Exhibit 99.1
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CONTACT:
The Management Network Group, Inc. or Brainerd Communicators
Janet Hall Michele Clarke (Media)
Janet.Hall@tmng.com clarke@braincomm.com
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800.876.5329 Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
TMNG GLOBAL TO ACQUIRE RVA CONSULTING
Acquisition Will Strengthen TMNG's Technical Capabilities in Serving the
Global Telecommunications, Media and Entertainment Community
Overland Park, KS - August 1, 2007 - TMNG Global (Nasdaq: TMNG), a leading
provider of management consulting services to the global communications, media
and entertainment industries, today announced that it has signed a definitive
agreement to acquire RVA Consulting, LLC ("RVA"), a privately-held
telecommunications consulting firm based in Somerset, New Jersey for a total
purchase price of approximately $7.0 million, plus potential earn-out
consideration of up to approximately $5.4 million in cash and equity tied to
future operating results.
Since it began operations in January of 2006, RVA has focused on program and
project management, systems development and migration and integration testing
for the communications industry. RVA's key client relationships include leading
Tier-one U.S. carriers. RVA co-founders and minority shareholders Mark Markowitz
and Dale Reynolds will continue in executive positions following the closing.
TMNG has recruited Thomas Berry, a former senior executive of AT&T, to serve as
General Manager for RVA, which will become part of TMNG's core consulting
practice following the transaction close.
"RVA brings deep technical expertise and a blue-chip client base to complement
TMNG's historical strength in providing transformational consulting services to
traditional telecom companies," said Rich Nespola, Chairman and CEO of TMNG
Global. "Strengthening and expanding our relations within these Tier One
carriers in a consolidated U.S. telecom market will reaffirm our leadership in
telecom consulting at a time when we have broadly diversified our client base in
recent years to address a converging communications marketplace. RVA is a
well-managed organization with deep relationships and talented consultants. We
believe this transaction will be immediately accretive to our business."
RVA reported revenues of approximately $25 million for the twelve months ended
June 30, 2007; however, this performance was primarily attributable to a few
large consulting projects that are scheduled to conclude in June 2008. While RVA
may obtain extensions to these agreements and will strive toward continued
growth and diversification, TMNG has valued the transaction to the expectation
that RVA's revenue may be substantially lower following completion of these
contracts.
The transaction is expected to close in August 2007. TMNG management will
provide further discussion relating to RVA during the company's second quarter
earnings call scheduled for August 14, 2007.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the
converging communications industry. Its companies, TMNG, CSMG Adventis, and
Cartesian, and its base of over 500 consultants, have provided strategy,
management, and technical consulting, as well as products and services, to more
than 1200 communications service providers, entertainment, media, and technology
companies and financial services firms worldwide. The company is headquartered
in Overland Park, Kansas, with offices in Berlin, Boston, Chicago, London, New
York, Shanghai and Washington, D. C.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve risks and uncertainties. In particular, any statements contained herein
regarding expectations with respect to the future performance of RVA, the
ultimate cost of the acquisition, RVA's impact on the Company's business,
operations and results, future stock market conditions, business, revenues or
profitability are subject to known and unknown risks, uncertainties, and
contingencies, many of which are beyond the Company's control, which may cause
actual results, performance, or achievements to differ materially from those
projected or implied in such forward-looking statements. Factors that might
affect actual results, performance, or achievements include, among other things,
any future sales of the stock to be issued in the transaction, the integration
of RVA with the Company, the future performance of RVA, the impact of RVA on the
Company, conditions in the telecommunications industry, overall economic and
business conditions, the demand for the Company's services and services of RVA,
the factors described in this press release, and technological advances and
competitive factors in the markets in which the Company competes. These risks
and uncertainties are described in detail from time to time in TMNG's filings
with the Securities and Exchange Commission.
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