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COTELLIGENT, INC.
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COTELLIGENT, INC. NEGOTIATING ACQUISITION TO EXPAND MARKET
SHARE OF GROWING MOBILITY MARKETPLACE
Companies' complementary expertise will expand offerings to and support
of clients
Irvine, CA -July 2, 2003 - Cotelligent, Inc. (OTC BB: CGZT), a leading developer
of business solutions that enhance, integrate and extend enterprise information
to mobile and Web technologies, announced today that it has signed a non-binding
letter of intent to acquire a Field Force Automation (FFA) software company that
will strengthen Cotelligent's position in the mobility marketplace.
Cotelligent is currently in advanced negotiations and due diligence with the
undisclosed software company and expects to sign a definitive agreement in July.
Certain conditions must be met prior to closing.
In a letter to shareholders this past April, Cotelligent discussed its on-going
strategy to merge, acquire or invest in companies that would strengthen
Cotelligent's competitive position. One part of the strategy is to build upon
Cotelligent's capability in mobile solutions and post-implementation support.
"Cotelligent now has an outstanding platform with a strong infrastructure, clean
balance sheet, significant operating capital ...and most importantly, the
management know-how to build to greater scale in a tough environment," wrote
James Lavelle, Cotelligent Chairman and CEO.
The other part of the strategy calls for stronger critical mass of revenue and
lower combined company SG&A by leveraging Cotelligent's scalable infrastructure.
The contemplated acquisition achieves these objectives by realizing a
significant incremental increase in revenue and reduction of the combined
operating expenses.
In addition, Cotelligent believes the acquisition will leverage its mobility
application development expertise with an FFA software product which complements
Cotelligent's strategy. "We believe both companies' shareholders will benefit by
merging capabilities compared with a go-it-alone strategy. Their specific
industry expertise and global reach will make Cotelligent an even stronger
contender with our combined global clients and prospects," said Lavelle.
The potential is already being realized by new prospects. Both companies are
currently proposing the use of the software company's product hosted by
Cotelligent and supported by Cotelligent's help desk.
About Cotelligent, Inc.
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Cotelligent Inc. (www.cotelligent.com) creates customized business applications
that precisely fit each client's needs and are built from proven, reusable
components on a solid foundation of design and architecture. Through a
collaborative and consultative approach, Cotelligent delivers solutions that
meet each client's unique objectives and extend the reach of their enterprise.
The Cotelligent comprehensive strategy of reuse encompasses our collective
experience that allows us to build customized solutions that deliver immediate
results while reducing costs and implementation time. Cotelligent (OTC BB: CGZT)
was established in 1996 and is a debt-free public company. We employ 140 people
throughout the U.S. with headquarters in Irvine, California.
Company Contact:
Douglas B. Boxx
Director of Marketing
Cotelligent
100 Theory, Suite 200
Irvine, CA 92612
(949) 823-1674
doug.boxx@cotelligent.com
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Safe Harbor Statement
Except for historical information contained herein, the information contained in
this news release includes forward-looking statements that involve certain risks
and uncertainties that could cause actual results to differ materially from such
statements. All forward-looking statements included in this release are based
upon information available to Cotelligent as of the date hereof, and Cotelligent
assumes no obligation to update any such forward-looking statements. Factors
that could cause or contribute to such differences include, but are not limited
to: the extent to which customers invest in IT infrastructures; the availability
of qualified IT professionals; the rate of hiring, productivity, and retention
of revenue-generating personnel; changes in the pricing of Cotelligent's
services; the timing and rate of entrance into new regional and international
markets; the structure and timing of acquisitions or investments; the
possibility that technologies will not perform according to expectations or be
accepted by the market; the market price for Cotelligent common stock and
general economic conditions. Please refer to the discussion of risk factors and
other factors included in Cotelligent's most recent Report on Form 10-Q, Report
on Form 10-K for the year ended December 31, 2002, and other filings made with
the Securities and Exchange Commission.