Makati City, Philippines – 11 December 2007 -- Philippine listed company IPVG Corp. (PSE: IP), together with independent investment house and partner AO Capital Partners Ltd. (AO Capital), remain firm in their pursuit to buy a majority stake in NASDAQ listed PeopleSupport, Inc. (“PeopleSupport” or the “Company”), one of the top global contact center players and whose operations are located primarily in the Philippines.

 

Early this month, IPVG and AO Capital submitted a letter-proposal to the Board of Directors of PeopleSupport stating their intent to acquire the contact center operator at $15.00 per share, or a total valuation of approximately $355.3 million.

 

PeopleSupport was given until last Friday, December 7 to respond to the proposal. The Company however announced that while a review of the proposal was ongoing, a recommendation by the Company’s Board of Directors to its shareholders would not occur before that date.

 

IPVG and AO Capital remain keen to pursue the proposal with PeopleSupport and in fact have reiterated their desire to acquire the contact center in a letter sent to PeopleSupport President, Lance Rosenzweig yesterday.

 

Pending PeopleSupport’s decision, market analysts have already commented on the proposal, and have called the IPVG-AO Capital proposal a “fair one”. The $15 per share proposal was at an 18% premium over PeopleSupport’s closing price on November 29, the day before the proposal was made public.

 

AO Capital is a member company of American Orient Capital Partners Group (“AOCP Group”). The AOCP Group provides high value added advisory services for the private placement of debt and equity capital, corporate restructuring, mergers & acquisition, and project finance. In addition, AOCP Group is involved in managing private equity funds for investments in Asian based companies. The senior management team of the AOCP Group has over 120 years of cumulative professional experience throughout the region. Along with its head office in Hong Kong, AOCP Group maintains full service offices in the Philippines, Singapore and in India.