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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]
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TACT ANNOUNCES $4.25 MILLION FUNDING
BY CURRENT AND NEW INVESTORS
Investments Underscore Company's Progress
in Transitioning to e-Services Provider
NEW YORK (June 20, 2000) -- The A Consulting Team, Inc. (Nasdaq Symbol: TACX), a
leading provider of e-Services to Fortune 1000 clients, announced today that a
group of Israeli investors have invested approximately $4.25 million by
purchasing an aggregate of 607,141 shares of TACT's common stock at $7.00 per
share with warrants to purchase additional shares of TACT's common stock at
$13.00 per share. The new investors are closely affiliated with the group of
leading Israeli investors who purchased shares of TACT's common stock and
warrants for $2,750,000 in March 2000.
"We are extremely pleased by the additional support we have received from our
current investors, and we are especially delighted that their enthusiasm has
attracted new investors," said Shmuel BenTov, Founder, Chairman, and CEO of
TACT. "The combined support of these notable investment groups underscores a
continued recognition of TACT's success in rapidly positioning itself as a
leading e-Services company, and the interest generated by our recently announced
strategy of becoming an accelerator to bring Israeli Internet startups to the
United States. Going forward, we are committed to enhancing our leadership as a
global e-Services company."
The $4.25 million investment came from four Israeli companies closely associated
with previous TACT investors. Arison Investments Ltd., a current TACT
shareholder, exercised part of an existing warrant to purchase shares. Two of
the three new investors, Eurocom Communications Ltd. and Poalim Capital Markets
Technologies, Ltd., are both affiliates of Arison. The fourth investor, Koonras
Technologies Ltd., is an affiliate of another existing shareholder of TACT, SFK
Group.
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About Our New Investors
Arison Investments, Ltd. is part of Arison Group, 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).
Poalim Capital Markets is the investment-banking arm of the Bank Hapoalim group,
which is controlled by Arison Group.
Eurocom Communications Ltd. is an affiliate of Arison Group and is one of
Israel's leading telecommunications holding companies. Eurocom Communications
Ltd. is an owner or partner in many of the leading telecommunications players in
Israel, among them the Internet service provider Internet Gold.
Koonras Technologies Ltd. is an affiliate of SFK Group, and is one of Israel's
largest enterprises and a leader among investment and holding companies.
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
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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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