SOURCE: PRG Group Inc.

October 31, 2006 09:25 ET

PRG Group Adds New Experts to Its Management Team, Finalizes Acquisition

PISCATAWAY, NJ -- (MARKET WIRE) -- October 31, 2006 -- PRG Group, Inc. (PINKSHEETS: PRGJ) announced today that the company has finalized the acquisition of PRG Systems, Inc., a global technology consulting group that lists among its current and former clients such names as UBS, Merrill Lynch, ADP, and Fannie Mae, among others. The specific terms of the transaction were not disclosed, but PRG Group revealed that the acquisition took the form of an exchange of shares, and should not therefore negatively affect its cash position.

PRG Group was pleased to announce that it will be adding two highly experienced industry experts to its management team as part of the transaction. Uma Pandey will be assuming the title of CEO, and Ajay Bajaj will take over as CFO of PRG Group, Inc. According to a company source, "This latest move marks an important transition for PRG. The addition of Mr. Pandey and Mr. Bajaj to our executive staff will bring an international dimension to the company. Their invaluable experience and extensive network of relationships with industry professionals across the globe can only enhance our profile and substantially increase our capabilities as we move forward."

About Uma Pandey

Uma holds degrees in Physics and Computer Science. He started his research career at AT&T Bell Laboratories, IBM, and Xerox's Palo Alto Research Center, and has vast hands-on experience in numerous aspects of the application of technology, including operating systems, enterprise applications, and Internet technologies. Among his list of professional accomplishments, he was responsible for setting up an offshore SAP application development center for a public company in India. Over the years, He has developed a strong network of highly coveted Indian software professionals as well as forged a range of contacts with many U.S. software development companies. Mr. Pandey now brings his years of training, experience, and expertise, as well as this impressive contact network, to the PRG Group.

About Ajay Bajaj

Mr. Bajaj has been with PRG Systems since its foundation in 2001. Prior to that, he was Vice President of an international professional management services firm with offices in Singapore, Dubai, London, and India, that focused upon enterprise information architecture and corporate strategic finance and goal planning. He has a strong financial and educational background as a Chartered Accountant (equivalent to a Certified Public Accountant) in India and has over twenty years of experience in finance engineering, corporate finance, strategy, planning, projects & projects implementation, taxation, statuary compliance, in addition to accounting and auditing. His international background, extensive experience in corporate governance, and financial expertise make him an invaluable addition to the PRG Group.

About PRG Systems Inc.

PRG Systems Inc. is a global provider of innovative consulting, technology, and outsourcing services. Since its inception in 2001, the company has grown at an average rate of 90% per annum. We deliver solutions that leverage the process knowledge of our consultants. Our services are broad based and include business process improvement, analytical services, ERP implementations, global roll-outs, E-business solutions, upgrades, and testing, as well as application management and infrastructure support. We partner with leading technology companies like IBM, Microsoft, and Sun Microsystems to maximize the value we bring to our clients. We stay abreast of the latest advances of our partners so that our customers can continually benefit from all of the advantages that the dynamic technology can provide. Our employees have, on average, more than ten years of industry and consulting experience that they can offer to our clients in order to make them more competitive. Currently our employees are implementing IT solutions for clients in financial industry like Fannie Mae, ADP, Merrill Lynch, JP Morgan Chase, UBS, HSBC, Wachovia Bank, etc. For more information about the company and our services, please visit: www.prgsi.com.

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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