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COVANSYS ISSUES STATEMENT CONFIRMING VIEWS
ON BUSINESS EXPRESSED IN OCTOBER 26, 2005 PRESS RELEASE
FARMINGTON HILLS, MI, November 8, 2005 – Covansys
Corporation (NASDAQ: CVNS), a global consulting and technology
services company, today issued the following statement in response
to the inquiries it has received regarding market activity in the
Company's stock:
"Covansys is not aware of any reason for Tuesday’s
higher than average trading volume and stock price movement. Our
views on the business have not changed since our press release
issued on October 26, 2005 in connection with our third quarter
earnings.”
About Covansys
Headquartered in Michigan, Covansys Corporation (Nasdaq: CVNS)
is a global consulting and technology services company specializing
in industry-specific solutions, strategic outsourcing and integration
services. Clients gain competitive advantage by leveraging our
unique global delivery capability to achieve rapid deployment,
world-class quality and reduced costs. Covansys is known for strategic
outsourcing and technology solutions in the healthcare, financial
services, retail and distribution, manufacturing, telecommunications
and high-tech industries. Founded in 1985, with 7,000 consultants
and employees worldwide, Covansys was one of the first U.S.-based
IT services companies to establish offshore facilities in India,
and is a pioneer in seamlessly integrating offshore capabilities
into its offerings. Two of the company's three wholly owned development
centers in India are assessed at Level 5 in SEI CMM(R). All three
are ISO 9001:2000 certified and assessed at Level 5 in PCMM(R),
and five global facilities are BS7799-2:2002 certified. Visit our
Web site: www.covansys.com.
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 internal control weaknesses, impact of changes in estimates
on fixed price projects, variability of operating results, failure
to recruit, train and retain skilled IT professionals, exposure
to regulatory, political and general economic conditions in India
and Asia, short term nature and termination provisions of contracts,
competition in the IT services industry, economic conditions unique
to clients in specific industries, the success of the company to
negotiate contract renewals at comparable terms, decline in profitability
of European operations, public sector budget constraints, limited
protection of intellectual property rights, foreign exchange fluctuations
and risks related to merger, acquisition and strategic investment
strategy.
AT THE COMPANY:
Investors:
James Trouba
(248) 848-2267
jtrouba@covansys.com
Media:
Michelle Jones
(248)
848-2269
mjones@covansys.com
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