NASDAQ Panel Issues Determination Letter for Late Filing of Form 10-K; Grants Additional Extension

CAMBRIDGE, Mass. — March 26, 2007 — Pegasystems Inc. (Nasdaq: PEGA) today announced that, as expected, it received an additional Staff Determination Letter on March 20, 2007, stating that the Company had not filed its Form 10-K for 2006 by the required March 16, 2007 deadline, as required by NASDAQ Marketplace Rule 4310(c)(14). Within that letter, the NASDAQ Staff noted that the Panel would consider this additional issue in rendering its determination regarding the Company's continued listing on the NASDAQ Global Select Market.


As previously disclosed, on November 13, 2006, the Company received a Staff Determination Letter regarding the Company's delay in filing its Form 10-Q for the third quarter of 2006. Subsequent to a hearing before the Panel, the Company announced on March 5, 2007 that the Panel had granted the Company's request for an extension of time to comply with NASDAQ's filing requirement on the condition that the Company file its delinquent periodic reports, and any required restatements, by March 16, 2007. At the Company's request, the Panel later extended that deadline to April 25, 2007. The Company continues to work diligently to address this matter and to regain full compliance with the NASDAQ listing requirements.

About Pegasystems

Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.

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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.

 

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Pegasystems Inc.
One Rogers St.
Cambridge, MA 02142
U.S.A.
Phone +1 617-374-9600
Fax +1 617-374-9620