BOSTON, March 16 /PRNewswire/ -- Keane, Inc. , a leading business process and information technology (IT) services firm, today announced that it has filed a notification with the Securities and Exchange Commission (the "SEC") under Rule 12b-25 that it will not be able to file its annual report on Form 10-K for the fiscal year ended December 31, 2006 on a timely basis.
As previously announced, the SEC has contacted Keane, Inc. (the "Company") requesting documents related to the Company's stock option grants and stock option practices. The Company intends to cooperate with the SEC in this matter.
The Company's Board of Directors has appointed a special committee of independent directors to initiate an inquiry into stock option grants and practices. This inquiry has not been completed. The special committee has retained independent legal counsel to assist in the inquiry. The Company believes it will not be able to file its annual report on Form 10-K for the year ended December 31, 2006 until the special committee completes its inquiry and management concludes that the Company's financial statements would not be adversely impacted by facts relating to past option grants.
About Keane
In business since 1965, Keane, Inc. is a leading business process and IT services firm. Keane delivers Application and Business Process Services to help clients transform their business and IT operations to achieve demonstrable, measurable, and sustainable business benefit. As a trusted advisor and partner for its clients, Keane solves real business issues through the development and implementation of cost-effective, change-oriented, industry-specific solutions.
Specifically, Keane delivers highly synergistic application and business process services, including Application Development and Integration Services, Architecture Services, Application Outsourcing, Program Management, and Testing, as well as Business Transformation Services including Business Process Outsourcing. Keane believes that business and IT improvements are best realized by streamlining and optimizing business and IT processes, implementing rigorous management disciplines, and fostering a culture of accountability through meaningful performance metrics. Based in Boston, Mass., Keane delivers its services throughout the United States, Australia, Canada, India, and the United Kingdom. For more information, visit http://www.keane.com/.
Safe Harbor for Forward-Looking Statements:
Statements in this press release, including statements regarding the nature of the special committee's review and the timing of the filing of the Company's Annual Report on Form 10-K for the period ended December 31, 2006, and any other statements about managements' future expectations, beliefs, goals, plans or prospects, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions) should also be considered to be forward looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual future experience and results to differ materially from those discussed in these forward-looking statements. Important factors that might cause such a difference include, but are not limited to, potential delays in the special committee's review of the Company's stock option grants and stock option practices, the results of the special committee's review, the impact, if any, of such results or findings on the financial statements of the Company, the outcome of the SEC's inquiry into the Company's stock option grants and any other governmental investigations, the Company's ability to file required reports with the SEC and certain other factors that are detailed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 filed with the SEC. Keane disclaim any obligation to update any forward-looking statements after the date of this document.
Contact:
Larry Vale
Keane Investor Relations
617.517.1290
Danielle Wuschke
Keane Public Relations
617.517.1445
