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FOR IMMEDIATE RELEASE PRT Contact: Kim Howard
860-687-2370
[email protected]
PRT GROUP EVOLVES TO BECOME ENHERENT CORP.
NEW NAME - REFINED STRATEGIC DIRECTION - GEOGRAPHIC EXPANSION
WINDSOR, CONN. - MAY 31, 2000 - PRT GROUP INC. (NASDAQ: PRTG), a leading
provider of e-business and IT solutions, unveiled its new brand identity today
and announced that it will begin doing business as enherent Corp., to reflect
its' refined strategic direction. A visit to the company's new web site,
www.enherent.com, reveals the outward signs of the brand makeover.
"Our new name, logo and web site are simply outward signs of our inner
commitment," said Dan Woodward, enherent president and CEO. "This is not just
about capabilities, it's about our commitment and dedication to assist our
clients in achieving their e-business potential by measurably improving their
business results in the new digital economy."
One way we help companies realize their e-business potential is by enabling each
client's business model to drive the invention and innovation of the solution.
enherent's Balanced Development Methodology(SM) focuses on client business needs
and measurable business objectives, supported by iterative development and
industry best practices and reference models. Customers can see their e-business
strategies quickly unfold as enherent's solutions empower employees, customers
and suppliers.
The company also announced that it is moving its' corporate and administrative
headquarters to the Dallas, Texas area and is consolidating the principle
administrative and financial functions from its' Hawthorne, New York location
and Windsor, Connecticut location to the new Dallas area headquarters. The
company is closing the Hawthorne, New York location and will be reducing its'
facilities leaseholds by approximately 40,000 square feet between the Windsor,
CT facility and the Hawthorne, NY facility. These administrative office
consolidations will result in the loss of some
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administrative positions and support the companies continued pursuit of reducing
SG&A expense.
To take advantage of growth oriented market opportunities, the company will be
launching new geographic sales offices in the Dallas, Texas area serving the
southwestern U.S. as well as the Atlanta, Georgia area serving the southeastern
U.S., in the second half of 2000.
"enherent has traditionally had a strong customer base in the New England and
New York area and we are committed to our northeast geography, but it is time to
expand our reach beyond this geography. With our Solution Centers in Connecticut
and Barbados and our newly launched e-Solutions delivery model we can reach out
beyond our current geographic confines to bring e-Solutions thought leadership
to new clients regardless of geographic boundaries," Woodward said.
The company plans to change its name to enherent Corp. and will promptly seek
shareholder approval for the proposed name change. As part of this process,
enherent's subsidiaries will be adopting new corporate names.
ABOUT ENHERENT
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 PRT Group Inc. (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; the ability of the company to
realize cost savings or revenue arising from the activities described herein;
any hoped for benefit arising from the use of or doing business under the name
enherent Corp.; demand for the Company's services; inability to secure financing
to supplement the Company's working capital; failure or inability to meet a
client's expectations in the performance of services giving rise to claims
against the Company 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.
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