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Technology Stocks : SYNTEL (SYNT) - Upcoming Year 2000 IPO -- Ignore unavailable to you. Want to Upgrade?

To: Cosmo Kramer who wrote (2469)	3/2/1999 2:07:00 PM
From: Cosmo Kramer	Read Replies (1) \| Respond to of 2761

BIG NEWS!!! Tuesday March 2, 1:42 pm Eastern Time Company Press Release Syntel Board of Directors Authorizes Stock Repurchase TROY, Mich.--(BUSINESS WIRE)--March 2, 1999--Syntel, Inc. (Nasdaq:SYNT - news) today announced that its Board of Directors has authorized the repurchase by the Company of up to 250,000 shares of the company's outstanding common stock on the open market. ''The decision to institute a stock repurchase plan reflects the Board's view that the current market price for the Company's securities does not fairly reflect the Company's present value or potential,'' said Bharat Desai, Syntel Chairman and CEO. ''Since becoming a public company in August 1997, Syntel has consistently met or exceeded earnings estimates, the result of solid top-line growth and a business model that provides for expanding margins.'' Such stock purchases would be made in open market transactions on Nasdaq. Any stock repurchased will be reissued in connection with the Company's employee stock purchase and stock option and incentive plans. About Syntel, Inc. Syntel provides cutting-edge Applications Management and technology consulting services to Fortune 500 companies such as AIG, Dayton Hudson, Ford Motor Company, and Borders, among others. Syntel helps its clients better manage their business applications to improve time to market, productivity, and competitiveness through integrated applications solutions. The company has more than 2,100 employees in North America, Europe, and Asia and operates four world-class Global Development Centers in the US and India. To learn more about Syntel, visit the company web site at: www.syntelinc.com Safe Harbor Provision This news release includes forward-looking statements, including with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's annual 10-K document dated March 30, 1998. Factors that could cause results to differ materially from those set forth above include trends and developments in the information technology industry generally, which is subject to rapid technological change and the Company's concentration of sales in a relatively small number of large customers, as well as intense competition in the information technology industry, which the Company believes will increase.