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TechTeam Global, Inc.
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The following is a press release issued by TechTeam Global, Inc. on
February 27, 2006
TECHTEAM GLOBAL BOARD WILL CONTEST HEDGE FUND'S NOMINEES
SOUTHFIELD, MICHIGAN, February 27, 2006...The Chairman of the Board of Directors
of TechTeam Global Inc. (Nasdaq: TEAM) today issued a statement vowing to
"vigorously contest" the election of a slate of directors that hedge fund
investor Costa Brava Partnership III, LLC said it will nominate to replace
TechTeam's current Board.
TechTeam Chairman Kim A. Cooper said that the Board is confident that
stockholders will reject Costa Brava's attempt to gain control of the company.
"Long-term investors are well acquainted with the short-term financial horizons
that motivate certain activist investors," Cooper said. "We are concerned that
Costa Brava's recent history of litigation and disruptive tactics appear to be
intended to produce quick returns in lieu of the longer term interests of other
stockholders."
"In stark contrast," Cooper said, "our Board faithfully represents stockholders,
employees and customers with a longer view. We believe that TechTeam's value is
best maximized through implementation of well-considered, sustainable business
strategies, and we will vigorously contest the Costa Brava directors' slate on
that basis.
"Our Board has been a diligent overseer of TechTeam's impressive growth," Cooper
continued, "and we believe that our record offers compelling evidence that this
Board is interested, first and foremost, in producing value for our
stockholders."
Cooper cited the Board's action earlier this month to replace the company's
founder with a new chief executive officer -- Mr. Chris Brown from IBM -- as a
demonstration of the Board's willingness to make value-enhancing decisions on
behalf of investors.
"The Board recognized and championed the steps needed to help the company evolve
from its entrepreneurial origins," he asserted. "The Board conducted a thorough
search and found a CEO with the business development and leadership skills to
advance TechTeam's revenue and profit growth."
IMPORTANT INFORMATION
TechTeam Global, Inc. plans to file with the Securities and Exchange Commission
(the "SEC") and mail to its stockholders a Proxy Statement in connection with
its 2006 Annual Meeting, and advises its stockholders to read the Proxy
Statement relating to the 2006 Annual Meeting when it becomes available, because
it will contain important information. Stockholders may obtain a free copy of
the Proxy Statement and other documents (when available) that TechTeam files
with the SEC at the SEC's Web site at www.sec.gov. The Proxy Statement and these
other documents may also be obtained free from TechTeam by directing a request
to TechTeam Global Inc., Attn: Mr. Michael A. Sosin, 27335 West 11 Mile Road,
Southfield, Michigan 48034; telephone (248) 357-2866.
CERTAIN INFORMATION REGARDING PARTICIPANTS
TechTeam, its directors and named executive officers may be deemed to be
participants in the solicitation of TechTeam's security holders in connection
with its 2006 Annual Meeting. Stockholders may obtain information regarding the
names, affiliations and interests of such individuals in TechTeam's Annual
Report on Form 10-K for the year ended December 31, 2004 and its proxy statement
dated April 4, 2005, each of which is filed with the SEC.
To the extent holdings of TechTeam securities have changed since the amounts
printed in the proxy statement, dated April 4, 2005, such changes have been
reflected on Statements of Changes in Beneficial Ownership on Form 4 and Initial
Statements of Beneficial Ownership on Form 3 filed with the SEC.
TECHTEAM GLOBAL, INC. is a global provider of information technology and
business process outsourcing services. The Company's ability to integrate
computer services into a flexible, total single point of contact solution is a
key element of its success. Partnerships with some of the world's
"best-in-class" corporations provide TechTeam with unparalleled experience and
expertise in providing the following IT support solutions: help desk/call center
services, technical staffing, professional services/systems integration, and
training programs. For information about TechTeam Global, Inc. and its
outstanding services call 800-522-4451.
CONTACTS:
TECHTEAM GLOBAL, INC. TECHTEAM GLOBAL, INC.
William C. Brown David W. Morgan
President and Vice President, Chief Financial Officer,
Chief Executive Officer and Treasurer
(248) 357-2866 (248) 357-2866
wcbrown@techteam.com dmorgan@techteam.com