ATLANTA, Sept. 25, 2012 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery TM, announced today that Steve Kingston has joined the Company to run Client Services for its Europe and Asia Pacific (EAP) region. Kingston will be based in Luton, UK and will report to PRGX president and CEO, Romil Bahl. "Steve is a seasoned leader in professional services and brings to bear his experience in building and leading high-performing global teams," said Bahl. In his role, Kingston will oversee all existing client relationships that PRGX has in the EAP region, as well as drive new business development. Continued Bahl, "I could not be more optimistic about the future of our business across the EAP region, and Steve is exactly the leader who can help ensure we take advantage of our many opportunities there." Kingston joins PRGX from Infosys where among other roles, he was the European lead partner of the company's consulting business, and the global leader of the Consulting & Systems Integration Services for the Energy, Utilities, Communications and Services industry segments. Prior to Infosys, Kingston was a partner with IBM's Business Consulting unit. He joined Price Waterhouse after several years in the Oil and Gas industry and became a partner with PwC Consulting in 1999, before the 2002 acquisition of PwC Consulting by IBM. "I am excited about the opportunity to join the PRGX Global senior leadership team, and certainly the opportunity to lead the exciting growth prospects across Europe and increasingly, across Asia. I look forward to leveraging my experience of growing professional services practices and world-class teams for PRGX," said Kingston. In connection with Mr. Kingston's employment, on September 24, 2012 the Company granted equity awards to Mr. Kingston consisting of 45,000 restricted stock units, as well as options to purchase 45,000 shares of the Company's common stock with a seven-year term and an exercise price equal to $8.54 per share, the closing price of the common stock on the grant date. One-third of the restricted stock units and options vest on each of the first, second and third anniversaries of the grant date, subject to the employee's continued employment with the Company over such period. The restricted stock units and options also vest in full in the event of a change in control of the Company, provided the employee remains continuously employed by the Company until such event.
The grants were approved by the compensation committee of the Company's board of directors, which committee is comprised solely of independent directors, and were granted as an inducement material to the new employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).About PRGX Global, Inc. Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With over 1,600 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering Profit Discovery, a unique combination of audit, analytics and advisory services that improves client financial performance. For additional information, please visit PRGX at www.prgx.com. Forward-Looking Statements In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company's financial condition and revenue and Adjusted EBITDA growth, business development efforts, opportunities and growth prospects in the EAP region, and the success of its growth strategies and expansion into new markets. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include revenues that do not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenues from its core recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 15, 2012. The Company disclaims any obligation or duty to update or modify these forward-looking statements.
CONTACT: PRGX Global, Inc. Alexandra Gobbi, Vice President, Marketing & Communications 770.779.3900 Robert Lee, Chief Financial Officer 770.779.3900 600 Galleria Parkway, Suite 100 Atlanta, GA 30339