XATA Shareholders Approve Turnpike Acquisition Terms
February 19 2010 - 10:58AM
PR Newswire (US)
MINNEAPOLIS, Feb. 19 /PRNewswire-FirstCall/ -- XATA Corporation
announces that on February 17, 2010, in connection with the
Company's acquisition of Turnpike Global Technologies LLC and
Turnpike Global Technologies, Inc. on December 4, 2009, the
Company's shareholders approved all Proposals presented at the
Annual Meeting of Shareholders. The Proposals included approval to
increase the number of authorized common and preferred stock,
amendments to the Company's certificates of designation, consent to
the issuance stock in connection with the acquisition and related
financing pursuant to NASDAQ Stock Market requirements, approval of
a new series of preferred stock, an election to opt out of the
Minnesota Control Share Acquisition Act and the election of eight
directors. All proposals passed by a margin of at least 95%. The
approvals received from the Company's shareholders will also result
in the conversion of $30.2 million of outstanding debt of the
Company, which was incurred to finance the Turnpike acquisition and
for other purposes, into shares of the new Series G Preferred Stock
and warrants to purchase common stock of the Company. About XATA
XATA Corporation is the expert in optimizing truck-fleet operations
by reducing costs and ensuring regulatory compliance. Our on-demand
software and services help companies manage fleet operations,
enhance driver safety and deliver a higher level of customer
satisfaction. Offered through a monthly-subscription service, XATA
software solutions can affordably oversee every truck in an
organization's fleet. XATA also provides expert services to develop
the business processes required to deliver the profitability,
safety and service levels demanded by today's competitive
transportation environments. Based in Minneapolis, Minnesota, XATA
revolutionized the trucking industry by being the first to
introduce electronic driver logs and exception-based management
reporting. Our XATANET solution provides our customers with access
to their vehicle data anywhere, anytime. XATA Turnpike - a division
of XATA Corporation - provides PDA-based fleet management
capabilities for little or no upfront costs. DATASOURCE: XATA
Corporation CONTACT: Mark Ties, CFO OF XATA Corporation,
+1-952-707-5600
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