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Press Contacts: Kim Howard
-------------- enherent Corp.
(860) 687-2370
[email protected]
--------------------
Richard Rosenfeld
enherent Corp
(914) 345-3800
[email protected]
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David A. Kaminer
The Kaminer Group
(914) 684-1934
[email protected]
For Immediate Release -------------------
ENHERENT CORP. ANNOUNCES BUYBACK OF 2 MILLION SHARES
WINDSOR, Conn., August 22, 2000 -- enherent Corp. (NASDAQ: ENHT,
www.enherent.com) announced today that it plans to buyback up to two million
shares of its common stock.
Dan Woodward, enherent's president and CEO, said the company's Board of
Directors had authorized the buyback plan. He said the timing and final terms
were at the discretion of management, noting that the two million shares
designated in the buyback program represent approximately 11 percent of
enherent's outstanding shares.
"This decision by the Board shows confidence in senior management and
our business plan as enherent continues to evolve as a leading supplier of
e-business and IT solutions," stated Mr. Woodward, who said enherent had $8.9
million in cash, cash equivalents and marketable securities at the end of the
second quarter.
About enherent
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enherent is a leading provider of e-business and IT solutions. Founded in 1989
as PRT Group Inc., enherent is headquartered in Texas. For more information
visit www.enherent.com.
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 about the future operations and
expectations of the Company and contains statements regarding the Company's
beliefs, intentions and expectations about developments, results and events that
will or may occur in the future. Such forward-looking statements are based on
certain assumptions and analyses made by the Company derived from its experience
and perceptions. Actual results and developments may vary materially from those
described, as they are subject to a number of known and unknown risks and
uncertainties. Such risks and uncertainties include, but are not limited to,
general economic, market and business conditions; general conditions and
competition in the IT industry; any hoped for benefit of the reduction in losses
or belief that customer demand is outpacing the Company's resource capacity
described herein; the Company's ability to retain IT personnel who possess
needed technical skills and experience; demand for the Company's services; and
various other factors set forth under the caption "Factors That May Affect
Future Results" in Item 7 of PRT's Annual Report on Form 10-K for the year ended
December 31, 1999.
