EXHIBIT 99
[TECHTEAM(R) LOGO] NEWSRELEASE
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NASDAQ/NM -- "TEAM"
FOR IMMEDIATE RELEASE, Thursday, May 8, 2003
TECHTEAM SIGNS LETTER OF INTENT TO PURCHASE MAJORITY INTEREST IN PAN-ASIAN
MULTILINGUAL SUPPORT CENTER COMPANY
POTENTIAL ACQUISITION WOULD ESTABLISH TECHTEAM'S PRESENCE IN ASIA
SOUTHFIELD, MICHIGAN, May 8, 2003...TECHTEAM GLOBAL, INC., (Nasdaq: TEAM), a
global provider of information technology and business process outsourcing
support services, today announced that it has entered into a non-binding letter
of intent to acquire 88% of the outstanding stock in a group of Malaysian
companies which provide Pan-Asian outsourced support services for the
technology, finance, and telecommunications industries. The purchase price set
forth in the letter of intent is U.S.$6.04 million. The group has a large
support center in Malaysia, which provides support services in nine languages,
as well as locations elsewhere in Asia. The group has annual revenue of
approximately U.S.$10 million. One of the group's entities has Multimedia
Supercorridor Company status from the Malaysian government, which provides
certain tax and other advantages to the entity. The consummation of the
transaction is contingent upon numerous factors, including but not limited to
the completion of due diligence satisfactory to TechTeam, the negotiation and
execution of the agreements necessary to purchase the outstanding stock, the
successful restructuring of the group, and the execution of employment and other
agreements with the remaining shareholder. If all conditions precedent to
closing are satisfied, the parties have targeted closing the transaction no
later than July 31, 2003.
"We are excited to announce this first step in our expansion to Asia," explained
William F. Coyro, Jr., TechTeam's President and Chief Executive Officer. "This
group of companies has a solid customer base and excellent management. We
anticipate the acquisition of these companies will be immediately accretive to
TechTeam's earnings upon closing."
-- More --
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27335 West 11 Mile Road, Southfield, Michigan 48034 - Telephone (248) 357-2866 -
Fax (248) 357-2570 - www.techteam.com
[TECHTEAM(R) LOGO] NEWSRELEASE
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TECHTEAM GLOBAL, INC. is a global provider of information technology and
business process outsourcing services. The Company's ability to integrate
computer services into a flexible, total single point of contact solution is a
key element of its success. Partnerships with some of the world's
"best-in-class" corporations provide TechTeam with unparalleled experience and
expertise in providing the following IT support solutions: help desk/call center
services, technical staffing, systems integration, and training programs. For
information about TechTeam Global, Inc. and its outstanding services call
1-800-522-4451.
SAFE HARBOR STATEMENT
With the exception of statements regarding historical matters and statements
regarding the Company's current status, certain matters discussed herein are
forward-looking and involve substantial risks and uncertainties. Statements
concerning such forward-looking matters may be identified by the use of words
"anticipate," "believe," "estimate," "expect," "intend," "plan," and similar
expressions. Specifically, there are no assurances that the transaction
contemplated in this release will be consummated. There is significant risk that
the conditions precedent to closing the transaction may not occur. Further,
there can be no assurance, even if the transaction is consummated, that it will
be immediately accretive to earnings. Please review the risk factors for
international operations as described in the Company's Annual Report on Form 10K
for the fiscal year ending December 31, 2002, and other filings with the United
States Securities and Exchange Commission. The forward-looking statements made
by the Company in the press release are accurate as of this date. The Company is
under no obligation to update these forward-looking statements.
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CONTACTS:
TECHTEAM GLOBAL, INC. TECHTEAM GLOBAL, INC.
William F. Coyro, Jr. James M. Hoen
President and Chief Executive Officer Vice President, Sales
(248) 357-2866 (248) 357-2866
wcoyro@techteam.com jhoen@techteam.com
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27335 West 11 Mile Road, Southfield, Michigan 48034 - Telephone (248) 357-2866 -
Fax (248) 357-2570 - www.techteam.com