Performant Financial Corporation Announces Partial Waiver of Lock-Up Agreements With Certain Officers and Directors in Connection With Proposed Follow-On Offering

LIVERMORE, Calif., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT) announced today that Morgan Stanley & Co. LLC and Goldman, Sachs & Co., the lead book-running managers in the Company's recent initial public offering of 10,350,000 shares of common stock, are waiving a lock-up restriction with respect to 835,159 shares of the Company's common stock held by certain officers and directors of the Company. The waiver will take effect on January 31, 2013, and shall only apply to the sale of such shares of common stock in the recently announced proposed offering of shares of the Company's common stock by certain selling stockholders.

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

CONTACT: Richard Zubek Investor Relations 925-960-4988 investors@performantcorp.comSource:Performant Financial Corp.