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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 2000
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THE A CONSULTING TEAM, INC.
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(Exact name of registrant as specified in its charter)
New York 0-22945 13-3169913
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
200 Park Avenue South, New York, New York 10003
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 979-8228
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Item 5. Other Events
A description of an event affecting the Registrant is set forth in the
Registrant's press release dated March 20, 2000 attached hereto as Exhibit
Number 99 which is incorporated by reference herein in its entirety.
Item 7(c). Exhibits
99 Press Release dated March 20, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
The A Consulting Team, Inc.
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(Registrant)
March 22, 2000 By: /s/ Shmuel BenTov
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Date Shmuel BenTov, President
and Chief Executive Officer
March 22, 2000 By: /s/ Frank T. Thoelen
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Date Frank T. Thoelen
Treasurer and Chief Financial
Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press release dated March 20, 2000
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Exhibit Number 99
Company Contact: Press Contact: Investor Relations Contact:
Shmuel BenTov Joe Berwanger Leon Berman
TACT environments.com Makovsky & Company
(212) 979-1010 (212) 962-8485 (212) 508-9641
[email protected] [email protected] [email protected]
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TACT Announces Multi-Million Dollar Investment By Group of Investors
LED BY YOSSI VARDI, POLARIS, SFK GROUP AND ARISON GROUP
- Investment To Drive Transition of TACT Into Majore-Services Company -
NEW YORK (March 20, 2000) -- The A Consulting Team, Inc. (Nasdaq Symbol: TACX),
a leading provider of e-services to Fortune 1000 clients, today announced that a
group of investors, which included Dr. Yossi Vardi, DS Polaris on behalf of
certain funds, SFK Group and Arison Group, yesterday purchased an aggregate
392,857 shares of Common Stock at $7.00 per share for a total of $2.75 million
payable pursuant to a 30-day promissory obligation. The closing price of TACT's
Common Stock on March 17, 2000 was $5.1875 per share. The purchasers also
received a 60-day option to purchase up to an additional 607,143 shares at $7.00
per share and a two-year option to purchase up to 1,000,000 shares at $13.00 per
share. TACT has 5,485,000 shares of Common Stock outstanding.
Dr. Yossi Vardi, a well-known Israeli business leader and entrepreneur who was
the founding investor in Mirabilis, the creator of ICQ, which was recently sold
to AOL, stated: "TACT's talent and experience dealing with Fortune 1000 clients
gives TACT the ability to exploit opportunities in e-commerce and the exploding
B2B market."
DS Polaris Group is led by Chemi Peres, the Managing General Partner and Founder
of Polaris Venture Capital, one of the pioneers of the venture capital industry
in Israel.
SFK Group is part of the Shrem, Fudim, Kelner Group which is recognized as one
of the leading finance houses in Israel.
Arison Group is part of the Arison Family's holdings. The Arison Group is one of
the largest investment groups in Israel concentrating its core activities on
four carefully selected sectors: banking (investment in Bank Hapoalim, the
largest bank in Israel); real estate and construction; communications, and
high-tech (investments encompass software, communications solutions, medical
equipment, biotechnology and electronics).
"These investors are among the most well-respected investors in Israel and
we are thrilled to have them become shareholders of TACT. We view this
investment as integral to our continuing transformation of TACT into a
leading e-services provider. We have developed a powerful e-commerce
offering with the technology talent of TACT and the
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strategic planning, digital design and Internet technology offerings of
our subsidiary, T3 Media, a leading e-services provider
(www.t3media.com)." stated: Shmuel BenTov, the Founder, Chairman, and CEO
of TACT.
About TACT
TACT provides full e-services from web strategy and design through web
development and integration, to web application hosting to a broad range of
Fortune 1000 companies and other large organizations. TACT also provides the
same markets with enterprise-wide Information Technology consulting, software
and training services and solutions. TACT owns 51% of T3 Media, an e-business
web integrator, and a minority interest in LightPC.com, an application service
provider ("ASP") offering its business partners and content providers the
ability to quickly and easily deliver the latest software applications to their
end-users online. Visit TACT's home page at www.tact.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of
1995: Statements made in this press release which are not historical facts,
including those that refer to TACT plans, beliefs and intentions, are
"forward-looking statements" that involve risks and uncertainties. These risks
and uncertainties could cause actual results to differ materially from the
forward-looking statements, and include, but are not limited to, TACT's ability
to scale its existing and any new businesses. For a more complete description of
the risks that apply to TACT's business, please refer to the Company's filings
with the Securities and Exchange Commission. The Company's actual results may
differ materially from the results anticipated in these forward-looking
statements as a result of certain factors set forth under Risk Factors and
elsewhere in the Company's Annual Report on Form 10-K with the Securities and
Exchange Commission on March 31, 1999.
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