Global BPO Services Corp. Announces Closing of the Merger with Stream Holdings Corporation

Global BPO Services Corp. Announces Closing of the Merger with Stream Holdings
Corporation

BOSTON, July 31 /PRNewswire-FirstCall/ -- Global BPO Services Corp.
(Amex: OOO) ("Global BPO") announced today that it has closed the merger of
Stream Holdings Corporation ("Stream") with Global BPO. The purchase price as
previously announced was $200 million in cash. In connection with the
acquisition today, Stream has also completed its debt financing for a $108
million credit facility.
Global BPO has changed its name to Stream Global Services, Inc. Scott
Murray is the Chairman and Chief Executive Officer of Stream Global Services,
Inc. and Sheila Flaherty is Chief Legal and Administrative Officer. The
company will continue to trade its common stock under the symbol "OOO", its
units under the symbol "OOO.U" and its warrants under the symbol "OOO.WS".
As previously announced, following today's closing of the Stream merger
and the issuance of $150 million of Convertible Preferred Stock, Stream Global
Services, Inc. will commence a tender offering for 20,625,001 shares of its
common stock at a price of $8.00 per share. The tender offer will remain open
for a period of twenty business days following its commencement.
Scott Murray, Chairman and Chief Executive Officer of Stream Global
Services, Inc. said, "We are very excited about reaching this milestone event.
We believe that Stream is an excellent business process outsourcing ("BPO")
company and together we can continue to build upon the earnings momentum and
growth that the management team of Stream has created so far. We are also
very excited to have the opportunity to create a global, integrated BPO
services company that provides a variety of high value, complex BPO services
using integrated technology and a combination of off-shore and on-shore
solution center locations." Murray went on to say, "Stream is one of the
leading outsourcers of complex technical support services to Fortune 1000
companies. Stream has over 15,000 employees, located in thirty (30) solution
centers, in sixteen (16) different countries across the world in places such
as North America (Canada and the USA); Latin America in such places as Costa
Rica and the Dominican Republic; in Europe in such places as Ireland, Holland,
Poland, Bulgaria, Italy, France and Germany and in Asia and Africa in
countries such as India and Tunisia. Stream currently has over 75% of its
service capacity outside of the United States. Over the next several weeks we
expect to be meeting with many Stream employees, clients and other key
partners to discuss this exciting milestone in the company's history and the
opportunities that are in front of us."
About Stream Global Services, Inc. (formerly knows as Global BPO Services
Corp.)
Global BPO was a special purpose acquisition corporation (a "SPAC") formed
in June of 2007 for the purpose of acquiring a business process outsourcing
company. Global BPO consummated its initial public offering on October 23,
2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO
is now known as Stream Global Services, Inc. (SGS) and trades publicly on the
American Stock Exchange. SGS is a leading provider of complex technical
support and other business process outsourcing services such as web and data
hosting, customer retention and recovery services, warrant support and
professional services, etc. for Fortune 1000 clients in the technology,
software, computing, consumer electronics, media and communications sectors.
SGS has over 15,000 technical experts and other employees located in 30
service provider centers across over 16 countries.
Additional Information
Stream Global Services has not commenced the tender offer for shares of
its common stock. The solicitation and the offer to buy shares of Stream
Global Services common stock will only be made pursuant to an offer to
purchase, forms of letters of transmittal and other documents relating to the
tender offer that Stream Global Services intends to file with the SEC. Once
filed, Stream Global Services stockholders should read the tender offer
statement and the other documents relating to the tender offer carefully and
in their entirety prior to making any decisions with respect to the offer
because they will contain important information about the tender offer,
including the terms and conditions of the offer. Once filed, Stream Global
Services stockholders will be able to obtain the tender offer statement and
the other documents relating to the tender offer, without charge, at the SEC's
website at http://www.sec.gov, or from the information agent named in the
tender offer materials.
Forward-looking Statements
This communication contains "forward-looking statements" which represent
the current expectations and beliefs of management Global BPO concerning the
proposed acquisition of Stream and other future events and their potential
effects on Global BPO and Stream. The statements, analyses, and other
information contained herein relating to the proposed acquisition, as well as
other statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "should," "may," and other similar
expressions, are "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are not
guarantees of future results and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
anticipated. Those factors include, without limitation: (1) the ability to
successfully combine the businesses of Global BPO and Stream; (2) operating
costs and business disruption following the acquisition, including adverse
effects on relationships with employees; (3) changes in the stock market and
interest rate environment that affect revenues; (4) the ability of Stream to
retain its existing customers and attract new customers following the closing;
(5) retention of key employees following closing; (6) general economic
conditions such as inflation or recession; (7) general political and social
conditions such as war, political unrest and terrorism; (8) ability to
maintain or increase billing and utilization rates; (9) success of expansion
internationally; (10) competition; (11) ability to move the product mix into
higher margin businesses; (12) operating Stream as a public company; (13)
healthcare and benefit cost management; and (14) currency fluctuation and
exchange rate adjustments. The foregoing is intended only to identify certain
of the principal factors that could cause actual results to differ from those
discussed in the forward-looking statements. Readers are referred to the
reports and documents filed from time to time by us and to be filed in the
future by us with the Securities and Exchange Commission for a discussion of
these and other important risk factors that could cause actual results to
differ from those discussed in forward-looking statements to reflect
subsequent events or circumstances.
SOURCE Global BPO Services Corp.

Sheila M. Flaherty, Chief Legal & Administrative Officer, +1-617-517-3252,
sheilaflaherty@globalbpo.biz