2nd Shot for Pomeroy IT

Pomeroy IT Solutions (Nasdaq: PMRY) has received a non-binding $6 per share buyout offer from ComVest Investment Partners. The news comes just days after Charlesbank Capital Partners withdrew a $7.05 per share bid. Pomeroy provides IT infrastructure solutions, with a focus on enterprise, network and end-user technologies. 

 

PRESS RELEASE

 

Pomeroy IT Solutions (NASDAQ:PMRY), a technology and services solutions provider, announced today that its Board of Directors received a letter, dated May 21, 2008, from David B. Pomeroy, II, a director of the Company and its largest stockholder, advising the Board that he has entered into an agreement with a new financial partner, ComVest Investment Partners III LP, for the purpose of submitting a joint proposal to acquire all of the outstanding common stock of the Company not owned by Mr. Pomeroy for a price of $6.00 per share.

On May 16, 2008, the Company announced that Charlesbank Equity Fund VI, had withdrawn from its proposed acquisition of the Company under the terms of its Joint Bidding Agreement with Mr. Pomeroy. The non-binding indication of interest from Mr. Pomeroy and ComVest Investment Partners III LP has been referred to a Special Committee for review. The Special Committee will consider this indication of interest in conjunction with its ongoing exploration of a range of other alternative transactions that could enhance stockholder value.

About Pomeroy IT Solutions, Inc.

Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy’s consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com.