SOMERSET, N.J., March 18 /PRNewswire-FirstCall/ -- Software
International, Inc. ("SII") (OTC Pink Sheets: SWII) announced today that it
reached a settlement agreement with respect to its litigation against Subba
Raju Indukuri, the former Chief Executive Officer and a director of SII and
the principal officer and stockholder of the Amsol Companies, American
Solutions, Inc., Amsol, Inc., IK Solutions, Inc., Anthony Information
Technology, Inc. and Indtech Info Solutions Private Limited (collectively,
the "Amsol Companies") and other stockholders of the Amsol Companies (Mr.
Indukuri, the Amsol Companies and the other Amsol stockholders are referred
to herein as the "Amsol Parties"). The litigation involved whether SII had
completed the acquisition of the Amsol Companies pursuant to a Stock
Purchase Agreement dated March 30, 2006. In accordance with the settlement
agreement, the Amsol Companies agreed to pay SII the sum of $5.625 million
(payable on a monthly basis through October 2008) in consideration of SII
relinquishing any ownership rights with respect to the Amsol Companies. In
addition, Subba Raju Indukuri forfeited all ownership rights with respect
to securities of SII. In accordance with the settlement agreement, $1.5
million of the cash settlement is required to be held in escrow to protect
certain indemnification obligations SII has to the Amsol Parties.
About Software International, Inc.
Software International provides a full suite of on-site, onshore and
offshore application development services (ADS) and IT consulting to
Fortune 1000 companies in the financial, brokerage, manufacturing,
pharmaceutical, legal and insurance industries worldwide. Every project is
fully staffed and managed by SII's team of project managers, engineers,
technical support and account management professionals.
Forward-Looking Statements
This release is provided in compliance with Commission Regulation FD
and contains certain "forward-looking statements." Any statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, goals, assumptions or future
events or performance are not statements of historical fact and may be
"forward-looking statements." Forward-looking statements are based on
expectations, estimates and projections at the time the statements are made
that involve a number of risks and uncertainties which could cause actual
results or events to differ materially from those presently anticipated.
Forward-looking statements may be identified through the use of words such
as "expects," "will," "anticipates," "estimates," "believes," or statements
indicating certain actions "may," "could," or "might" occur. Such
statements reflect the current views of Software International, Inc. with
respect to future events and are subject to certain assumptions, including
any which may be described in this release. Should one or more of the
underlying assumptions prove incorrect, actual results may vary materially
from those described herein as anticipated, believed or expected. Software
International, Inc. does not intend to update these forward-looking
statements prior to announcement of quarterly or annual results.
Contact Person:
Suneel Sawant, Chairman and President
Software International, Inc.
(732) 302-1900 Ext. 233
SOURCE Software International, Inc.
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Related links:
http://www.softwareintl.com
CONTACT:
Suneel Sawant, Chairman and President,
Software International, Inc., +1-732-302-1900 Ext. 233
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