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Exhibit 99.1
[LOGO]
FOR IMMEDIATE RELEASE
Investor Contacts: Joseph F. Pesce, CFO, Renaissance Worldwide, Inc., (781)
290-3004, [email protected]
Susan M.R. Murgia, Renaissance Worldwide, Inc., (781) 290-
3033, [email protected]
Renaissance Worldwide Receives $72 Million in Proceeds
from Enterprise Solutions Consulting Subsidiary Sale
WALTHAM, Mass.-- October 20, 2000 -- Renaissance Worldwide Inc. (NASDAQ:REGI), a
business and technology consulting firm, today reported the receipt of $72
million in proceeds from the recently completed sale of its wholly-owned
subsidiary, The Hunter Group, Inc., a worldwide information management
consulting group and provider of enterprise business solutions, to Cedar Group
Plc of the United Kingdom (London Stock Exchange: CED.L), an enterprise business
solutions firm.
The Company used a portion of these funds to pay off the outstanding borrowings
of approximately $34 million under its revolving credit facility. The Company
also announced that it has terminated this facility and is looking to establish
a new, smaller credit line.
"We are very pleased to be a debt-free company," said Joseph Pesce, Executive
Vice President and Chief Financial Officer. "Additionally, we are proud of the
fact that we have repaid over $108 million to our bank group during the past
eighteen months. At this time, we expect to resume our Common Stock buy-back
program, authorized earlier this year by our Board of Directors, by buying
additional stock from time to time in the open market or through private
transactions."
The Company is scheduled to release its third quarter financial results on
October 26, 2000.
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Renaisance Worldwide Receives $72 Million in Proceeds Page 2
from Enterprise Solutions Consulting Subsidiary Sale
About Renaissance
Renaissance Worldwide, Inc. is a global business and technology consulting firm
that provides focused solutions for breakthrough performance. Through its core
service offerings Renaissance delivers best-in-class services to Fortune 1000
and public sector clients by following its proven Concept-to-Completion delivery
model, designed to optimize time to return on investment and minimize risk
throughout the project life cycle. Founded in 1986, the company currently has
approximately 4,700 professionals in approximately 60 offices, located in
principal cities throughout North America, Europe, and Asia-Pacific. Visit
Renaissance on the Web: http://www.rens.com.
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About Cedar Group Plc
Cedar Group Plc delivers knowledge based enterprise business systems - globally.
With a head office in the UK, Cedar Group is a FTSE 250 company with a growing
presence in both the UK and the North American marketplace. Cedar has strong
management and is headed by former CEO of Oracle UK Mike Harrison. The customer
base extends from the public sector (HM Treasury, Ministry of Defence), to
service companies (Levi Strauss, CAIS Internet) through Telecommunications
(Orange, BT Cellnet) to Major Financial Services Players (Norwich Union,
Prudential plc). For more details please visit: www.cedargroup.co.uk or
www.cedargroupus.com.
This press release contains forward-looking statements. These forward-looking
statements involve a number of risks and uncertainties that could cause actual
results to differ materially from those indicated by such forward-looking
statements, including our ability to execute an effective growth strategy, our
transformation into an e-solutions provider, and our ability to attract
sufficient financing, as well as the factors discussed in our Annual Report of
Form 10-K, filed on March 24, 2000, and our other filings with the Securities
and Exchange Commission. Renaissance(TM), Renaissance Worldwide(TM) and Concept-
to-Completion are trademarks of Renaissance Worldwide, Inc.
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