EXHIBIT 99
[TACT Company Contact: Investor Contact:
The A Consulting Richard D. Falcone, CFO Joseph M. Zappulla
Team, Inc. LOGO] TACT Wall Street Investor Relations
732-499-8228 212-681-4100
rfalcone@tact.com jzappulla@wallstreetir.com
THE A CONSULTING TEAM, INC. ANNOUNCES DIVIDEND RECORD
DATE OF MARCH 21, 2005
NEW YORK - March 11, 2005 - The A Consulting Team, Inc. ("TACT") (NASDAQ Small
Cap: TACX), an IT and Business Process Outsourcing (BPO) services provider to
Fortune 1000 companies, previously announced that it's Board of Directors had
approved the payment of a cash dividend of $0.75 per share, contingent upon the
consummation of the business combination with Vanguard Info-Solutions
Corporation Today TACT announced that the Board of Directors has set March 21,
2005 as the date of record for the payment of the dividend. This dividend will
be paid to shareholders of record of TACT common stock and preferred stock.
Under the terms of the agreement, (which will require the approval by a majority
of TACT's shares common stock and preferred stock, voting as a single class and
be subject to other customary closing conditions) and certain other concurrent
agreements:
o Vanguard shareholders will receive approximately 7.3 million new shares of
TACT common stock,
o Oak Finance Investments Limited, a private investment company ("Oak"),
will purchase 625,000 new restricted shares of common stock directly from
TACT for $5 million or $8 per share, and will be granted an option to
purchase up to an additional 625,000 new restricted shares of common stock
for $8 per share within 120 days of the closing of the acquisition of
Vanguard,
o Oak will purchase 1,024,698 shares of common stock for $10.25 per share,
from TACT's Chairman and CEO, Shmuel BenTov, which represents all of the
shares owned by Mr. BenTov,
o TACT's Board of Directors has approved the payment of a cash dividend of
$0.75 per share, contingent upon the consummation of the Transaction. This
dividend will be paid to shareholders of record of TACT common stock and
preferred stock as of March 21, 2005, and
o The name of the combined companies will be changed to "Vanguard
Info-Solutions International Inc.".
Upon the closing of the Transaction, which is expected to occur during the
second quarter of 2005, TACT will have approximately 10.3 million shares
outstanding.
About TACT
TACT (NASDAQ Small Cap: TACX) is an end-to-end IT Services and Business Process
Outsourcing provider to Fortune 1000 companies and other large organizations.
TACT through its SMART Approach, a leading edge set of end-to-end solutions and
services that include Strategy, Methodology, Architecture, Resources and Tools
provides its clients with modernization and development services, which include
systems that should be replaced and rewritten, enhanced, converted or Web
Enabled. More information about TACT(R) can be found at its web site at .
About Vanguard
Vanguard was formed in 2000 and is a leading provider of value-added offshore
customer care and customer acquisition services, and business process
outsourcing ("BPO") solutions in the telecom, medical billing, financial
services, debt collection, claims processing, data processing and utility
sectors. Vanguard is also a provider of IT consulting and solutions services in
the area of telecommunications, web software development, network management and
enterprise - wide security. Vanguard has leveraged its global delivery model and
process expertise to rapidly become one of the leading off-shore BPO providers
and is well-positioned to grow within the BPO services market. Vanguard has
facilities in New Jersey, USA and Delhi and Bangalore, India.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of
1995: Statements made in this press release which are not historical facts,
including those that refer to TACT plans, beliefs and intentions, are
"forward-looking statements" that involve risks and uncertainties. These risks
and uncertainties could cause actual results to differ materially from the
forward-looking statements, and include, but are not limited to, TACT's ability
to scale its existing and any new businesses. For a more complete description of
the risks that apply to TACT's business, please refer to the Company's filings
with the Securities and Exchange Commission. The Company's actual results may
differ materially from the results anticipated in these forward-looking
statements as a result of certain factors set forth under Risk Factors and
elsewhere in the Company's Annual Report on Form 10-K with the Securities and
Exchange Commission on March 29, 2004
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