$7.4 Million in New Contracts Announced by Zanett.Reiterates 2nd Quarter Revenue Guidance up 10-12% Year-Over-Year NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Zanett, Inc. (NasdaqCM: ZANE), a leading consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a specializing in business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ), IT enabled services (ITES ITES Information Technology Enabled Services ITES Information Technology Enterprise Solutions ITES Institut Technologique Européen de Sécurité ITES International Test & Engineering Services Company (Japan) ITES It Enabled Services ), and information technology (IT) serving Fortune 500 corporations and mid-market companies, today announced it has signed 70 new contracts during April and May worth a combined total of almost $7.4 million. Among the contracts were: * a $1.1 million agreement for OAB OAB Ordem dos Advogados do Brasil (Brazil) OAB Offline Address Book OAB Over-Active Bladder (urology) OAB Outlook Address Book (Microsoft) OAB Ocean Affairs Board implementation and HR modules with a major mid-west energy delivery company; * a $499,000 Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality contract for Zanett's unique JDE JDE Java Development Environment JDE Journal of Dental Education JDE Journal of Distance Education JDE J. D. Edwards and Company JDE Job Descriptor Entry (Xerox) JDE Joint Multi-User Detection and Multi-Channel Estimation JDE Joint Defence Exercise solution implementation for a software company; and * a 12-month Java development contract extension with a major mutual insurer based in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . Dennis Harkins, Chief Financial Officer of Zanett, said, "We are very pleased with the strong sales and contract signings we are experiencing given the economic situation for the overall economy. The contracts demonstrate the caliber of talent we bring to our clients and our ability to provide a wide range of solutions. The JDE implementation, for example, illustrates how we can broaden our offerings and win new business. We anticipate that June will be a strong month for us as well, and as a result, we will meet our 2nd quarter 2008 revenue guidance growth rate of 10-12% above 2nd quarter 2007." He concluded, "In addition, we are confirming our previously announced 2008 annual growth rate of 17-18% higher than 2007." About Zanett, Inc. Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations, mid-market companies, and highly classified federal agencies involved in Homeland Defense and Homeland Security. The company has historically operated in two segments, Government Solutions and Commercial Solutions. With the sale of PDI PDI Protein Disulfide Isomerase PDI Personal Docente e Investigador (Spanish: Personal Educational and Investigating) PDI Pre Delivery Inspection PDI Professional Development Institute , Zanett will focus exclusively on its Commercial Solutions business. The Commercial Solutions segment provides BPO, ITES, IT and Management Consulting Services, as well as delivers custom business solutions that integrate and implement Oracle's full suite of product offerings - Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle Fusion technologies. A wide range of industry-focused delivery expertise is provided to clients, including Managed Services, Enterprise Applications, Business Intelligence, SOA (1) (Start Of Authority) The first record in a DNS zone file. See DNS records. (2) (Service Oriented Architecture) The modularization of business functions for greater flexibility and reusability. , and Middleware Technologies. Zanett also provides full infrastructure and application hosting, utilizing local and international resources, remote and onsite DBA support, all on a 24x7 basis. Zanett currently employs over 198 people nationwide, is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and operates out of 8 offices (Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City and the Philippines). For more information, please visit http://www.zanett.com. Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors. Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission. Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such. |
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