ENGLEWOOD, CO, May 21, 2008 (MARKET WIRE via COMTEX News Network) -- TeleTech Holdings, Inc. (NASDAQ: TTEC) today announced the receipt
of an Additional NASDAQ Staff Determination letter on May 15, 2008
indicating that the Company is not in compliance with the filing
requirement for continued listing as set forth in Marketplace Rule
4310(c)(14) (the "May 15 Letter"). 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 period ended
March 31, 2008 (the "March 31, 2008 Form 10-Q"), as discussed
previously in the Notification of Late Filing filed on Form 12b-25
with the Securities and Exchange Commission (the "SEC") on May 13,
2008. The May 15 Letter provides the Company the opportunity, until
May 22, 2008, to present a written plan to cure the March 31, 2008
Form 10-Q late filing. The Company intends to submit information by
May 22, 2008 to explain that the filing of the March 31, 2008 Form
10-Q has been delayed due to the pending restatements of the
Company's historic financial statements.
As previously disclosed on May 7, 2008 in a Current Report on Form
8-K and press release, the NASDAQ Listing and Hearing Review Council
(the "Listing Council") stayed an earlier decision of the NASDAQ
Listing Qualifications Panel requiring the filing of all required
periodic reports by May 12, 2008. The Listing Council requested that
the Company provide an update on its efforts to file all delayed and
restated periodic reports by May 30, 2008. The Company intends to
fully comply with this request and expects that its submission to the
Listing Council due May 30, 2008 will also address its plan to file
the March 31, 2008 Form 10-Q.
TeleTech is working diligently with its current and former
independent auditors to finalize the quantification of the restatement
adjustments and allocation among the periods impacted so as to become
current with its filings with the SEC as soon as practicable.
ABOUT TELETECH
TeleTech is one of the largest and most geographically diverse global
providers of business process outsourcing solutions. We have a
26-year history of designing, implementing, and managing critical
business processes for Global 1000 companies to help them improve
their customers' experience, expand their strategic capabilities, and
increase their operating efficiencies. By delivering a high-quality
customer experience through the effective integration of
customer-facing front-office processes with internal back-office
processes, we enable our clients to better serve, grow, and retain
their customer base. We use Six Sigma-based quality methods
continually to design, implement, and enhance the business processes
we deliver to our clients and we also apply this methodology to our
own internal operations. We have developed deep domain expertise and
support approximately 300 business process outsourcing programs
serving more than 100 global clients in the automotive,
communications, financial services, government, healthcare, retail,
technology and travel and leisure industries. Our integrated global
solutions are provided by 51,000 employees utilizing 38,000
workstations across 88 Delivery Centers in 18 countries.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, which can be identified by words such as "may," "will,"
"expect," "anticipate" or comparable words. 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. Important factors that could cause our actual
results to differ materially from those expressed or implied by such
forward-looking statements, include but are not limited to the
following: all 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-K for the fiscal year ended December 31, 2007; 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; any future decisions by the NASDAQ Stock Market regarding
continued listing of TeleTech's common shares; potential claims and
proceedings relating to such matters, including shareholder litigation
and action by the SEC and/or other governmental agencies; 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; 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
markets, 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 2008 and 2009 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
Media Contact:
Paul Kranhold
415-568-9570
Email Contact
