FREMONT, Calif., July 17, 2009 (GLOBE NEWSWIRE) -- iGATE Corporation ("iGATE") (Nasdaq:IGTE), an integrated Technology and Operations (iTOPS) company, announced today that it received a letter from The NASDAQ Stock Market notifying the company that it no longer complies with NASDAQ's requirements for a majority of independent directors on its Board of Directors as set forth in Marketplace Rule 5605. Following the resignations of Michel Berty and Ed Yourdon from iGATE's Board of Directors on June 24, 2009, and the subsequent appointment of Martin McGuinn on July 6, 2009, iGATE was left with three independent directors and three non-independent directors serving on its Board of Directors.
NASDAQ Marketplace Rule 5605(b)(1)(A) provides a cure period for iGATE to regain compliance with Rule 5605's majority independent director requirement. This cure period will run through the earlier of iGATE's next annual meeting of stockholders or June 24, 2010, or, if iGATE's next annual meeting of stockholders is held before December 21, 2009, through December 21, 2009. During the cure period, iGATE's common stock will continue to trade on NASDAQ, subject to iGATE's continued compliance with other NASDAQ listing requirements. iGATE is currently addressing the need for another independent director, and expects to regain compliance with NASDAQ's audit committee composition requirements within the cure period.
About iGATE
iGATE (Nasdaq:IGTE) is the first outsourcing solutions provider to offer a business outcome based pricing model through a fully integrated technology and operations (iTOPS) structure with global service delivery. iGATE works with clients to optimize their businesses, secure substantial and sustainable year on year cost benefits and tie costs to business needs and results. iGATE provides IT consulting; application development and maintenance; data warehousing; business intelligence solutions; ERP/ enterprise solutions; BPO/business service provisioning; infrastructure management; independent verification and validation; KPO and contact center services. The company has been assessed at CMMI Level 5, follows Six Sigma methodologies, is COBIT, ISO 9001 and ISO 27001 certified, ensuring the highest levels of quality and data security. iGATE has 34 offices in 16 countries and manages global delivery centers in Mexico, Australia, Malaysia and India. iGATE is rated as a leading employer in India. For more information, please visit www.igate.com
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