TACT Appoints Michael Prude Chief Operating Officer; Company's Board Increases Membership to Seven and Adds Two New Members.NEW YORK -- The A Consulting Team, Inc. ("TACT") (Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for : TACX) today announced that it has appointed Michael Prude, who has served as the Company's Chief Technology Officer since 2004, as its Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The Company also announced that its Board of Directors approved an increase in the number of directors to seven from five and approved the appointments of Shankar N. Ram, a seasoned IT service executive, and Daniel L. Thomas, founder of the accounting firm Thomas & Associates, to its Board. TACT's Board of Directors resolved to further increase the number of directors to nine at its next annual meeting, which the Company plans to hold in August 2006. Michael Prude, who joined TACT in 1993, has over twenty years experience developing and delivering technology solutions to Fortune 1000 companies. Mr. Prude began his career managing technology development projects for Long Island Trust Company (subsequently acquired by the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Company). He also worked with Citibank and Barclays Bank, where he architected, managed and delivered complex IT projects, and TRECOM, where he served as Delivery Account Manager. Prior to joining TACT, he founded an IT service consulting company whose clients' included leading financial institutions such as Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. and First Boston. While serving as TACT's Chief Technology Officer he was responsible for sales, recruiting and project delivery. Mr. Prude attended Polytechnic University where he received his education in electrical engineering. Mr. Ram, has over 30 years experience, most of which is in the information technology services sector, including the designing and implementation of software solutions for major corporations. He currently serves as president and CEO, and serves on the Board of Directors, of Laxmi Group, Inc., a company that specializes in IT staff augmentation, project management and consulting that Mr. Ram founded and which is now a subsidiary of Helios & Matheson Information Technology Ltd. Mr. Ram also founded and served as president and CEO of Importers Software Services, Inc., a software solutions company focused on international business applications for import, export, duty management, NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's management and tracking. In addition, he has served as a director on the Boards of Prumatech, Inc., a provider of IT solutions and services for plant maintenance and materials management; Netwin Solutions, Inc., a company involved in the design and deployment of trade software for UPS Supply Chain Solutions; and Ignify Inc., an eBusiness, IT consulting and software services firm. He is an active member in several international trade associations. Mr. Ram received a Bachelors of Engineering degree from the University of Madras The University of Madras is one of the three oldest universities in India (along with University of Mumbai and University of Calcutta). The University of Madras, organized on the model of London University, was incorporated on 5 September 1857 by an Act of the Legislative Council (India) and holds a Masters of Science in Systems Science from Louisiana State University Louisiana State University and Agricultural and Mechanical College, generally known as Louisiana State University or LSU, is a public, coeducational university located in Baton Rouge, Louisiana and the main campus of the Louisiana State University System. (Baton Rouge). Mr. Thomas is a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. with over 30 years of public and private accounting experience, covering areas such as acquisition consulting, due diligence, internal accounting control, systems implementation, and fraud prevention and investigation. Prior to founding Thomas & Associates, he was Audit Partner in Charge with Corbin & Wertz (presently Wertz & Company), a CPA firm located in California. Mr. Thomas received a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in accounting from California State Polytechnic, University of Pomona, where he graduated summa cum laude sum·ma cum lau·de adv. & adj. With the greatest honor. Used to express the highest academic distinction: graduated summa cum laude; a summa cum laude graduate. . He is a Reserve Deputy Sheriff for the Orange County Sheriff's Department Orange County Sheriff's Department could refer to several sheriff's offices in the United States including:
Commenting on the appointments, Shmuel BenTov, TACT's president and CEO, said, "Michael Prude's promotion to Chief Operating Officer is well earned. He has materially contributed to TACT's development as an expert in combining leading-edge technology with proven methodology to deliver ROIs to its clients. His expanded role will further reinforce TACT's position as a trusted long-term business partner." Mr. BenTov added, "The addition of Shankar Ram and Daniel Thomas to our board of directors further diversifies the board." About TACT TACT (Nasdaq Capital Market: TACX) has built a reputation for cutting-edge IT Solutions that is exemplified by its impressive roster of Fortune 1000 customers. TACT focuses on a business-oriented, value-added approach to its end-to-end IT Services and 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 solutions. For over 20 years, TACT has enabled significant ROI gains in Business Intelligence, Custom Application Development, Strategic Sourcing, Support and Maintenance, Data Supply Chain, Collaboration, Quality Assurance, Project Portfolio Management, and other specific vertical solutions. TACT has offices 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. ; Clark, New Jersey; and Bangalore, India. More information about TACT(R) can be found at its web site at http://www.tact.com. "Safe Harbor" Statements under 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: Statements made in this press release which are not historical facts, including those that refer to TACT plans, beliefs and intentions, are "forward-looking statements" that involve risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the forward-looking statements, and include, but are not limited to, TACT's ability to scale its existing and any new businesses. For a more complete description of the risks that apply to TACT's business, please refer to the Company's filings with the Securities and Exchange Commission. The Company's actual results may differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under Risk Factors and elsewhere in the Company's Annual Report on Form 10-K with the Securities and Exchange Commission on March 29, 2006. |
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