The Management Network Group, Inc.
Cartesian Announces Strategic Alliance and Investment by Elutions, Inc.

DGAP-News: The Management Network Group, Inc. /

26.02.2014 / 12:30

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Strategic Partnership to Develop and Deliver Elutions' Smart Building Solution

OVERLAND PARK, Kan., 2014-02-26 12:30 CET (GLOBE NEWSWIRE) -- Cartesian,
formerly known as TMNG Global (Nasdaq:TMNG), a premier provider of professional
services and technology solutions to leaders in the communications, digital
media, and technology industries, announced that it has entered into a
commercial partnership and an investment agreement with Elutions, Inc., a
provider of operational business intelligence solutions that significantly
improve energy efficiency, asset performance and workforce productivity.
Through the partnership, Cartesian is positioned to help its North American and
European clients drive significant energy and operational savings through
implementing Elutions' proven Smart Buildings and Smart Assets solutions in
combination with Cartesian's managed solutions capabilities. 

'Aligning with key partners who can help leverage Cartesian's core
capabilities, expertise and relationships into attractive new market
applications is an important element of the growth strategy we have articulated
to our shareholders. Elutions is a perfect fit for our objectives as a leader
in a category that is increasingly in focus for many of our clients: reducing
their total energy cost structure,' said Donald Klumb, CEO of Cartesian. 'We
are looking forward to working with the Elutions team, and together we see
great opportunities to increase scale and accelerate growth in a way that we
believe will be accretive to the enterprise value of Cartesian. We are
especially pleased to welcome them as strategic investors in Cartesian, which
we view as strong validation of our capabilities and a firm commitment to the
success of our partnership.' 

'Cartesian's client relationships, service delivery capability and TMT sector
experience combined with our technology and expertise enable us to bring real
value to the sector. Our clients will see material, appreciable savings and
operational improvements as a result of bringing our capabilities together, as
we are already seeing in initial joint client proposals,' said Dominic Jones,
Chief Commercial Officer of Elutions. 'We see significant long-term potential
for our partnership, as demonstrated by our investment in Cartesian that
cements both our relationship and our strategic intent to develop this market
together.' 

Elutions' Maestro platform is currently deployed in nearly 5,000 facilities
worldwide and is experiencing rapid growth. Elutions delivers fully automated
real-time control of energy consuming assets, generating a significant
reduction in energy consumption and associated cost. Elutions' Maestro platform
is capable of providing optimization in a wide range of facility types,
including data centers, switch sites, headends, cell sites, and general and
administrative offices. Additional information is available at:
http://www.cartesian.com/Smart-Buildings. 

Klumb added, 'The five-year investment agreement with Elutions is central to
the partnership and is structured to provide significant upside potential to
shareholders of Cartesian. The investment includes an up-front commitment to
Cartesian in the form of an immediate equity purchase at a premium to our
recent stock price, and additional commitment in the form of a capital- and
tax-efficient note-warrant combination. Finally and most significantly,
Elutions will participate in additional value jointly created by the two firms
through warrants tied to revenues generated together, further incentivizing
both parties to drive the success of the partnership.' 

Under the investment agreement, Cartesian will: (1) issue and sell 609,756
shares of common stock to Elutions at a price of $3.28 per share, for an
aggregate purchase price of $2 million, (2) have its U.K. subsidiary, Cartesian
Limited, issue a non-convertible promissory note payable to a European
subsidiary of Elutions' in the amount of $3.3 million (in equivalent Great
Britain Pounds Sterling) in conjunction with Cartesian (U.S.) issuing to
Elutions a common stock purchase warrant related to the note for the purchase
of 996,544 shares of Common Stock at $3.28 per share, and (3) issue to Elutions
a common stock purchase warrant pursuant to which Elutions can earn the right
to purchase up to 3.4 million shares of Cartesian stock at prices ranging from
$3.85 per share to $4.85 per share based on Cartesian's financial results
related to certain client contracts obtained jointly by Cartesian and Elutions.
Additional details regarding this transaction and its related agreements are
contained in the Current Report on Form 8-K filed by Cartesian today with the
SEC. As described in the Form 8-K, certain provisions in the investment
agreement and related documents are subject to stockholder approval under the
rules of Nasdaq, and will be presented to stockholders for approval at the 2014
annual meeting of stockholders. The closing of the investment transaction is
subject to customary closing conditions. Cartesian currently expects the
closing to occur in mid-March. 

During its earnings call to discuss fourth quarter and full year 2013 financial
results, Cartesian will also discuss its commercial partnership and investment
agreement with Elutions. The conference call will be held on Thursday, February
27, 2014 at 5:00 p.m. ET. The call may also include discussion of company
developments, forward-looking information and other material information about
business and financial matters. 

To participate on the live call, investors should dial 877-317-6789 in the
United States or 412-317-6789 from international locations and reference the
Cartesian call approximately ten minutes prior to the start time. In addition,
the call will be available via live webcast over the Internet on the 'Investor
Relations' portion of Cartesian's corporate website, www.cartesian.com.
Investors should go to the Web site approximately 10 minutes prior to the start
time of the call to register. 

