Venturi Technology Partners Announces Vendor Management Contract Renewal with the State of Georgia

CHARLOTTE, N.C.–(BUSINESS WIRE)–Aug. 19, 2003–Venturi Technology Partners today announced the renewal of its vendor management contract with the State of Georgia for an additional one-year term.Under this contract, Venturi Technology Partners manages the procurement of temporary information technology workers for over 20 participating state agencies.

Venturi Technology Partners was awarded the initial vendor management contract in July 2001 and implemented its web-based, fully automated staffing management system, vWorx – a proprietary staffing management solution using technology developed by San Francisco based Econometrix, Inc – which blends web-based technology with a managed services overlay to assist clients in maintaining precise visibility and control over both their contingent workforce and their vendors.

“Our partnership with Venturi has saved the State significant amounts of time and money,” said Tom Wade, acting executive director of the Georgia Technology Authority, which negotiated the contract on behalf of the State. “It’s reduced the cost of temporary IT workers, and agencies have less administrative work.”

Venturi’s responsibility is to implement the system and make it available to participating state agencies, courts, commissions and boards. This involves multiple implementations. Each agency represents a separate customer with unique needs and requirements. To date, Venturi has implemented the system in over 20 agencies. With each agency, Venturi has introduced the system, trained key staff and made the necessary system modifications to support any unique needs of the agency. Venturi’s Managed Services have enabled this to be done rapidly and without disruption to the customers’ normal business responsibilities.

“We are delighted at the opportunity to continue our relationship with the State of Georgia,” said Larry L. Enterline, Chief Executive Officer of Venturi Partners, Inc. “We have worked hard to provide Georgia State government with the best combination of state of the art technology tools and a dedicated service team. This potent combination is meant to provide state agencies with unparalleled visibility into their staffing processes, as well as dramatic cost savings.”

A subsidiary of Venturi Partners, Inc. (OTCBB:VPTR), Venturi Technology Partners provides Information Technology solutions and staff augmentation services in a range of disciplines and technologies. Venturi Technology Partners’ nationwide office and recruiting network facilitates the delivery of a wealth of talent and knowledge to solve its customers’ IT needs. Whether in IT staffing, turn-key solutions for large-scale technology projects or IT consulting on key business issues, Venturi offers innovative, market-driven IT solutions that assist its customers in the achievement of their competitiveness, profitability and efficiency goals.

Forward Looking Statements

Certain information contained in this press release may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial position of Venturi Partners, Inc. (“Venturi” or the “Company”). These statements may be identified by words such as “estimate,” “forecast,” “plan,” “intend,” “believe,” “should,” “expect,” “anticipate,” or variations or negatives thereof, or by similar or comparable words or phrases. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in such statements.

These risks and uncertainties include, but are not limited to, the following:

— changes in levels of unemployment and other economic

conditions in the United States, or in particular regions or

industries;

— continuing weakness or further reductions in corporate

information technology spending levels;

— Venturi’s ability to maintain existing client relationships

and attract new clients in the context of changing economic or

competitive conditions;

— the impact of competitive pressures, including any change in

the demand for Venturi’s services, or its ability to maintain

or improve its operating margins;

— an Internal Revenue Service audit of Venturi’s income tax

returns and the risk that assessments for additional taxes,

penalties and interest could be levied against the Company;

— the entry of new competitors into the marketplace or expansion

by existing competitors;

— Venturi’s success in attracting, training and retaining

qualified management personnel and other staff employees;

— reductions in the supply of qualified candidates for temporary

employment or the Company’s ability to attract qualified

candidates;

— the possibility of Venturi incurring liability for the

activities of its temporary employees or for events impacting

its temporary employees on clients’ premises;

— the risk in an uncertain economic environment of increased

incidences of employment disputes, employment litigation and

workers’ compensation claims;

— the risk that further cost cutting or restructuring activities

undertaken by Venturi could cause an adverse impact on certain

of the Company’s operations;

— economic declines that affect Venturi’s liquidity or ability

to comply with its loan covenants;

— the risks of defaults under Venturi’s credit agreements or the

demand by any holder of PGA’s remaining outstanding 5.75%

Notes for repayment following the occurrence of a repurchase

event under the indenture applicable to the 5.75% Notes;

— adverse changes in credit and capital markets conditions that

may affect Venturi’s ability to obtain financing or

refinancing on favorable terms;

— adverse changes to management’s periodic estimates of future

cash flows that may affect management’s assessment of its

ability to fully recover its goodwill;

— whether governments will impose additional regulations or

licensing requirements on staffing services businesses in

particular or on employer/employee relationships in general;

and

— other matters discussed in this press release and Venturi’s

SEC filings.

Because long-term contracts are not a significant part of the Company’s business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Venturi undertakes no obligation to update information contained in this release and is not responsible for any changes made to this release by wire or Internet services.

