The A Consulting Team Appoints Daniel L. Thomas to Its Audit Committee; Thomas' Appointment Fills Vacancy Left by Board Member
July 14 2006 - 2:44PM
Business Wire
The A Consulting Team, Inc. ('TACT') (NASDAQ Capital Market: TACX)
today announced that the Company's Board of Directors unanimously
appointed Daniel L. Thomas, who joined TACT's Board of Directors as
an independent member on June 5, 2006, to the Company's Audit
Committee. Mr. Thomas was appointed on July 11, 2006 to fill the
vacancy on the Audit Committee created by the recent resignation of
Mr. Reuven Battat from the Company's Board of Directors and the
Audit Committee, and to satisfy the regulatory requirements of
NASDAQ Rule 4350(d)(2)(A). NASDAQ Rule 4350(d)(2)(A) requires that
a NASDAQ registrant must have at least three independent members
serving on its Audit Committee. Upon Mr. Battat's resignation the
Company failed to comply with the requirements of NASDAQ Rule
4350(d)(2)(A). Mr. Thomas' appointment re-establishes the Company's
compliance with NASDAQ Rule 4350(d)(2)(A). Prior to Mr. Thomas'
appointment the Company relied upon the cure period provided for in
NASDAQ Rule 4350(d)(4)(B). In a letter to NASDAQ, dated July 11,
2006, the Company notified NASDAQ of its noncompliance with NASDAQ
Rule 4350(d)(2)(A) and its plan to regain compliance. On July 14,
2006, the Company received a letter from NASDAQ, acknowledging the
Company's noncompliance with NASDAQ Rule 4350(d)(2)(A) upon Mr.
Battat's resignation and the Company''s compliance upon the
appointment of Mr. Thomas. About TACT TACT (Nasdaq Capital Market:
TACX) has built a reputation for cutting-edge IT Solutions that is
exemplified by its impressive roster of Fortune 1000 customers.
TACT focuses on a business-oriented, value-added approach to its
end-to-end IT Services and Business Process Outsourcing solutions.
For over 20 years, TACT has enabled significant ROI gains in
Business Intelligence, Custom Application Development, Strategic
Sourcing, Support and Maintenance, Data Supply Chain,
Collaboration, Quality Assurance, Project Portfolio Management, and
other specific vertical solutions. TACT has offices in New York
City; Clark, New Jersey; and Bangalore, India. More information
about TACT(R) can be found at its web site at http://www.tact.com.
"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, 2006.
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