PISCATAWAY, N.J., Sept. 27 /PRNewswire/ -- Chief Executive Officer of PRG Group, Inc. (Pink Sheets: PRGJ), Uma Panday, issues open letter to shareholders.
Dear Shareholders,
I would like to personally thank our valued shareholders and investors for your ongoing support over the last 18 months during which PRG Group, Inc. has been focused on streamlining its operation and enhancing its corporate strategy. I am very excited to share where our current state stands, our vision for the future, and the steps being taken to turn that vision into reality.
Over the course of 2009 and into 2010 the corporate leadership, in conjunction with key investors, explored a variety of options for optimizing our business, and conducted discussions with a number of potential strategic partners. At the end of that process, we concluded that there are potential partnerships which will provide the company and its shareholders will be best options in growing the business. Our short term and long term goals involve multiple strategic options for increasing shareholder value, including the near-term maximization of cash flow and earnings. We are determined and believe that a strategy of prudent and patient reinvestment in the business will deliver the company to profitability and would yield the best result for investors.
Our Business Today:
PRG Group is a leading provider of managed IT consulting, development, and infrastructure services to the corporate middle market and selective large market for multi-platform managed hosting clientele. As a full service outsourcing provider, PRG Group's team provides complete multi-platform managed hosting solutions, including Mainframe, Mid-Range, and Open Systems Servers, plus remote Server and Desktop support.
Through its Professional Services and Staffing business unit, PRG Group also delivers high-end systems architecture solutions which provide project consulting and staff augmentation services. Specialized skill sets include .NET Developer and Architect, JAVA (J2EE) Developer and Architect, QA Testing, Oracle Developer and DBA, SQL Server Developer and DBA, and Data Warehousing and ETL Tools. PRG Group utilizes an on-shore/off-shore hybrid model that provides highly experienced on-site staffing supported by off-shore systems architects as required, assuring a highly integrated and seamless project management experience.
Our range of infrastructure hosting, management and applications services are tailored to our customers' demands to allow them to focus on their core business. These include 7X24X365 operations, help desk, and technical services support, network management, and related infrastructure services.
At PRG Group, we craft and deliver personalized, customized services as specialists in infrastructure outsourcing managed services and end user support. We retain a strong focus on just that, and are product and supplier independent in the support of all well established multi-platform computing technologies.
Our core strength is the ability to provide cost effective Managed Services as an alternative to traditional in-house or outsourced solutions. This is possible due to our investment in automated management tools and their implementation across the all computing platforms. Coupled with our goals and values to provide 'personalized, customized services' to our Clients and the ability to leverage infrastructure economies of scale, PRG Group performs as an extension of our Customer's IT team, leaving it's critical, 7X24X365 infrastructure support services to us and allowing the client to focus on its core business.
Our Vision:
To create sustainable shareholder and value through offering superior services and technology that will redefine the industry in which we operate. In order to make our vision a reality, I am now focused on the following major objectives:
Management: I will look to fill key management roles as we move forward. In the coming months we intend to search out those individuals who have the expertise and entrepreneurial vision to round out our corporate management team.
Investment Banking Services: It is one of my immediate goals to engage an investment banking firm that will advise our company through the various fundraising efforts we intend to accomplish as we move toward the future.
Corporate Communications: We are working on launching the new corporate website as well as publishing a monthly newsletter.
Audits and SEC Filings: We are working on completion of our audits, which we anticipate to be completed in the next twelve months and filed with the SEC. Once this is effective, the company will be a fully reporting public company. This will allow it to prepare for a major exchange listing of our common stock.
Major Exchange Listing: Management is reviewing all options to potentially list its common shares on a major global stock exchange within the next 12-18 months. We will look at the NASDAQ and AMEX as possible exchanges. Listing on these exchanges will give PRG Group access to the requisite level of capitalization to facilitate our growth as we work toward gaining market share.
Summary:
In summary, I believe that PRG Group is poised to embark on a bold new journey. I am working closely with our leadership and key investors to realize success. I intend to provide you with a clear set of metrics to help you monitor our progress and look forward to a continued dialogue with our shareholders as we grow our business and take advantage of market opportunities.
Sincerely,
Warm Regards,
Uma Pandey
Chief Executive Officer, PRG Group, Inc.
Forward Looking Statements
Statements made in this press release that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21 of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements rely on a number of assumptions concerning future events, many of which are outside of the Company's control, and involve risks and uncertainties that could cause actual results to differ materially from opinions and expectations. All information in this release is as of the date hereof. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Web: www.prg-group.com
SOURCE PRG Group, Inc.
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