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8-K - FORM 8-K - PRGX GLOBAL, INC. | g22283e8vk.htm |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
PRGX Announces Acquisition of Etesius to Expand Its
Profit Discovery Services
Profit Discovery Services
ATLANTA, February 25, 2010 PRGX Global, Inc. (Nasdaq: PRGX), the worlds leader in recovery
auditing and the pioneer in a new category of services called profit discovery, today announced
that it has acquired all of the outstanding capital stock of Etesius Limited, a privately-held
provider of purchasing and payables technologies and spend analytics services based in Chelmsford,
United Kingdom. The Etesius acquisition will allow PRGX to expand its analytics and advisory
service offerings and will be fully integrated into PRGXs global operations.
Last year, we outlined the five strategic planks of our growth strategy, and this acquisition is
an important milestone in the execution of that strategy, said Romil Bahl, president and chief
executive officer of PRGX. Etesius brings proven data management technologies and deep expertise
to help clients gain visibility into, and better manage, their overall spend. Bahl further added,
We believe the complementary capabilities of both companies will enable us to develop additional
unique, high-return value propositions for clients that improve their procure-to-pay processes and
their profitability.
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is pioneering profit discovery, the
combination of audit, analytics and advisory services to improve client financial performance. PRGX
remains the worlds leader in recovery auditing. It serves a majority of the top 50 global
retailers and many other leading companies, and is active in an expanding range of markets,
including healthcare. Until January 2010, PRGX was known as PRG-Schultz International, Inc.
For more information please visit www.prgx.com.
Forward Looking Statements
In addition to historical information, this press release includes certain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include both implied and express statements regarding the acquisition of the issued
capital stock of Etesius and the integration of Etesius into PRGX. Such forward looking statements
are not guarantees of future performance and are subject to risks, uncertainties and other factors
that may cause the actual results, performance or achievements of PRGX to differ materially from
the historical results or from any results expressed or implied by such forward-looking statements.
Risks that could affect PRGXs future performance include revenues that do not meet expectations or
justify costs incurred, PRGXs ability to develop material sources of new revenue in addition to
revenues from its core accounts payable services, PRGXs ability to integrate the Etesius services
into PRGXs service offerings, changes in the market for PRGXs services, PRGXs ability to retain
existing personnel, uncertainty in the credit markets, client bankruptcies,
loss of major clients, and other risks generally applicable to PRGXs business. For a
discussion of other risk factors that may impact PRGXs business, please see PRGXs filings with
the Securities and Exchange Commission, including its Form 10-K filed on March 16, 2009. PRGX
disclaims any obligation or duty to update or modify these forward-looking statements.
Source: PRGX Global, Inc.
PRGX Global, Inc.
Robert Lee, 770-779-6464
Robert Lee, 770-779-6464