Planet Zanett Acquires Profitable Boston-based IT Consulting Firm; Back Bay Technologies Joins Planet Zanett IT Commonwealth.Business & High-Tech Editors NEW YORK--(BUSINESS WIRE)--Dec. 10, 2001 Planet Zanett, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : INCU), a 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 based IT services aggregator today announced the acquisition of Back Bay Technologies, Inc., a technology 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 serving blue-chip corporate clients in the New England region. Back Bay has experienced explosive growth since its inception and expects to achieve over $1,000,000 in net income for the calendar year 2001. Back Bay Technologies, Inc. (http://www.backbaytechnologies.com) was founded in 1997 by Marc Maselli and Curtis Stevenson, former consultants with Accenture Ltd (NYSE NYSE See: New York Stock Exchange :ACN ACN Accenture (stock symbol) ACN Accenture ACN Australian Company Number ACN Automatic Collision Notification (US DOT) ACN Acetonitrile ACN Anglican Communion Network ). Back Bay Technologies provides J2EE-compliant consulting services to Fortune 500 companies, with a concentration within the financial service industry. Marc Maselli, President of Back Bay Technologies Inc., stated, "We are extremely pleased to be joining the Planet Zanett team. Their Commonwealth model allows culturally unique and client-centric companies like Back Bay to derive the benefits of scale, while preserving their individual identity and core strengths. Planet Zanett will manage certain corporate services for Back Bay, which will allow us to remain focused on our mission of bringing value to our clients." According to Claudio Guazzoni, President of Planet Zanett, "Back Bay Technologies has demonstrated an ability to generate profits in all types of economic conditions. Their core skill sets and high margins typify the kind of performance we seek within the Planet Zanett IT Commonwealth." Planet Zanett CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David McCarthy elaborated on the benefits of aggregating profitable, specialty IT firms within a public company by noting, "Being part of a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. will give Back Bay the stature to attract, motivate and retain key employees. Public equity ownership is just one of the ways Planet Zanett is committed to providing for the common wealth of its staff and shareholders." About Planet Zanett, Inc. (www.planetzanett.com) Planet Zanett is an industry consolidator led by a group of investment professionals who, since 1991, have formed and consolidated businesses around cutting-edge internet, wireless, optical, and telecom technologies. Planet Zanett partners with the owners of profitable companies to identify highly fragmented markets and then orchestrate a platform for consolidations. Planet Zanett's management team has been instrumental in the success of a number of young technology companies including Robotic Vision Systems, Inc (NASDAQ: ROBV), SmartServ Online (NASDAQ: SSOL SSOL Student Services On Line SSOL Space Station Operation Language SSOL Smooth Stylez Of Life (band) ), YouthStream Media Networks, Inc (NASDAQ: NETS), and FiberNet Telecom Group, Inc (NASDAQ: FTGX FTGX Fibernet Telecom Group, Inc (NASDAQ) ). SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements relate to, among other things, future events or Planet Zanett, Inc.'s future financial performance. In some cases, you can identify forward-looking statements by terminology including, but not limited to, "may," "will," "could", "should," "expects," "plans," "anticipates" "believes," "estimates," "projects," "predicts," "potential" or "continue" or the negative of such terms or other comparable terminology. These statements include, but are not limited to, statements regarding: the expected benefits of the acquisition such as efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the combined company. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may affect Planet Zanett, Inc.'s or its industry'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. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risk that Planet Zanett, Inc.'s and Back Bay Technologies, Inc.'s businesses will not be coordinated and integrated successfully, and disruptions from the acquisition will make it more difficult to maintain relationships with clients, lenders, employees, suppliers or other constituents. For a discussion of additional factors that could cause Planet Zanett, Inc.'s results to differ materially from those described in the forward-looking statements, please refer to Planet Zanett, Inc.'s filings with the Securities and Exchange Commission, including, but not limited to, the sections titled "Special Note Regarding Forward-Looking Information" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations -- Risk Factors" in Planet Zanett, Inc.'s 2000 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and "Special Note Regarding Forward-Looking Statements." These factors may cause Planet Zanett, Inc.'s actual results to differ materially from any forward-looking statement. |
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