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Exhibit 99.1
Contact: Clete T. Brewer, Chairman and Chief Executive Officer
Terry C. Bellora, Chief Financial Officer
Edgewater Technology, Inc.
(501) 973-6084
Lekha Rao
Brunswick Group
(212) 333-3810
Edgewater Technology, Inc. Announces The Sale Of Its Strategic Legal
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Resources Division And Discusses Its Share Repurchase Program
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Fayetteville, Ark - September 25, 2000 - Edgewater Technology, Inc. (NASDAQ:
EDGW, www.edgewater.com, the "Company"), today announced the sale of all of the
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outstanding stock of its Strategic Legal Resources subsidiary, its legal
staffing division, to a company owned by a group of investors including MidMark
Capital II, L.P. and Edwardstone & Company for $13.25 million, of which $4.25
million is represented by a promissory note payable in 120 days.
In 1999, Strategic Legal Resources recorded revenues of $17.1 million, operating
income of $0.9 million and EBITDA of $2.1 million before unallocated corporate
expenses of $0.6 million. During the first half of 2000, Strategic Legal
Resources recorded revenues of $10.6 million, an operating loss of $0.3 million
and EBITDA of $1.0 million before unallocated corporate expenses of $0.5
million.
Clete T. Brewer, Chairman and Chief Executive Officer, commented, "We are
pleased to announce the sale of Strategic Legal Resources. Including the
proceeds from this transaction, we currently have approximately $100 million in
cash and no debt. Since the July 2000 stock repurchase authorization and
subject to applicable limitations, the Company has repurchased 943,000 shares of
its common stock. We will continue to focus our energy on building Edgewater,
our award-winning eSolutions company, which has the reputation for high quality
and innovative solutions in the fast growing technology sector."
About The Company
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Edgewater Technology, Inc., formerly known as StaffMark, Inc., is a holding
company which owns a portfolio of business service brands. Its primary brand is
Edgewater Technology, a national full-service provider of tailored Internet-
centric solutions, which assists clients through proven methodologies, including
eStrategy, eSolutions and Internet Outsourcing. Edgewater Technology,
Inc.'s other specialty platforms are IntelliMark (information technology
staffing and solutions) and ClinForce (clinical trials support services). Find
more information at www.edgewater.com.
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