eTelecare Global Solutions (“eTelecare” or the “Company”) (NASDAQ: ETEL) announced today its intention to voluntarily delist its American Depositary Shares (“ADSs”) from the Nasdaq Global Select Market (“Nasdaq”). An affiliate of Ayala Corporation and Providence Equity Partners owns approximately 98.7% of the Company’s outstanding Common Shares, including ADSs representing Common Shares, as a result of the tender offer completed on December 11, 2008. As a result of the tender offer, eTelecare believes that it no longer has 400 round lot holders.
The Company intends to file a notification of removal from listing on Nasdaq on Form 25 with the SEC on or about January 2, 2009 and the trading of the Company’s ADSs on Nasdaq will be suspended on that date. The withdrawal of the ADSs from listing on Nasdaq will become effective 10 days after the filing of the notice on Form 25 with the SEC. The Company reserves the right to delay the filing of the Form 25. The Company has not arranged for the listing of the Company’s securities on another U.S. securities exchange or for quotation of the Company’s securities on any other quotation medium in the United States. The Company’s Common Shares will continue to trade on the Philippine Stock Exchange.
The Company believes that, as a result of the completion of the tender offer, it meets the delisting standards of the Philippine Stock Exchange. The Company intends to voluntarily delist from the Philippine Stock Exchange following the delisting of its ADSs from Nasdaq and the termination of its registration and reporting obligations under the Securities Exchange Act of 1934.
About eTelecare Global Solutions
Founded in 1999, eTelecare Global Solutions is a leading provider of business process outsourcing (BPO) focusing on the complex, voice and non-voice based segment of customer-care services. It provides a range of services, including technical support, customer service, sales, customer retention, chat and email from both onshore and offshore locations. Services are provided from delivery centers in the Philippines, North America, and Latin America. Additional information is available at www.etelecare.com.
Cautionary Note Regarding Forward-Looking Statements
This press release and the related conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our expectations, beliefs, intentions and strategies regarding the future. Words such as “anticipates,” “expects,” “believes,” “intends,” “plans,” “seeks,” “estimates” and similar expressions identify such forward-looking statements. These are statements that relate to future events and include, but are not limited to, statements related to our intention to delist from the Philippine Stock Exchange. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements. Statements included in this release are based upon information known to eTelecare as of the date of this release, and eTelecare assumes no obligation to update information contained in this press release.