A webcast archive of the call will be available at www.cartesian.com for 90
days. Additionally, a replay of the call will be available by dialing
877-344-7529, passcode 10041466, through March 6, 2014. 

About Cartesian

Cartesian is the trading name of TMNG Global (Nasdaq:TMNG), a premier provider
of professional services and technology solutions to leaders in the
communications, digital media, and technology industries. Cartesian,
incorporating the brands formerly known as TMNG Global and CSMG, provides
professional services in strategy, execution and managed solutions to clients
worldwide. The company has offices in Boston, Kansas City, London, New York and
Washington. For more information about the company and its services, visit
www.cartesian.com. 

The Cartesian logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=23353 

About Elutions, Inc.

Elutions, Inc. is a strategic global provider of Operational Business
Intelligence Solutions that significantly improve energy efficiency, asset
performance and workforce productivity. Elutions is headquartered in Tampa,
Florida with offices in Waukesha, Wisconsin and Lyon, France with an
international market leading presence as the premier provider of web-based,
turnkey Enterprise Solutions that dramatically improve energy efficiency,
reduce carbon emissions, and optimize energy asset performance. Elutions
provides Operational Business Intelligence Solutions across multiple vertical
markets that empower business process improvement. Elutions' innovative systems
and solutions include web-enabled application software, wireless & wireline
networking hardware, energy management bureau services, and engineering and
integration services. Elutions serves multiple-site type, enterprise clients
and enables them to manage and monitor energy and assets via the Internet, in
real-time, anywhere in the world. 

Cautionary Statement Regarding Forward Looking Information

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. In particular, any statements
that do not relate to historical or current facts constitute forward-looking
statements, including any statements contained herein regarding expectations
with respect to the Company's future business, financial condition and results
of operations. Forward-looking statements are subject to known and unknown
risks, uncertainties, and contingencies, many of which are beyond the Company's
control, which may cause actual results, performance, or achievements to differ
materially from those projected or implied in such forward-looking statements.
Factors that might affect actual results, performance, or achievements include,
among other things, the Company's ability to successfully complete and
implement the proposed strategic relationship; the Company's ability to close
the transactions contemplated by the investment agreement; conditions in the
telecommunications industry, overall economic and business conditions
(including the current economic slowdown), the demand for the Company's
services (including the slowing of client decisions on proposals and project
opportunities along with scope reduction of existing projects), the level of
cash and non-cash expenditures incurred by the Company, technological advances
and competitive factors in the markets in which the Company competes, and the
factors described in this press release and in The Management Network Group's
(d/b/a Cartesian) filings with the Securities and Exchange Commission,
including the risks described in its periodic reports filed with the SEC,
including, but not limited to, 'Cautionary Statement Regarding Forward Looking
Information' under Part I of its Annual Report on Form 10-K for the fiscal year
ended December 29, 2012 and subsequent periodic reports containing updated
disclosures of such risks. These filings are available at the SEC's web site at
www.sec.gov. Any forward-looking statements made in this release speak only as
of the date of this release. The Company does not intend to update these
forward-looking statements and undertakes no duty to any person to provide any
such update under any circumstances. 

Where to Find Additional Information

The Company plans to file with the SEC a proxy statement for its 2014 annual
meeting of stockholders that will include a proposal relating to the proposed
transaction with Elutions, Inc. ('Annual Meeting Proxy Statement'). The Annual
Meeting Proxy Statement will contain important information about the Company,
the proposed transaction with Elutions, Inc. and related matters. Investors and
stockholders are urged to read the Annual Meeting Proxy Statement carefully
when it is available. The Annual Meeting Proxy Statement and any other relevant
documents (when they become available) may be obtained free of charge at the
SEC's web site at www.sec.gov and at the Company's web site at
www.cartesian.com or by directing a written request to: The Management Network
Group, Inc., 7300 College Boulevard, Suite 302, Overland Park, Kansas 66210,
attention Corporate Secretary. 

Participants in the Solicitation

The Company and its executive officers and directors may be deemed to be
participants in the solicitation of proxies from the stockholders of the
Company in connection with the proposed approval of certain agreements and
transactions with Elutions, Inc. Information about the executive officers and
directors of the Company and their ownership of the Company's common stock is
set forth in the Company's proxy statement for its 2013 annual meeting of
stockholders, which was filed with the SEC on April 29, 2013, and in the
Company's periodic and current reports and in statements of changes in
beneficial ownership subsequently filed with the SEC, which are available free
of charge as described in the preceding paragraph. The Company will provide
more information about these potential participants in the Annual Meeting Proxy
Statement and other relevant documents which may be filed with the SEC. 


         CONTACT: Brainerd Communicators
         Ray Yeung (Media)
         yeung@braincomm.com
         Corey Kinger (Investors)
         kinger@braincomm.com
         212.986.6667
News Source: NASDAQ OMX


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Language:    English                             
Company:     The Management Network Group, Inc.  
 
 
             United States                       
ISIN:        US5616931029                        
 
 
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