ClientLogic Corporation and SITEL Corporation (NYSE:SWW), both
leading global business process outsourcing providers, announced today
that at SITEL's 2006 Annual Meeting, held earlier today, SITEL's
shareholders voted to approve the proposed merger with ClientLogic
Corporation. More than 71.9 million, or approximately 96%, of SITEL's
outstanding common shares were voted at the meeting, with more than
97% of voted shares voting in favor of the merger. The merger is
expected to close in late January 2007 or early February 2007. The
merger has been cleared by the U.S. Federal Trade Commission, the
European Commission and the Canadian Commissioner of Competition.
Under the terms of the merger agreement approved by SITEL
shareholders, SITEL shareholders will receive $4.25 per share in cash.
Jim Lynch, Founder, Chairman and CEO of SITEL Corporation, stated,
"We're extremely pleased to see that our shareholders recognize the
significant value created from the merger with ClientLogic. I am also
happy that our loyal employees have an opportunity to join a combined
company that will be a leader in our industry for years to come. I
thank our shareholders, clients, and employees for their years of
support and dedication."
Dave Garner, CEO and President of ClientLogic, commented, "We look
forward to the completion of the deal and the ability to combine these
two excellent companies, creating the industry leader. Our continued
focus will be to ensure that we deliver the utmost benefit to our
valued clients, associates, and other stakeholders."
At the annual meeting, SITEL's shareholders also voted to re-elect
current directors Rohit Desai, David Hanger and Stephen Key as Class
II directors to serve on SITEL's Board of Directors until the closing
of the merger.
About SITEL Corporation
SITEL is a leading global provider of outsourced customer support
services. On behalf of many of the world's leading organizations,
SITEL designs and improves customer contact models across its clients'
customer acquisition, retention, and development cycles. SITEL manages
approximately two million customer interactions per day via the
telephone, e-mail, Internet, and traditional mail. SITEL has over
42,000 employees in 101 global contact centers located in 26
countries. SITEL is a leader in the contact center industry. Please
visit SITEL's website at www.sitel.com for further information.
About ClientLogic Corporation
ClientLogic is a leading global business process outsourcing (BPO)
provider in the customer care and back office processing industries.
ClientLogic's global footprint spans 49 facilities in 13 countries
throughout North America, Europe, Africa, Central America and Asia.
ClientLogic's consistent service quality across channels, media and
countries helps clients improve their return on customer investment by
reducing service cost, improving customer retention and increasing
revenue per customer. ClientLogic's industry-leading clients include
Sony Corporation, DIRECTV, ABN AMRO, British Telecom (BT), LTU, Neuf
Telecom and United Online (Juno/NetZero). A subsidiary of Canadian
diversified company Onex Corporation, ClientLogic is among the top
five global customer care providers, managing more than half a million
customer interactions each day of the year. For more information,
please visit http://www.clientlogic.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. These include statements as to the date of the closing
of the merger. Other forward-looking statements may be identified by
the use of the words "expects," "will" and similar expressions. These
forward-looking statements speak only as of the date the statement is
made and SITEL assumes no obligation to update such statements.
Although SITEL believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no assurance
that such expectations will prove to be correct. Because
forward-looking statements involve risks and uncertainties, including,
but not limited to, the ability to achieve required closing conditions
including credit conditions and legislative and regulatory changes and
the fact that the transaction may not close or may be delayed, future
events and actual results could differ materially from those set forth
in, contemplated by or underlying the forward-looking statements.
SITEL's Form 10-K, 10-Q and 8-K reports filed with the SEC describe
other important factors that may impact SITEL's business, results of
operation and financial condition and cause actual results to differ
materially from those set forth in, contemplated by or underlying the
forward-looking statements.
Additional Information about the Merger and Where to Find It
In connection with the proposed merger of Stagecoach Acquisition
Corporation, a wholly owned subsidiary of ClientLogic Corporation with
and into SITEL, SITEL filed a definitive proxy statement on December
11, 2006 with the SEC. The definitive proxy statement contains
additional information about the merger. The proxy statement and other
relevant materials and any other documents filed by SITEL with the SEC
may be obtained free of charge at the SEC's website at www.sec.gov. In
addition, investors and security holders may obtain free copies of the
documents filed with the SEC by SITEL by accessing SITEL's website at
www.sitel.com.
