PITTSBURGH, Sept. 16, 2008 (GLOBE NEWSWIRE) -- iGATE Corporation (Nasdaq:IGTE) ("iGATE") announced today that "when-issued" trading in the common stock of the company it is spinning off, Mastech Holdings, Inc. (AMEX:MHH) ("Mastech") has been approved to begin on the American Stock Exchange today. In addition, shares of iGATE will begin trading two ways -- either with or without the dividend of the shares of Mastech.
Because iGATE common stock will continue to trade "regular-way" (inclusive of the Mastech distributions) on NASDAQ through the distribution date, any holder of iGATE common stock who sells iGATE shares in the "regular way" market prior to the close of business on September 30, 2008 will also be selling the related entitlement to receive shares of Mastech common stock in respect of such shares. Investors are encouraged to consult with their financial advisors regarding the specific implications of selling iGATE common stock before the distribution date.
As previously announced, shares of Mastech will be issued after the close of business on September 30 to shareholders of record of iGATE on September 16. "Regular way" trading in the common stock of Mastech and iGATE is expected to commence on October 1.
Trading in the when-issued market is contingent upon Mastech being in compliance with all applicable listing standards on the date it begins trading on the American Stock Exchange, and may be rescinded if Mastech is not in compliance with such standards.
About iGATE Corporation
iGATE Corporation (Nasdaq:IGTE) is the first fully integrated technology and operations firm with a global service model. iGATE enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting; IT services; data warehouse and business intelligence solutions; enterprise solutions; business process outsourcing and business service provisioning; contact center and infrastructure management services. The company services around 100 clients across the globe. Clients rely on iGATE because of the high quality of service, responsiveness, and cost-effective global reach. More information about iGATE is available at http://www.igate.com
The iGATE Global Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5150
About Mastech Holdings, Inc.
Mastech Holdings, Inc. (Mastech) leverages the power of twenty years I .T. experience to provide Information Technology services in the disciplines which drive today's business operations. Clients turn to Mastech for comprehensive I.T. services including: I.T. Consulting; OneSource(tm) co-managed projects and supplemental I.T. resources. Headquartered in Pittsburgh, Pennsylvania with over 600 consultants, Mastech's niche focus includes Business Intelligence/Data Warehousing; Enterprise Resource Planning (ERP); Service Oriented Architecture (SOA); Web Development and I.T. Project Management. Mastech also provides Recruitment Process Outsourcing (RPO) services through its division RPOworldwide. Mastech is a certified minority-owned business enterprise. For more information, visit www.mastech.com.
Forward-Looking Statements
Some of the statements contained in this news release that are not historical facts are forward-looking statements. These forward-looking statements include the company's financial, growth and liquidity projections as well as statements concerning the company's plans, strategies, intentions and beliefs concerning business cash flows, costs and the markets in which it operates and the proposed divestiture of its Professional Services business. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify certain forward-looking statements. These statements are based on information currently available to the company and it assumes no obligation to update the forward statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from the forward-looking statements. These risks include, but are not limited to, the company's ability to predict its financial performance, the level of market demand for its services, the highly-competitive market for the types of services offered by the company, the impact of competitive factors on profit margins, market conditions that could cause the company's customers to reduce their spending for its services, the company's ability to create, acquire and build new businesses and to grow existing businesses, attract and retain qualified personnel, reduce costs and conserve cash, currency fluctuations and market conditions in India and elsewhere around the world, political and military tensions in India and South Asia, changes in generally accepted accounting principles and/or their interpretation and other risks that are described in more detail in the company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2007.