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EXHIBIT 99
PRESS RELEASE
COTELLIGENT, INC. FOR IMMEDIATE RELEASE
101 California Street Editorial Contact:
Suite 2050 Jessica Flynn, Corporate Communications Manager
San Francisco, CA 94111 Company Contact:
Telephone: 415-439-6400 Daniel E. Jackson, President and Chief Operating Officer
Cotelligent #01-20
COTELLIGENT TERMINATES BSMART JOINT VENTURE
San Francisco, CA - December 6, 2000 - Cotelligent (NYSE: CGZ), a leading
provider of end-to-end information technology (IT) solutions, announced today
that it is terminating its joint venture with bSmart.to Technologies, Inc.,
formed in August 2000.
According to the Company, the wireless joint venture with bSmart.to
Technologies, Inc. was not proceeding along the lines that Cotelligent had
initially envisioned. Cotelligent believes that the wireless venture would
require substantial additional investment to remain viable, and Cotelligent has
determined that making such additional investments is not in the best interests
of the Company at this time. Cotelligent has decided to exercise certain of its
rights under the joint venture agreements and terminate the relationship.
Of the initial investment, which was valued at approximately $18 million
(including $10 million of goodwill), the Company intends to write off
approximately $5 million, subject to further review and exclusive of any
analysis of potential goodwill impairment. The Philadelphia-based IT solutions
staff and ASP data center, contributed by Cotelligent to the joint venture, will
again become wholly owned by Cotelligent.
"Notwithstanding our disappointment at this unfortunate turn of events,
Cotelligent continues to move ahead with our mobile business initiative,
initiated several months ago with the development of our in-house training
program and wireless lab," said Jim Lavelle, Cotelligent's Chairman and Chief
Executive Officer. "Since last April, when the Company officially announced our
intention to pursue opportunities within the maturing mobile commerce market, we
have devoted a portion of our resources to educating our business professionals
in the latest wireless Internet protocols and communications. We are presently
establishing relationships with the types of firms we believe will strengthen
our position in this market and who will benefit from our systems integration
and development expertise. Cotelligent is very committed to delivering the
superior business solutions our clients expect."
ABOUT COTELLIGENT
Cotelligent (www.cotelligent.com) is a global consulting firm, delivering end-
to-end information technology solutions that power forward-looking businesses.
Cotelligent assists companies to receive information from multiple locations in
an efficient format. Areas of specialization include Web-enabled applications,
Web design, eCommerce, Web portals, and ERP eSolutions ("eBusiness"), as well as
custom application development, system integration and implementation, strategic
consulting and assessments, and business intelligence ("Enterprise Solutions").
As part of its wireless initiative, Cotelligent is also developing its knowledge
and expertise in mBusiness. Employing over 500 technical consultants and
operating staff, Cotelligent delivers services from major metropolitan locations
throughout the United States. Cotelligent's stock is traded on the New York
Stock Exchange under the symbol CGZ.
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