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EXHIBIT 99
[LETTERHEAD OF THE A CONSULTING TEAM, INC.]
NEWS RELEASE
Company Contacts: Investor Relations Contact:
Shmuel BenTov, Frank Thoelen Leon Berman
TACT Makovsky & Company
(212) 979-1010 (212) 508-9641
[email protected], [email protected] [email protected]
Karen Brown Tyson, APR
Level 8 Systems
(919) 380-2270
[email protected]
TACT AND LEVEL 8
ANNOUNCE STRATEGIC E-SERVICES PARTNERSHIP
NEW YORK and Cary, NC (October 11, 2000) -- The A Consulting Team, Inc. (Nasdaq
Symbol: TACX), a leading provider of e-Services to Fortune 1000 clients, and
Level 8 (Nasdaq: LVEL), a leading global provider of high performance eBusiness
integration software, today jointly announced that the two companies have
entered into a strategic alliance to deliver high performance e-Business
integration solutions for global 1000 companies.
Under terms of the agreement Level 8 purchased 500,000 shares of TACT's common
stock at $8.00 per share representing approximately seven percent of the common
stock of TACT outstanding. In addition, Level 8 received warrants for the
purchase of 500,000 shares of TACT's common stock with an exercise price of
$13.00 per share.
Additional terms of the partnership includes TACT joining the Level 8 eBusiness
Alliance Program (LeAP), an innovative approach to offering valued business
partners access to the tools and programs necessary to integrate Level 8
solutions with partners' products and services. TACT will become a reseller.
"We are very excited about the strategic partnership with Level 8 and the
investment they have made in TACT," said Shmuel BenTov, Founder, Chairman, and
CEO of TACT. "This agreement will further expand TACT's leadership in the
e-Services arena while creating an additional revenue stream for the company.
Our ability to attract partners and investors such as Level 8 highlights our
success in implementing our e-Services offerings."
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Arik Kilman, Chairman and CEO of Level 8 said, "Our decision to invest in TACT
was based primarily on their competency as an end-to-end e-Services provider,
which also makes them an ideal partner to deliver our Geneva High Performance
Integration Platform."
About Level 8 Systems
Level 8 Systems (Nasdaq: LVEL; www.level8.com) is a leading global provider of
high performance eBusiness integration software that enables organizations to
integrate new and existing information and processes with the Internet to create
new business value. The Level 8 product portfolio represents the broadest
eBusiness integration offering from a single vendor in the market today. The
Geneva High Performance Integration Platform provides enterprise messaging,
application integration, business process automation and application engineering
technologies. Level 8 Systems has more than 700 customers and over 475 employees
worldwide with corporate headquarters in Cary, North Carolina, and offices in
the US, UK, Germany, Denmark, Sweden, France and Italy.
About TACT
TACT(R) is an end-to-end e-Services provider. TACT delivers strategy, design,
development, back-end integration, and application hosting services and
solutions to a broad range of Fortune 1000 companies and other large
organizations. TACT is a majority owner of T3 Media, Inc. www.t3media.com, a
digital solution provider, holds a minority interest in Always-On, Inc.
www.always-on.com, and controls American Catalyst 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 29, 2000.
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