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EXHIBIT 99.1
Wednesday August 30, 8:04 am Eastern Time
Press Release
SOURCE: The Management Network Group, Inc.
TMNG Expands Consulting Practice by Merging with The Weathersby Group
TMNG to Provide Full Marketing, OSS, and CRM Consulting Services To Telecom
Industry
OVERLAND PARK, Kan., Aug. 30 /PRNewswire/ -- The Management Network
Group, Inc. (Nasdaq: TMNG - news), a leading provider of management consulting
services to the global telecommunications and e-business industries, today
announced a definitive merger agreement with The Weathersby Group
(http://www.weathersbygroup.com), a privately held consulting firm offering a
broad array of marketing consulting services primarily to the
telecommunications, e-commerce, and technology industries.
Through the merger, TMNG will fold its Marketing and CRM practice,
launched earlier this year, into The Weathersby Group to create a new wholly
owned TMNG subsidiary, TWG Marketing. TWG Marketing will provide a full spectrum
of marketing consulting services from strategic planning to product delivery and
customer acquisition. TWG Marketing will be led by Amanda Weathersby, the
founder and CEO of The Weathersby Group. The specific financial terms of the
transaction were not disclosed.
The Weathersby Group, headquartered in Bethesda, MD, was founded in 1990
and currently operates with over 150 consultants averaging over 13 years
experience in the marketing field. The company has averaged annual revenue
growth of 40% over the last 4 years. The Weathersby Group boasts a solid client
base, of which approximately 90% are new clients to TMNG. The Weathersby Group
recorded $11.1 million in total revenues in 1999. The transaction is expected to
be accretive to TMNG's pro forma net earnings beginning in 2001.
Richard Nespola, President and CEO of The Management Network Group,
commented, "We could not have found a better fit for TMNG's first acquisition.
Our clients and the marketplace are recognizing the ever-increasing importance
of marketing, product differentiation, and customer relationships, as price
points become less relevant. This combination of TMNG and The Weathersby Group
provides our clients with an expanded portfolio of services to meet their
growing needs."
"My partners and I have had relationships with TWG's founders that date
back 17 years. Our businesses are both characterized by highly experienced
consultants, low turnover, high-profile clients concentrated in the telecom and
e-commerce industries, and leadership teams who have successfully managed rapid
growth in a profitable enterprise," concluded Mr. Nespola.
Ms. Weathersby added, "We have spent 10 years building a highly
specialized consulting practice focused on the critical areas of product
strategy, product delivery, and customer acquisition and retention. Companies
need people with a high level of experience to help them define and implement
marketing strategies as well as build the requisite infrastructure to support
products and customers in a rapidly changing global marketplace. With TWG
Marketing, TMNG can provide that experience. We look forward to collectively
providing a powerful set of services to our combined clientele."
About TMNG
The Management Network Group, Inc. (TMNG) is a leading provider of
strategy, management, operational and e-business consulting services to the
global telecommunications industry. With over 400 consultants worldwide, TMNG
serves communications service providers, technology companies and financial
services firms. Since the company's inception in 1990, TMNG has performed
services for over 230 clients worldwide. The company is headquartered in
Overland Park, KS, and has offices located in Chicago, Washington, D.C.,
Sacramento, San Francisco, New York, Toronto, London and Buenos Aires. TMNG can
be reached at 888-480-TMNG (8664) or online at http://www.tmng.com. SOURCE: The
Management Network Group, Inc.
