DENVER, Aug 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- TeleTech Holdings,
Inc., (Nasdaq: TTEC), a leading global provider of customer management
solutions, today announced its Board of Directors authorized an increase of $20
million to its current common stock repurchase program. In February 2002, the
Board approved a $5 million common stock repurchase program.
As of July 31, 2002, the company had repurchased approximately 635,000 shares of
its common stock pursuant to the February authorization and had approximately
seventy seven million shares outstanding.
"We believe our stock is undervalued relative to our global market position and
the future opportunities for our business. The increased share repurchase
program is an effective way to deploy available capital while increasing
shareholder value," said Kenneth Tuchman, Chairman and Chief Executive Officer
of TeleTech Holdings. "This action further demonstrates our belief that TeleTech
is a solid, long-term investment."
The number of shares to be repurchased will vary based on several factors,
including the price of TeleTech stock, general market conditions, the level of
employee stock option exercises, and other relevant factors.
Any purchases under TeleTech's stock repurchase program may be made, from
time-to-time, in the open market or in privately negotiated transactions,
through block trades or otherwise at management's discretion. Depending on
market conditions and other factors, these purchases may be commenced or
suspended at any time without prior notice and there is no guarantee TeleTech
will repurchase the full amount of the authorized funds.
TELETECH PROFILE
For twenty years, TeleTech has managed the customer experience for some of the
world's largest enterprises. TeleTech's innovative customer care services help
companies acquire, serve, grow, and retain customers throughout the entire
relationship lifecycle. TeleTech offers solutions to a variety of industries
including financial services, transportation, communications, government,
healthcare, and travel. With a presence that spans North America, Asia-Pacific,
Europe, and Latin America, TeleTech provides comprehensive customer care
services to global organizations. Additional information on TeleTech can be
found at www.teletech.com .
FORWARD LOOKING STATEMENTS
All statements not based on historical fact are forward-looking statements that
involve substantial risks and uncertainties. In accordance with the Private
Securities Litigation Reform Act of 1995, following are important factors that
could cause TeleTech's actual results to differ materially from those expressed
or implied by such forward-looking statements, including: TeleTech's ability to
predict future revenue and associated costs; lower than anticipated customer
interaction center capacity utilization; the loss or delay in implementation of
a customer management program; TeleTech's ability to build-out facilities in a
timely and economic manner; greater than anticipated competition from new
entrants into the customer care market, causing increased price competition or
loss of clients; the loss of one or more significant clients; higher than
anticipated start-up costs associated with new business opportunities and
ventures; TeleTech's ability to predict the potential volume or profitability of
any future technology or consulting sales; TeleTech's agreements with clients
may be canceled on relatively short notice; and TeleTech's ability to generate a
specific level of revenue is dependent upon customer interest in and use of the
products and services of TeleTech's clients. Readers are encouraged to review
TeleTech's 2001 Form 10-K, first quarter 2002 Form 10-Q, and other publicly
filed documents, which describe other important factors that may impact
TeleTech's business, results of operations, and financial condition. TeleTech
undertakes no obligation to update its forward-looking statements after the date
of this release.
SOURCE TeleTech Holdings, Inc.
CONTACT: Investor Relations, Karen Breen, +1-303-397-8592,
karen.breen@teletech.com, or Dan Campbell, +1-303-397-8634,
dan.campbell@teletech.com, both of TeleTech Holdings, Inc.
