FREMONT, Calif., Oct. 1, 2008 (GLOBE NEWSWIRE) -- iGATE Corporation (NasdaqGM:IGTE - News) announced that it has completed the spin-off of its Professional Services business into a publicly-traded company named Mastech Holdings, Inc. (``Mastech''). The spin-off, which was completed on September 30, 2008, was implemented through a tax-free dividend to iGATE shareholders.
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iGATE distributed one share of Mastech common stock for every fifteen shares of iGATE common stock outstanding as of the close of business on September 16, 2008. Shareholders will receive a cash payment in lieu of fractional shares of Mastech. iGATE Corporation will not retain any shares of Mastech and going forward will report past results of the Professional Services Business as discontinued operations.
Beginning Wednesday, October 1, 2008, Mastech will operate as an independent public company with its common stock trading on the American Stock Exchange under the symbol ``MHH.'' The new company will have approximately 3.6 million shares outstanding.
In addition, iGATE also announced that it completed the divestiture of its clinical research business to Ginde Lifesciences Private Limited at the end of August 2008.
About iGATE Corporation
iGATE Corporation (NasdaqGM:IGTE - News) is the first fully integrated Technology and Operations (iTOPS) firm with a global service model. iGATE enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting; IT services; data warehouse and business intelligence solutions; enterprise solutions; business process outsourcing and business service provisioning; contact center and infrastructure management services. The company services around 100 clients across the globe. Clients rely on iGATE because of the high quality of service, responsiveness, and cost-effective global reach. More information about iGATE is available at http://www.igate.com
The iGATE Global Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5150
About Mastech Holdings, Inc.:
Leveraging the power of 20 years I.T. experience, Mastech (AMEX:MHH - News) provides Information Technology services in the disciplines which drive today's business operations. Clients turn to Mastech for comprehensive I.T. services including: I.T. Consulting; OneSource(tm) Co-Managed projects and supplemental I.T. resources. Mastech's niche focus includes Business Intelligence/Data Warehousing; Enterprise Resource Planning (ERP); Service Oriented Architecture (SOA); Web Development and I.T. Project Management. Mastech also provides Recruitment Process Outsourcing (RPO) services and Brokerage Operations Staffing services through its RPOworldwide and Global Financial Services subsidiaries. Mastech is a certified minority-owned business enterprise. More information about Mastech can be found at Mastech's website: http://www.mastech.com