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COVANSYS TO RESUME TRADING UNDER TICKER SYMBOL “CVNS”
ON MONDAY, AUGUST 16, 2004
Company is Fully Compliant with All Nasdaq Listing Standards
and Current in its SEC Filings
FARMINGTON HILLS, Mich., August 13, 2004 – Covansys
Corporation (NASDAQ: CVNS), a leading global provider of strategic outsourcing
and integration services, today announced that with the filing of its Form
10-Q for the period ended March 31, 2004 and of its restated periodic reports
for prior periods, it has regained compliance with Nasdaq Marketplace Rule
4310(c)(14) requiring the timely filing of its financial reports with the
Securities and Exchange Commission (“SEC”). As a result, Covansys
will resume trading under the ticker symbol “CVNS” effective
Monday, August 16, 2004.
Covansys also announced that its Form 10-Q for the period ending
June 30, 2004 has been filed with the SEC. The Form 10-Q and Covansys’ other
recently filed documents can be obtained by visiting the SEC's
website at www.sec.gov.
James S. Trouba, Chief Financial Officer of Covansys, said, “We are
pleased to have regained compliance with the Nasdaq standards and appreciate
the continued support and patience of our investors as we worked to conclude
our inventory review process. With this matter now behind us, we look forward
to focusing on the core fundamentals of our business and the opportunities
that lie ahead in the second half of 2004. ”
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.
AT THE COMPANY:
James S. Trouba
(248) 848-2267
jtrouba@covansys.com
AT JOELE FRANK, WILKINSON BRIMMER KATCHER:
Eden Abrahams / Andrew Siegel
(212) 355-4449
ea@joelefrank.com / abs@joelefrank.com
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