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Venturi Technology Partners Announces Vendor Management Contract Renewal with the State of Georgia

CHARLOTTE, N.C.–(BUSINESS WIRE)–Aug. 19, 2003–Venturi Technology Partners today announced the renewal of its vendor management contract with the State of Georgia for an additional one-year term.Under this contract, Venturi Technology Partners manages the procurement of temporary information technology workers for over 20 participating state agencies.

Venturi Technology Partners was awarded the initial vendor management contract in July 2001 and implemented its web-based, fully automated staffing management system, vWorx – a proprietary staffing management solution using technology developed by San Francisco based Econometrix, Inc – which blends web-based technology with a managed services overlay to assist clients in maintaining precise visibility and control over both their contingent workforce and their vendors.

“Our partnership with Venturi has saved the State significant amounts of time and money,” said Tom Wade, acting executive director of the Georgia Technology Authority, which negotiated the contract on behalf of the State. “It’s reduced the cost of temporary IT workers, and agencies have less administrative work.”

Venturi’s responsibility is to implement the system and make it available to participating state agencies, courts, commissions and boards. This involves multiple implementations. Each agency represents a separate customer with unique needs and requirements. To date, Venturi has implemented the system in over 20 agencies. With each agency, Venturi has introduced the system, trained key staff and made the necessary system modifications to support any unique needs of the agency. Venturi’s Managed Services have enabled this to be done rapidly and without disruption to the customers’ normal business responsibilities.

“We are delighted at the opportunity to continue our relationship with the State of Georgia,” said Larry L. Enterline, Chief Executive Officer of Venturi Partners, Inc. “We have worked hard to provide Georgia State government with the best combination of state of the art technology tools and a dedicated service team. This potent combination is meant to provide state agencies with unparalleled visibility into their staffing processes, as well as dramatic cost savings.”

A subsidiary of Venturi Partners, Inc. (OTCBB:VPTR), Venturi Technology Partners provides Information Technology solutions and staff augmentation services in a range of disciplines and technologies. Venturi Technology Partners’ nationwide office and recruiting network facilitates the delivery of a wealth of talent and knowledge to solve its customers’ IT needs. Whether in IT staffing, turn-key solutions for large-scale technology projects or IT consulting on key business issues, Venturi offers innovative, market-driven IT solutions that assist its customers in the achievement of their competitiveness, profitability and efficiency goals.

Forward Looking Statements

Certain information contained in this press release may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial position of Venturi Partners, Inc. (“Venturi” or the “Company”). These statements may be identified by words such as “estimate,” “forecast,” “plan,” “intend,” “believe,” “should,” “expect,” “anticipate,” or variations or negatives thereof, or by similar or comparable words or phrases. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in such statements.

These risks and uncertainties include, but are not limited to, the following:

— changes in levels of unemployment and other economic

conditions in the United States, or in particular regions or

industries;

— continuing weakness or further reductions in corporate

information technology spending levels;

— Venturi’s ability to maintain existing client relationships

and attract new clients in the context of changing economic or

competitive conditions;

— the impact of competitive pressures, including any change in

the demand for Venturi’s services, or its ability to maintain

or improve its operating margins;

— an Internal Revenue Service audit of Venturi’s income tax

returns and the risk that assessments for additional taxes,

penalties and interest could be levied against the Company;

— the entry of new competitors into the marketplace or expansion

by existing competitors;

— Venturi’s success in attracting, training and retaining

qualified management personnel and other staff employees;

— reductions in the supply of qualified candidates for temporary

employment or the Company’s ability to attract qualified

candidates;

— the possibility of Venturi incurring liability for the

activities of its temporary employees or for events impacting

its temporary employees on clients’ premises;

— the risk in an uncertain economic environment of increased

incidences of employment disputes, employment litigation and

workers’ compensation claims;

— the risk that further cost cutting or restructuring activities

undertaken by Venturi could cause an adverse impact on certain

of the Company’s operations;

— economic declines that affect Venturi’s liquidity or ability

to comply with its loan covenants;

— the risks of defaults under Venturi’s credit agreements or the

demand by any holder of PGA’s remaining outstanding 5.75%

Notes for repayment following the occurrence of a repurchase

event under the indenture applicable to the 5.75% Notes;

— adverse changes in credit and capital markets conditions that

may affect Venturi’s ability to obtain financing or

refinancing on favorable terms;

— adverse changes to management’s periodic estimates of future

cash flows that may affect management’s assessment of its

ability to fully recover its goodwill;

— whether governments will impose additional regulations or

licensing requirements on staffing services businesses in

particular or on employer/employee relationships in general;

and

— other matters discussed in this press release and Venturi’s

SEC filings.

Because long-term contracts are not a significant part of the Company’s business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Venturi undertakes no obligation to update information contained in this release and is not responsible for any changes made to this release by wire or Internet services.

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in HedgeCo News. Bookmark the permalink.

Comments are closed.