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COVANSYS SHARES WILL CONTINUE TO TRADE AS A RESULT OF NASDAQ STAY
PENDING APPEAL HEARING
FARMINGTON HILLS, Mich., June 1 /PRNewswire-FirstCall/ -- Covansys
Corporation (Nasdaq: CVNSE - News), a leading global provider of
strategic outsourcing and integration services, today announced
that it has requested an oral hearing to appeal a Nasdaq Staff
delisting determination resulting from the Company's delay in filing
its form 10-Q for the period ended March 31, 2004 with Nasdaq as
required by Marketplace Rule 4310(c)(14). In accordance with Marketplace
Rule 4820(a), Covansys' request automatically stays the delisting
action and thereby permits continued trading of its securities
on the Nasdaq Stock Market, pending a decision by the Nasdaq Listing
Qualifications Panel.
About Covansys
Covansys Corporation, (NASDAQ: CVNS), is a global consulting and
technology services company specializing in industry-specific
solutions, strategic outsourcing and integration services through
a unique onsite, off-site, offshore delivery model that helps
clients achieve rapid deployment, world-class quality and reduced
costs.
Founded in 1985, Covansys has successfully delivered an array
of innovative and cost-effective business and technical solutions
to leaders in the private and public sectors. With one of the largest
offshore capabilities of any technology services provider based
in the United States, Covansys has achieved the SEI’s CMM® Level 5 quality ratings at two of its offshore development centers
in India.
Safe Harbor Statement
With the exception of statements regarding historical matters and
statements concerning our current status, certain matters discussed
herein are forward-looking statements that involve substantial
risks and uncertainties. Such forward-looking statements may
be identified by the words “anticipate,” “believe,” “estimate,” “expect” or “intend” and
similar expressions. Our actual results, performance or achievements
could differ materially from these forward-looking statements.
Factors that could cause or contribute to such material differences
include general economic conditions and conditions in the IT industry
such as the demand for IT services, public sector government budgetary
constraints, potential cost overruns on fixed-price projects, effective
application of the percentage of completion method of accounting
for fixed priced contracts, risks related to merger, acquisition
and strategic investment strategy, variability of operating results,
government regulation of immigration, exposure to regulatory, political
and economic conditions in India and Asia, competition in the IT
services industry, the short-term nature and termination provisions
of contracts, economic conditions unique to clients in specific
industries and limited protection of intellectual property rights.
These and other factors are described in the Company’s filings
with the U.S. Securities and Exchange Commission.
FOR FURTHER INFORMATION:
Investors
David Roady
(248) 848-2221
droady@covansys.com
Media
Laura Livingstone
Senior Communications Director, Covansys
401-457-8514
llivings@covansys.com
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