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EXHIBIT 99
PRESS RELEASE
COTELLIGENT, INC. FOR IMMEDIATE RELEASE
101 California Street Company Contacts:
Suite 2050 Daniel E. Jackson, Chief Financial Officer
San Francisco, CA 94111 Sonali Sen, VP of Investor Relations
Telephone: 415-439-6400 Cotelligent #01-04
COTELLIGENT FINALIZES DIVESTITURE AGREEMENT
First Step in Cotelligent's Transformation to a Pure-play eBusiness and
mBusiness Solutions Provider
SAN FRANCISCO, CA, JUNE 15, 2000 - Cotelligent, Inc. (NYSE: CGZ), a leading IT
consulting firm, announced today that it has signed a definitive agreement with
COMSYS Information Technology Services, Inc., to divest substantially all of its
staff augmentation business for approximately $131 million. The purchase price
is comprised of $116 million in cash paid at closing, a contingent payment up to
$5 million based upon operating results for the quarter ending June 30, 2000,
and the assumption of certain liabilities. The transaction is expected to close
by the end of June.
As announced on April 27, 2000, Cotelligent initiated a series of transforming
transactions to reconfigure its business to become a pure-play eBusiness and
mBusiness Solutions Provider. This transaction is a significant part of the
Company's overall plan to divest itself of operations that do not fit within
this strategy. Other remaining non-strategic operations will either be sold or
closed. The Company does not anticipate significant proceeds or closing costs
related to these transactions.
A portion of the proceeds from this transaction will be used to eliminate the
Company's bank debt, fulfill our obligations under the ISR acquisition
agreement, fund the bSmart.to LLC joint venture, and pay the resulting tax
obligations. The remaining funds will provide the Company with substantial
liquidity and will be the platform to fund future strategic growth in the
business.
Jim Lavelle, Cotelligent's chairman and chief executive noted, "This is the
first step in the transformation we announced in late April. With the closing
of this transaction, Cotelligent will be ready to launch its wireless Internet
joint venture and reconfigure its operations to capitalize on the current growth
trends in eBusiness and the future growth frontier of wireless applications."
Upon closing the divestiture transaction, Cotelligent will fund and launch
bSmart.to LLC ("bSmart.to"), the new wireless Internet joint venture backed by
Cotelligent and bSmart.to Technologies. In the meantime, bSmart.to's key
management team has been established. The team has been busy identifying new
strategic alliance opportunities and finalizing a financial software
application, which demonstrates bSmart.to's unique technology. The
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demonstration, first shown earlier this month at the New Jersey Technology
Showcase in Somerset, NJ, will be available shortly in all Cotelligent and
bSmart.to locations. Cotelligent and bSmart.to personnel have also been working
together to adopt bSmart.to's proprietary technology, unique RSL code and
wireless applications. Pilot programs are now underway in the UK market. The
joint venture is in the process of determining its space needs in Europe and
Asia and expects to open offices soon. Further updates and ongoing progress may
be reviewed at the new www.bsmart.to.
The new Cotelligent Consulting Team is streamlining and aligning its operations
to its new direction. Key management has been repositioned to focus on core
competencies to leverage existing client relationships, improve in-house
technical capabilities, and enhance the impact of strategic alliances. Sales
teams are being deployed to deliver the full range of Cotelligent products and
services with a keen eye towards new profitability objectives.
On the wireless integration side, Cotelligent is positioning itself to support
sales of bSmart.to applications in Europe and Asia. Mirroring bSmart.to's
operational footprint, Cotelligent is planning to open offices in Europe and
Asia, with a supporting development office in Bangalore, India. It is also
developing in-house courseware and boot-camp processes to train technical
consultants on bSmart.to applications.
"We are excited about the bold steps we have taken to transform our company into
a leading eBusiness and mBusiness solutions provider. This is only the
beginning. I am confident that the strategic initiatives undertaken and
operational changes being deployed will produce meaningful results within the
next year that we can all be proud of," Lavelle concluded.
ABOUT COTELLIGENT, INC.
Cotelligent is a global information technology (IT) consulting firm focusing on
eBusiness and mBusiness. Cotelligent provides end-to-end electronic
applications consulting and assists companies to receive information anywhere,
anytime and in the most efficient format. Employing approximately 2850 technical
consultants and operating staff, Cotelligent delivers services from 28
locations throughout the United States. Cotelligent's stock is traded on the New
York Stock Exchange under the symbol CGZ. More detailed information is
available on the company's Web site at www.cotelligent.com. Following the
completion of the planned series of divestitures, Cotelligent will have over 600
technical consultants.
ABOUT COMSYS INFORMATION TECHNOLOGY SERVICES, INC.
COMSYS, headquartered in Houston, Texas, is one of the nation's leading
providers of IT project support and specialized project services by providing
highly skilled consultants. For more than 30 years, COMSYS has been a leader in
staffing IT projects of any size, as well as managing comprehensive turnkey
projects. COMSYS has a staff of more than 4,000 consultants and associates
based in more than 30 offices throughout the United States. COMSYS clients
include large corporations -- 129 of the Fortune 500 -- as well as many midsize
companies. More information about COMSYS appears on the company's Web site,
www.comsys.com.
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SAFE HARBOR STATEMENT
Except for historical information contained herein, the information contained in
this news release includes forward-looking statements that involve certain risks
and uncertainties that could cause actual results to differ materially from such
statements. All forward-looking statements included in this release are based
upon information available to Cotelligent as of the date thereof, and
Cotelligent assumes no obligation to update any such forward-looking statement.
Factors that could cause or contribute to such differences include, but are not
limited to: the extent to which customers invest in IT infrastructures; review
of the restructuring charge by the Securities and Exchange Commission or other
governmental agency; the availability of qualified IT professionals; the rate of
hiring, productivity and retention of revenue-generating personnel; changes in
the pricing of Cotelligent's services; the timing and rate of entrance into new
regional markets; the structure and timing of acquisitions; the inability to
obtain the waivers from lenders; the conditions relating to divestiture of the
staff augmentation business; the conditions relating to the closing of the joint
venture with bSmart.to Technologies; the possibility that the new joint venture
requires capital beyond amounts currently contemplated; the possibility that
revenues earned by or derived from the new joint venture is less than current
expectations; the possibility that technologies will not perform according to
expectations; and general economic conditions. Please refer to the discussion
of risk factors and other factors included in Cotelligent's Annual Report on
Form 10K for the year ended March 31, 1999, the Company's most recent Report on
Form 10Q, and other filings made with the Securities and Exchange Commission.
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