NEWS 3/19/08 Zanett Announces Close of $8.9 Million Sale of Government Solutions Subsidiary
Wednesday March 19, 8:00 am ET
Conference Call Scheduled to Discuss Sale, First Quarter Guidance
NEW YORK--(BUSINESS WIRE)--Zanett, Inc. (NasdaqCM: ZANE), a leading consulting firm specializing in business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) serving Fortune 500 corporations and mid-market companies, today announced the sale of its Government Solutions subsidiary, Paragon Dynamics, Inc. (PDI) to KOR Electronics of Cypress, California, for $8.875 million in cash. Terms of the deal will be described in a Form 8-K filing with the SEC. The transaction has closed as of March 18, 2008.
Management of Zanett will host a conference call on Thursday, March 20, 2008 at 11 a.m. EDT to discuss the company’s latest business developments and guidance for the first quarter of 2008. Those who wish to participate in the conference call may telephone 888-335-6674 from the U.S. or for international callers, 973-321-1100, passcode # 39177733 approximately 15 minutes before the call. A digital replay will be available by telephone, approximately 2 hours after the completion of the call and for two weeks thereafter, and may be accessed by dialing 800-642-1687, from the U.S. or 706-645-9291 for international callers, passcode # 39177733.
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