Captaris Completes Acquisition of Castelle
July 11 2007 - 5:00AM
PR Newswire (US)
BELLEVUE, Wash. and MORGAN HILL, Calif., July 11
/PRNewswire-FirstCall/ -- Captaris, Inc. (NASDAQ:CAPA), a leading
provider of software products that automate document-centric
business processes today announced the completion of its
acquisition of Castelle (NASDAQ:CSTL). Under the terms of the
definitive agreement announced on April 26, 2007, and following
approval of the transaction by Castelle's shareholders on July 10,
2007, Captaris acquired all of Castelle's outstanding shares for a
purchase price of $4.14 per share. In addition, each outstanding
in-the-money option to purchase shares of Castelle was converted
into the right to receive the excess, if any, of the per share
purchase price ($4.14) over the per share exercise price of the
option. The aggregate purchase price to be paid by Captaris is
approximately $10.8 million, net of Castelle's cash balance at
closing of approximately $8.5 million. About Captaris, Inc.
Captaris, Inc. is a leading provider of software products that
automate business processes, manage documents electronically and
provide efficient information delivery. Our product suite of
Captaris RightFax, Captaris Workflow and Captaris Alchemy Document
Management is distributed through a global network of leading
technology partners. We have customers in financial services,
healthcare, government and many other industries, and our products
are installed in all of the Fortune 100 and many Global 2000
companies. Headquartered in Bellevue, Washington, Captaris was
founded in 1982 and is publicly traded on the NASDAQ Global Market
under the symbol CAPA. For more information please visit
http://www.captaris.com/. About Castelle Castelle is a market
leader in "all-in-one" network fax solutions for businesses and
enterprises, and offers organizations every possible network fax
option: desktop faxing, production faxing, fax and email
integration, workflow application integration, and tools for
developing custom fax applications. FaxPress, FaxPress Premier and
FaxPress Enterprise network fax servers include the FaxPress or
FaxPress Plus software suite that enables administrators and users
to perform functions such as managing fax queues, creating reports,
and viewing fax archives. Castelle products are designed to be easy
to use and maintain, and provide an economical way for companies to
share resources over the network. Castelle was founded in 1987 and
is headquartered in Morgan Hill, California. Its products are
available through a worldwide network of distributors, resellers,
and online retailers. For more information please visit
http://www.castelle.com/. The following are registered trademarks
and trademarks of Captaris: Captaris, Alchemy, RightFax, Captaris
Document Management and Captaris Workflow. FaxPress(TM), FaxPress
Premier(TM), FaxPress Enterprise(TM) and FaxPress Plus(TM) are
trademarks of Castelle. All other brand names and trademarks are
the property of their respective owners. DATASOURCE: Captaris, Inc.
CONTACT: Erika Simms, Treasury Analyst of Captaris, Inc.,
+1-425-638-4048, ; or Scott C. McDonald, President & Chief
Executive Officer of Castelle, +1-408-852-8000, fax,
+1-408-852-8100; or investors, Todd Kehrli or Jim Byers of MKR
Group, LLC, +1-323-468-2300, ; or Karin Reak, Director of Marketing
of Castelle, +1-408-852-8034, Web site: http://www.captaris.com/
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