PeopleSupport Enters Into a Closing Agreement with Essar Services,
Mauritius
PeopleSupport, Inc. (Nasdaq:PSPT), a leading offshore business process
outsourcing (BPO) provider, announced that its stockholders have voted
to approve the Company’s proposed merger with
Essar Services, Mauritius at a special meeting of stockholders held
today. Stockholders approved the adoption of an agreement and plan of
merger by more than 75% of the shares of common stock outstanding and
issued as of August 22, 2008, the record date.
As previously announced, the parties entered into a Closing Agreement
under which certain significant conditions to closing, including that
PeopleSupport’s representations and warranties
remain true and that PeopleSupport has not experienced any material
adverse effect, will be deemed fully satisfied as of October 14, 2008.
Pursuant to the Closing Agreement, the closing is expected to take place
no later than October 31, 2008.
Forward Looking Statement
Certain statements in this press release including, but not limited to,
statements regarding the terms of the Merger, including the expected
timing of the Merger are forward-looking statements within the meaning
of the Private Securities Reform Act of 1995 that are subject to risks
and uncertainties that could cause results to be materially different
than expectations. Such risks and uncertainties include, but are not
limited to, the risk that the Merger will not be consummated; diversion
of management’s attention; retaining key
employees; risks associated with international operations; the company’s
dependence on a limited number of clients; trends in the outsourcing
industry and other risks detailed from time to time in the reports
PeopleSupport files with the SEC including PeopleSupport’s
Form 10-Q for the period ended June 30, 2008. Copies of reports
PeopleSupport filed with the SEC are posted on its Web site and are
available from PeopleSupport without charge. These forward-looking
statements are not guarantees of future performance and speak only as of
the date hereof, and, except as required by law, PeopleSupport disclaims
any obligation to update these forward-looking statements to reflect
future events or circumstances.
About PeopleSupport
PeopleSupport, Inc. (Nasdaq:PSPT), is a leading offshore BPO provider
that offers customer management, transcription and captioning and
additional BPO services for global enterprise clients. From its
world-class service delivery centers in the Philippines and Costa Rica,
PeopleSupport offers high performance services with deep industry domain
knowledge and expertise, resulting in customizable and best practice
solutions. By delivering high quality services from offshore locations,
PeopleSupport’s service delivery centers
reduce costs, improve performance and increase revenues. A majority of
PeopleSupport’s services are performed in the
Philippines, where PeopleSupport is one of the largest outsourcing
companies, employing approximately 8,000 college-educated, fluent
English speaking personnel. Headquartered in Los Angeles, California,
with approximately 8,500 employees worldwide, PeopleSupport serves
clients in a variety of industries, such as travel, consumer, financial
services, healthcare, insurance, technology, telecommunications,
entertainment and education. For more information, visit www.peoplesupport.com.
PeopleSupport
Peter Hargittay, Head of Marketing &
Investor Relations
310-824-6182
phargittay@peoplesupport.com
or
Joele
Frank, Wilkinson Brimmer Katcher
Joele Frank / Jamie Moser /
Marin Kaleya
212-355-4449
