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To: TraderTerry who wrote (335)	8/30/1999 7:19:00 PM
From: Toni Wheeler	Read Replies (2) \| Respond to of 380

Mastech Corporation Announces Major Strategic Investment and Expansion Of Business Relationship with General Electric Company Mastech to Secure $122 Million in IT Services From GE PITTSBURGH, Aug. 30 /PRNewswire/ -- Mastech Corporation (Nasdaq: MAST), a leading global provider of information technology (IT) services, today announced it has formed a significant strategic relationship with GE Capital, a wholly-owned subsidiary of General Electric Company (GE) (NYSE: GE). The relationship is twofold in the form of a business processing joint venture in India, as well as a $30 million equity investment in Mastech by GE Capital. GE Capital/Mastech Joint Venture Global Alliance GE Capital and Mastech have agreed to form a 50/50 joint venture to focus on providing Business Processing Services for major global customers. The objective of this joint venture is to become a world leader in the Business Process Outsourcing (BPO) market, currently projected to be at $44 billion, with double-digit growth expected over the next five years. The joint venture will provide processing and support services in areas such as accounting, transaction services, help desk, call center services and related BPO services. The distinct value proposition of this joint venture will be to provide these services more cost effectively by leveraging India's intellectual talent. GE Capital's existing capabilities in India, coupled with Mastech's expertise in IT, will allow the joint venture to provide world- class services to customers on a global basis by creating high value. Equity Investment GE Capital has also agreed to invest $30 million in Mastech and to target providing $122 million in IT services business to Mastech from GE and affiliate companies over a three-year period. Sunil Wadhwani, co-chairman and chief executive officer of Mastech, stated, "The joint venture enables Mastech and GE to seize the significant BPO market opportunity that exists today. Given our mutual strategic philosophy on globalization, commitment to quality and customer centric focus, we have the necessary ingredients to establish global leadership in the BPO arena. We will utilize our mutual presence and facilities in India to dramatically lower the cost of providing BPO services to global customers. GE Capital's equity investment marks a significant milestone in Mastech's relationship with GE overall. GE is widely recognized as an innovative organization and a leader among the global corporations in adopting new and emerging technologies and we are very pleased to be one of their strategic partners." Nigel Andrews, executive vice president of GE Capital, said, "Mastech has provided excellent IT services to the GE company over the past few years. The investment and joint venture solidifies our relationship and gives both parties the incentive to build upon that success. The joint venture based in India will leverage GE Capital's existing processing services business and Mastech's expertise. We believe that this will provide significant cost savings to GE and also help build a worldwide processing business." Ashok Trivedi, co-chairman and president of Mastech, remarked, "This strategic alliance launches Mastech's successful U.S. relationship with GE into the global arena. With this, we will be able to leverage our current services and knowledge of GE businesses across all GE companies worldwide, resulting in increased value and customer focus for GE." About Mastech Mastech Corporation (Nasdaq: MAST) is a global provider of high value information technology services including e-business solutions, enterprise solutions implementation, network services, customer relationship and supply chain management implementations, applications design, development, and maintenance, offshore software modernization and maintenance services, on a time and materials or fixed price/fixed time basis. With over 5,500 professionals worldwide, Mastech delivers its services to more than 1,000 clients through 36 global offices in North America, Europe, Asia, Australia, and Africa. For more information on Mastech, visit mastech.com. Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. The Company's actual results may differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under Risk Factors and elsewhere in the Company's Annual Report on Form 10-K with the Securities and Exchange Commission on March 31, 1999. SOURCE Mastech Corporation CO: Mastech Corporation; General Electric Company; GE Capital ST: Pennsylvania, India IN: CPR SU: JVN 08/30/99 15:37 EDT prnewswire.com