Virtusa Confirms Extension of IPO Lock-Up Due to Planned Release of Third Quarter Fiscal Year 2008 Financial Results
WESTBOROUGH, Mass.--(Business Wire)--Virtusa Corporation (NASDAQ: VRTU), a global information
technology (IT) services company that provides IT consulting,
technology implementation and application outsourcing services through
an enhanced global delivery model, confirmed today that the lock-up
agreements entered into in conjunction with its initial public
offering will be extended until Tuesday, February 19, 2008, the first
trading day after expiration of the lock-up agreements.
Under the terms of the lock-up agreement, the expiration date of
the lock-up was automatically extended for an additional 18 days due
to the timing of the Company's quarterly earnings release. The Company
recently announced that it intends to release financial results for
the third quarter of fiscal year 2008 on Thursday, January 31, 2008.
Upon expiration of the lock-up period, the shares subject to the
lock-up restriction will become available for resale subject to
applicable restrictions under the federal securities laws, including
Rules 144 and 701 under the Securities Act of 1933. Virtusa completed
its initial public offering in August 2007.
About Virtusa Corporation
Virtusa is a global information technology (IT) services company
providing IT consulting, technology implementation and application
outsourcing services. Using its enhanced global delivery model,
innovative platforming approach and industry expertise, Virtusa
provides cost-effective services that enable its clients to use IT to
enhance business performance, accelerate time-to-market, increase
productivity and improve customer service.
Founded in 1996 and headquartered in Massachusetts, Virtusa has
offices in the United States and the United Kingdom, and global
delivery centers in India and Sri Lanka.
"Virtusa" is a registered trademark of Virtusa Corporation.
Forward-Looking Statements
Certain statements made in this press release that are not based
on historical information are forward-looking statements which are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. This press release contains express or
implied forward-looking statements relating to, among other things,
Virtusa's expectations concerning the timing of the release of shares
from the underwriter's lock-up agreements. These statements are
neither promises nor guarantees, but are subject to a variety of risks
and uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those contemplated in
these forward-looking statements. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Virtusa undertakes
no obligation to update or revise the information contained in this
press release, whether as a result of new information, future events
or circumstances or otherwise. For additional disclosure regarding
these and other risks faced by Virtusa, see the disclosure contained
in our public filings with the Securities and Exchange Commission
including our Quarterly Reports on Form 10-Q.
ICR
Media:
Brian Ruby/Susan Hartzell
brian.ruby@icrinc.com, 203-682-8268
susan.hartzell@icrinc.com, 203-682-8238
or
Investors:
Staci Strauss Mortenson/Kori Doherty
staci.mortenson@icrinc.com, 203-682-8273
kori.doherty@icrinc.com, 617-956-6730
Copyright Business Wire 2008
