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EXHIBIT 99
Company Contact: Investor Relations Contact:
Shmuel BenTov, Frank Thoelen Leon Berman
TACT Makovsky & Company
(212) 979-1010 (212) 508-9641
[email protected], [email protected] [email protected]
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TACT RECEIVES ADDITIONAL $1 MILLION INVESTMENT
NEW YORK (July 7, 2000) -- The A Consulting Team, Inc. (Nasdaq Symbol: TACX), a
leading provider of e-Services to Fortune 1000 clients, announced today that
Michael G. Jesselson, through two investment trusts he controls, has invested $1
million in TACT by purchasing 125,000 shares of TACT common stock at $8.00 per
share with two-year warrants to purchase an aggregate of 125,000 additional
shares of TACT's common stock at $13.00.
"We are delighted that Michael Jesselson has recognized TACT's eServices
solutions as a worthwhile investment," said Shmuel BenTov, Founder, Chairman,
and CEO of TACT. "We are confident that our continued success at creating and
implementing our e-Services offerings will continue to attract additional
investors of Mr. Jesselson's caliber."
"I am excited about this investment in TACT," said Mr. Jesselson. "I believe
TACT has the eServices capabilities to take advantage of an ever increasing
demand from companies looking to bring their business online and that it will
play a major role in this space."
Mr. Jesselson is president of Jesselson Capital Corporation, a family investment
group located in New York City. He was an investor in several successful
Internet startups and has also been an investor in many other areas. He sits on
the Board of a number of public companies and not-for-profit philanthropic
organizations.
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About TACT
TACT(R) is an end-to-end e-Services provider including web strategy and design,
web development and integration, and web application hosting to a broad range of
Fortune 1000 companies and other large organizations. In addition, TACT provides
its clients with enterprise-wide Information Technology consulting, software and
training services and solutions. TACT is a majority owner of T3 Media, Inc.
www.t3media.com, an e-business web integrator, holds a minority interest in
Always-On, Inc. www.always-on.com, and is the parent of American Catalyst, LLC
www.americancatalyst.com. More information about TACT(R) can be found at its web
site 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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