EXHIBIT 99.1
FOR IMMEDIATE RELEASE
MEDIA CONTACT:
Perot Systems Corporation
Mindy Brown
phone: (972) 577-6165
fax: (972) 577-4482
mindy.brown@ps.net
PEROTSYTEMS(TM) PEROT SYSTEMS COMPLETES SEARCH FOR
Perot Systems Corporation REQUESTED DOCUMENTS RELATED TO
2300 West Plano Parkway CALIFORNIA ENERGY MARKETS
Plano, Texas 75075
972.577.0000
www.perotsystems.com
PLANO, TX - December 4, 2002 - Perot Systems
Corporation (NYSE: PER) has completed its search
for documents requested in connection with
ongoing governmental inquiries into the
operations of the California energy trading
markets. Twelve boxes of documents were shipped
on Tuesday, November 26 to the U.S. House of
Representatives Subcommittee on Energy Policy,
to the California Office of the Attorney General
and to a select committee of the California
State Senate reviewing the matter.
The November 26 production brings the total
number of documents produced to 55 boxes,
totaling more than 70,000 pages. The documents
were produced in a five-month review of the
company's files, computers, e-mail servers and
archives. The company incurred more than $8.5
million of aggregate expense during the second
and third quarters of 2002, primarily in
connection with the search, legal review and
production of these documents. With the
substantial completion of this phase of the
inquiry, the company expects legal fees relating
to document production for California energy
matters to decrease. It should be noted that the
various governmental agency inquiries and
lawsuits are ongoing and may result in
additional document requests. The company is
completing a final review to ensure that all
responsive, non-privileged documents are
produced.
Following the production of these more than
70,000 pages, Perot Systems continues to believe
that it was never engaged by any market
participant to provide market simulation or
gaming software or services for the deregulated
California energy market. As disclosed by the
company this past summer, Perot Systems provided
a one-day, general market overview presentation
to Reliant Energy in June 1998, but the examples
in that presentation were based on publicly
available information.
Perot Systems Completes Final Search for Documents Page 2
While unrelated to market manipulation issues, the company has discovered that
in late 1997, before the deregulated market opened, a Perot Systems employee who
worked on the California Independent System Operator (ISO) account
inappropriately disclosed a limited number of ISO documents to a third party
consultant with whom he had a personal relationship. The company believes that
these documents described aspects of the proposed operation, testing and
implementation of the information technology systems to be used at the ISO, but
the documents do not discuss California energy market rules, protocols or
strategies for participating in the deregulated California energy markets. Perot
Systems notified the ISO and the California Power Exchange, the account to which
the employee was most recently assigned, of its discovery of this incident, and
has taken appropriate personnel action.
As has been the practice throughout the company's response to these inquiries,
Perot Systems expects to post copies of all documents except those containing
employee or confidential client information on our Web site at
www.perotsystems.com by Monday, December 9, 2002.
ABOUT PEROT SYSTEMS
Perot Systems is a worldwide provider of information technology services and
business solutions. Through its flexible and collaborative approach, Perot
Systems integrates expertise from across the company to deliver custom solutions
that enable clients to accelerate growth, streamline operations, and create new
levels of customer value. Headquartered in Plano, Texas, Perot Systems has more
than 400 clients and reported 2001 revenue of $1.2 billion. The company has more
than 8,500 associates located in North America, Europe, and Asia. Additional
information on Perot Systems is available at http://www.perotsystems.com.
This press release contains forward-looking statements. These statements relate
to future events or our future financial performance. In some cases, you can
identify forward-looking statements by terminology such as "may," "will,"
"should," "forecasts," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," or "continue" or the negative of such
terms and other comparable terminology. These statements are only predictions.
Actual events or results may differ materially. In evaluating all
forward-looking statements, you should specifically consider various factors
that may cause actual results to vary from those contained in the
forward-looking statements, such as the continuation of existing or the
initiation of new governmental investigations and lawsuits; and the costs
associated with such investigations and lawsuits. Please refer to the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2002, as filed with the U.S. Securities and Exchange Commission and available at
www.sec.gov, for additional information regarding risk factors. The Company
disclaims any intention or obligation to revise any forward-looking statements
whether as a result of new information, future developments, or otherwise.
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