Silverline Technologies - Terrific Turnaround & Major Milestone reached by the Company

Silverline Technologies Ltd has announced a major milestone, Committed to delivering value, the Company collaborates with its customers to assist to become improved businesses and governments. In the recent past, the Company was a NYSE listed (with a market cap of over $1 Billion) leading organization that was hurt by the effects of the softening of the US economy and other unfortunate global events. An ISO 9001 and SEI CMM Level IV Company, the Company had global operations across the continents of the world.

The Company has reached one time settlement with its lenders and cleared off the dues with banks namely Indian Bank, Punjab & Sind Bank, J&K Bank, Bank of Bahrain and Kuwait, Ratnakar Bank, State Bank of Mysore, Canara Bank and Americorp International. The Company has settled it’s pending loans under One Time Settlement.

The Company along with their advisors M/s. Firstcall India Equity Advisors Pvt Ltd., has concluded and finalized the one-time settlement with the bankers through the Sale & Lease back of their Software Technology Park in Thane. The lease agreement has been signed with Effective TeleServices Inc., a Texas-based US organization.

This state-of-the-art "Silverline Software Technology Park" in Thane, a hi-tech facility based on the Art Deco architectural style with a total area of approximately 140,000 sq ft spread over eight floors, was inaugurated in September 1999. The facility has a capacity to accommodate up to 1,500 professionals and with dedicated international frame relay network.

"Furthering our strategy to bring back glory to its valued investors and keeping in line with our commitment announced on May 23, 2006, this milestone is a major step towards its reaching the recently announced resurgence strategy working with our corporate restructuring advisors, Messrs. Firstcall India Equity Advisors Pvt. Ltd. The Company can now focus on the next steps of sustained growth and increased shareholder value", said Ravi Subramanian, Chairman of the Company.

Source : Equity Bulls

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