ENGLEWOOD, CO, Nov 20, 2007 (MARKET WIRE via COMTEX News Network) -- TeleTech Holdings, Inc. (NASDAQ: TTEC) today announced that it will
request a hearing before the NASDAQ Listing Qualifications Panel in
response to the receipt of a NASDAQ Staff Determination letter on
November 14, 2007 indicating that the company is not in compliance
with the filing requirements for continued listing as set forth in
Marketplace Rule 4310(c)(14). As anticipated, the letter was issued
in accordance with NASDAQ procedures due to the delayed filing of the
company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2007. Pending a decision by the Panel, TeleTech common
shares will remain listed on the NASDAQ Stock Market.
As announced on November 9, 2007, the company's delay in filing its
Quarterly Report on Form 10-Q is due to a self-initiated review of
the company's equity-based compensation practices by the Audit
Committee of the company's Board of Directors. Based on the work
conducted so far, management presently believes that TeleTech will be
required to incur additional non-cash compensation charges for prior
periods and that restatement of previous interim and annual financial
statements for the periods 1999 through 2007 is likely. The Form 10-Q
for the third quarter of 2007 and the filing of restated financial
statements for prior periods, if required, will be filed following
completion of the Audit Committee's review and the review of the
required adjustments to TeleTech's financial statements by its
independent registered accounting firm.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements
that involve risks and uncertainties. The projections and statements
contained in these forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by the 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 our actual results
to differ materially from those expressed or implied by such
forward-looking statements, including but not limited to the
following: all of the reported results are presented without taking
into account any adjustments that may be required in connection with
the ongoing review of TeleTech's accounting for equity-based
compensation plans and should be considered preliminary until
TeleTech files its Form 10-Q for the third quarter ended September
30, 2007; the review and possible conclusions may have an impact on
the amount and timing of previously awarded non-cash equity-based
compensation expense for current and previous financial periods; the
effect of TeleTech's failure to timely file all of its required
reports under the Securities and Exchange Act of 1934, including the
potential of a default under its credit facility; our ability to meet
the requirements of the NASDAQ Stock Market for continued listing of
our shares; potential claims and proceedings relating to such matters,
including shareholder litigation and action by the SEC and/or other
governmental agencies; and negative tax or other implications for
TeleTech resulting from any accounting adjustments or other factors;
our belief that we are continuing to see strong demand for our
services and that sales cycles are shortening; the ability to close
and ramp new business opportunities that are currently being pursued
or that are in the final stages with existing and/or potential
clients in order to achieve our Business Outlook; estimated revenue
from new, renewed, and expanded client business as volumes may not
materialize as forecasted or be sufficient to achieve our Business
Outlook; the possibility of lower revenue or price pressure from our
clients experiencing a business downturn or merger in their business;
greater than anticipated competition in the BPO and customer
management market, causing adverse pricing and more stringent
contractual terms; risks associated with losing or not renewing
client relationships, particularly large client agreements, or early
termination of a client agreement; the risk of losing clients due to
consolidation in the industries we serve; consumers' concerns or
adverse publicity regarding our clients' products; our ability to
execute our growth plans, including sales of new services; our
ability to achieve our year-end 2007 and 2008 financial goals,
including those set forth in our Business Outlook; risks associated
with attracting and retaining cost-effective labor at our delivery
centers; the possibility of additional asset impairments and
restructuring charges; risks associated with changes in foreign
currency exchange rates; our ability to find cost effective delivery
locations, obtain favorable lease terms, and build or retrofit
facilities in a timely and economic manner; risks associated with
business interruption due to weather, pandemic or terrorist-related
events; economic or political changes affecting the countries in
which we operate; achieving continued profit improvement in our
International BPO operations; changes in accounting policies and
practices promulgated by standard setting bodies; and new legislation
or government regulation that impacts the BPO and customer management
industry.
Investor Contact:
Karen Breen
303-397-8592
Jennifer Martin
303-397-8634
Media Contact:
Maggie Pisacane
212-687-8080
Email Contact
Paul Kranhold
415-568-9570
Email Contact
