturday, its board met for the seventh time since Jan. 10.
In addition to other key developments, it established a process for
potential strategic investors, and will seek regulatory approvals
early next week. Should the government consent, the board will
announce the specific process potential investors must follow.
Additionally, the board: -- Formally indicated to the Indian
Ministry of Corporate Affairs that it intends to remove
Pricewaterhouse Coopers (PWC) as statutory auditors. PWC has also
been notified, and resigned from the role. The board will soon
appoint new statutory auditors. -- Authorized Murty to complete and
implement a plan to retain key associates and endorsed plans
already under way to reduce expenses and optimize profits. --
Explained how it is using its recent infusion of $130 million. "It
is being used to meet immediate and near-term operating
requirements, including payments to vendors," said Board Member
T.N. Manoharan. "Furthermore, we are now receiving unsolicited
offers from banks for additional funding." Special advisors to the
board Homi Khusrokhan and Partho Datta also attended the meeting,
as did Satyam's legal advisors and several BCG representatives.
About Satyam Satyam (NYSE:SAY), a leading global business and
information technology services company, delivers consulting,
systems integration, and outsourcing solutions to clients in
numerous industries across the globe. 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 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 numerous clients,
including many Fortune 500 organizations. For more information, see
http://www.satyam.com/. 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: For clarifications, write to us at or contact our global
Satyam PR representatives: US, Jim Swords, , +1-703-877-2225, or
Europe, Sandeep Thawani, , +44-783-010-3838, or Asia-Pacific, Dan
Bleakman, , +61-439-408-484, or Reshma Wad Jan, , +65-98-140-507
Web Site: http://www.satyam.com/
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