Hyderabad, July 26, 2006
Lanco Global Systems Inc USA (LGSI) has merged with its Indian Counterpart Lanco Global System Ltd (LGSL) as approved by Honorable High Court of Andhra Pradesh on June 30, 2006 under the Scheme of Amalgamation.
Lanco Global Systems Inc (LGSI) is a foreign Company, Incorporated under the Georgia Business Corporation Code, USA in the year 2004 as a “Domestic Profit Corporation” with services around Information technology and Business process outsourcing has been merged with Lanco Global Systems Ltd (LGSL) Headquartered in Hyderabad.
Post merger the present equity of LGSL would increase from Rs10.65 Cr to Rs25.42 Cr. Shareholders of the foreign company would be allotted 2 equity shares of Rs10 each fully paid up of the Indian Company for every 3 Shares of common stock of US$0.10 fully paid up held in the foreign entity.
Post merger benefits would result in increased revenues, economies of scale, profitability, ability to bid for larger projects, increase in customer base, enhanced vertical strategy & sales with overall growth for the combined entity. The company expects to close on a few global projects and with the merger it would further leverage their combined strength in Information Technology.
Arjun Valluri CEO of Lanco Global Systems Ltd (LGSL) announced last year during his take over of the IT wing of LANCO GROUP that it has decided to acquire and merge itself with the US based Lanco Global Systems Inc (LGSI). The Board of Directors had unanimously approved the scheme of arrangement for amalgamation of LGSI with LGSL in a meeting held on 14.12.2005, subsequently followed by the approval of shareholders and high court order passed on 30.06.2006
About LGS
 enables real time enterprise computing through the deployment of mission critical applications for clients. Our global clientele includes Fortune 500 companies and Government Agencies. Our business knowledge in key verticals such as Financial Services, Healthcare, Manufacturing, Chemicals, Life Sciences, Government, Energy and Retail helps us provide solutions specific to the needs and focus on delivering business value for our clients. is a global IT Services provider with its Registered Office & Headquarters in Hyderabad, India. is listed on the Bombay Stock Exchange. For more information, please visit our website www.lgsglobal.com
Safe Harbor
This Press Release is based on, and includes, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Neither, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from use of the information provided here. The statements made here concerning our future growth prospects are predictive in nature and based on current expectations, estimates and projections and are dependent on changing global economic conditions, and the economic conditions in our major operating markets. In order to differentiate those statements that are not certainties we use expressions like "expect", "estimate" etc. While we believe that our expectations and the information in this Press Release are based upon reasonable assumptions at the time when they were made, we can give no assurance that we will achieve those expectations or that the actual results will be those that we portray in this Press Release. All trademarks used in this Press Release are trademarks of the respective owners. is a branded trademark.
Contact for Media:
Priya Vasireddy : priya.vasireddy@lgsglobal.com
Contact for Investor Relations/Legal:
M.Jagadeeshwara Rao, Company Secretary: jagadeesh.mabagapu@lgsglobal.com
|
