NEW YORK, Dec. 29, 2006 (PRIME NEWSWIRE) -- Zanett Inc. (Nasdaq:ZANE) a leading information technology (IT) consulting firm serving Fortune 500 corporations, mid-market companies, and classified government agencies involved in Homeland Defense and Homeland Security, today announced the commencement of the $10 million Line of Credit from LaSalle Bank.
LaSalle = Right Fit for Zanett's Growth Plans
"Zanett went through an extensive multi-month process to find the right banking partner for our future," Dennis Harkins, Zanett's Chief Financial Officer noted. "We wanted to get the right deal with the right people; we feel that this relationship with LaSalle is the right fit for our needs not only of today, but also our needs for future growth."
Only Top Banks Were Short-Listed
"We also would like to express a great gesture of gratitude to those banks who contended for Zanett's business. All of the proposals were impressive, and the selection process was not an easy one. We sincerely appreciate everyone's great efforts," Mr. Harkins continued.
Improvement On Pricing and Terms
"LaSalle's due diligence process was indeed extensive, but in the end it was worth the great amount of work and time from everyone's part, both at Zanett and at LaSalle. I believe this to be the beginning of a long friendship. While all of the exact terms of the deal are available in the SEC filings, in summary, the deal that was signed provides a significant decrease in 'all in' costs for Zanett.
Fifth Third Line of Credit and Stand-By Credit Facility Paid Off
"Both the Fifth Third Line of Credit and the Stand-By Credit Facility have been fully paid off. Fifth Third Bank has been a good partner for us over the past two years, but the LaSalle facility with improved covenants and significant savings in interest rate, as well as decreases in professional fees, will reduce our overall borrowing costs and boost our bottom line," Harkins concluded.
About Zanett (www.zanett.com)
Zanett is an information technology ("IT") company that provides customized, mission-critical IT solutions to Fortune 500 corporations, mid-market companies, and classified government agencies involved in Homeland Defense and Homeland Security. The Company operates in two segments: Government Solutions and Commercial Solutions.
The Government Solutions segment specializes in providing advanced software and satellite engineering services with domain area expertise in the realm of classified geospatial data exploitation and representation as well as IT infrastructure related to Homeland Defense and Homeland Security.
The Commercial Solutions segment provides Management Consulting services and delivers custom business solutions that integrate and implement Oracle's full suite of product offerings -- Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle Fusion technologies. A wide range of delivery expertise is provided to clients, including Managed Services, Business Intelligence, Web and Portal Development, and Middleware Technologies.
Zanett also provides full infrastructure and application hosting, utilizing both local resources and international resources, remote and onsite DBA support, all on a 24x7 basis.
Zanett is an Oracle Partner and member of the Oracle PartnerNetwork, a global business network who deliver innovative software solutions based on Oracle software. Oracle partners are able to offer their customers leading-edge solutions backed by Oracle's position as the world's largest enterprise software company. Only Partners who are able to demonstrate the highest level of product knowledge, technical expertise and a commitment to business with Oracle qualify for the Oracle Certified Advantage Partner level.
Zanett currently employees over 210 people nationwide and is headquartered in New York City, with offices in Boston, Cincinnati, Detroit, Indianapolis, Jacksonville, Philippines, and Denver. Founded in 2000, Zanett is listed on the NASDAQ Capital Market under the symbol ZANE.
Disclaimer and Forward-Looking Statements
(Please Read the Following 3 Paragraphs Carefully)
Certain statements in this news release regarding projected results of operations or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The abovementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB, as amended, for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the quarters ended September 30, 2006, June 30 2006, March 31 2006.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with, Oracle Corporation, and no implication is made what-so-ever to suggest as such.