EXHIBIT 99.1
[PRG LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
THE PROFIT RECOVERY GROUP INTERNATIONAL ANNOUNCES NUMBER
OF SHARES EXPECTED TO BE ISSUED IN PLANNED ACQUISITION OF
HOWARD SCHULTZ & ASSOCIATES
ATLANTA, JANUARY 17, 2002 - The Profit Recovery Group International, Inc. (PRG)
(Nasdaq: PRGX) today announced that it expects to issue an aggregate of
14,759,970 shares of PRG common stock in connection with its previously
announced planned acquisition of substantially all of the assets of Howard
Schultz & Associates International, Inc. (HS&A) and substantially all of the
stock of certain of its affiliated foreign operating companies. The aggregate
number of shares to be issued reflects a reduction of 593,867 shares of PRG
common stock for the "in the money" value of HS&A options and stock appreciation
rights which will be outstanding at closing. This number is based on a PRG
average price of $9.036, which was determined based on the average of the
closing prices per share of PRG common stock over the five trading day period
ending on Wednesday, January 16, 2002. Closing of the acquisitions is subject to
the approval of PRG's shareholders at a special meeting to be held on January
24, 2002. If the transaction is approved, the closing is expected to occur on
that date. The calculation of the expected number of shares to be issued assumes
a January 24, 2002 closing date.
About The Profit Recovery Group International, Inc.
Headquartered in Atlanta, The Profit Recovery Group International, Inc. (PRG) is
one of the world's leading providers of recovery audit services. PRG's
continuing operations employ approximately 2,100 employees in 34 countries
providing more than 2,500 clients with insightful value to optimize and expertly
manage their business transactions. PRG's clients represent a variety of
industries including retailing, wholesale distribution, manufacturing,
government, high-tech and healthcare organizations. PRG was founded in 1990 and
became a publicly-traded company in 1996. Shares of PRG are traded on the NASDAQ
National Market under the symbol PRGX. For additional information visit our web
site at www.prgx.com.
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Additional Information
PRG filed a definitive proxy statement with the SEC on December 19, 2001. PRG
shareholders are urged to read the definitive proxy statement and any other
relevant documents filed with the SEC because they will contain important
information. You will be able to obtain the documents free of charge at the
website maintained by the SEC at www.sec.gov. In addition, you may obtain
documents filed with the SEC by PRG free of charge by requesting them in writing
from Leslie H. Kratcoski, Director, Investor Relations, PRG International, Inc.,
2300 Windy Ridge Parkway, Suite 100N, Atlanta, GA 30339, or by telephone at
770-779-3099.
PRG and HS&A, and their respective directors and executive officers, and certain
of their employees, may be deemed to be participants in the solicitation of
proxies from the stockholders of PRG in connection with the acquisition. These
participants may have interests in the acquisition, including interests
resulting from holding options or shares of PRG and HS&A common stock.
Information about the interests of directors and executive officers of PRG and
HS&A and their ownership of securities of PRG and HS&A is set forth in the
definitive proxy statement.
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Contacts:
Investor Contact: Media & Client Contact:
Leslie H. Kratcoski Michelle B. Duncan
Investor Relations Corporate Communications
(770) 779-3099 (770) 779-3295
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