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COVANSYS SCHEDULES CONFERENCE CALL FOR MAY 3, 2005
TO DISCUSS FIRST QUARTER FINANCIAL RESULTS
Company Receives Subpoena from SEC
Requesting Various Documents
Frank D. Stella to Continue to Serve on Covansys Board of Directors
FARMINGTON HILLS, MI, April 20, 2005 – Covansys Corporation
(NASDAQ: CVNS), a global consulting and technology services company,
today announced that the company will host a conference call on
Tuesday, May 3, 2005 at 10:00 a.m. Eastern Time to discuss its
financial results for the first quarter ended March 31, 2005. Interested
parties may access the call by dialing 877-407-9210 or 201-689-8049
from outside North America. The call may also be accessed via the
Internet on the company's website, www.covansys.com.
A replay of the call will be available beginning at approximately
1:00 p.m. Eastern Time on May 3rd through midnight on May 17, 2005
by dialing 877-660-6853 or 201-612-7415 and referencing account
number 286 and conference ID 149032. The replay will also be available
on the company's website, www.covansys.com, for 90 days.
The company also reported that it received a subpoena from the
Midwest regional office of the Securities and Exchange Commission
(“SEC”) on April 14, 2005 requesting various company
documents from January 1, 2002 to the present. As previously noted
in its Form 10-Q filed on October 29, 2004, Covansys reported that
on October 22, 2004, its independent registered public accounting
firm at the time, PricewaterhouseCoopers LLP (“PwC”),
received a request from the SEC for certain information about the
company relating to the period between January 1, 2001 to the date
the request was issued. To date, the company has not been provided
with any specific information regarding the reason the company
received the subpoena.
Raj Vattikuti, Covansys’ President and Chief Executive Officer,
said, “This request was not surprising in light of the request
PwC received last fall for documents relating to the company. We
are currently in the process of responding to the request and intend
to cooperate fully with the SEC on this matter.”
Covansys also announced today that Frank D. Stella will continue
his service as an active director on the company’s Board
of Directors. James E. Barlett, who was recently appointed to the
company’s Board of Directors, has resigned.
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 on-site, offsite, offshore delivery capability to achieve
rapid deployment, world-class quality and reduced costs. A leader
in the public sector market, Covansys is also known for application
maintenance and development outsourcing in the healthcare, financial
services, retail and distribution, manufacturing, telecommunications
and high-tech industries. Founded in 1985, with nearly 6000 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®. All three are ISO
9001:2000 certified and assessed at Level 5 in PCMM®. Covansys
was named one of the leading IT companies for state and local governments
in 2002 and 2003 by Washington Technology magazine, and one of
the top 500 solution providers in 2002 and 2003 by VARBusiness
magazine. 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, trans 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, decline
in profitability of European operations, public sector budget constraints,
limited protection of intellectual property rights, and risks related
to merger, acquisition and strategic investment strategy.
FOR FURTHER INFORMATION:
Investors:
James S. Trouba
(248) 848-2267
jtrouba@covansys.com
Media:
Michelle Jones
(248) 848-2269
mjones@covansys.com
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