Captaris Acknowledges Receipt of Unsolicited Proposal From Vector Capital
March 18 2008 - 8:30AM
PR Newswire (US)
BELLEVUE, Wash., March 18 /PRNewswire-FirstCall/ -- Captaris, Inc.
(NASDAQ:CAPA), a leading provider of software products that
automate document-centric processes, confirmed receipt of an
unsolicited proposal from Vector Capital, a private equity firm, to
acquire all of the Company's outstanding shares for $4.75 per
share. As previously announced on March 17, 2008, Captaris' Board
has established a special committee of independent directors to
evaluate strategic alternatives to further enhance shareholder
value. Captaris announced that it will review Vector's proposal as
a part of its evaluation of strategic alternatives. Bruce L.
Crockett, Chairman of the Board, stated, "We are committed to an
expeditious process to identify and pursue the alternative that
best enhances value for all our shareholders. The Board of
Directors of Captaris, in consultation with its independent
advisors, will carefully consider and review Vector Capital's
proposal together with all other proposals developed during this
process." The Company has retained RBC Capital Markets as financial
advisor; in addition to RBC, Credit Suisse continues to be engaged
as financial advisor to the Company. Perkins Coie LLP and Simpson
Thacher & Bartlett LLP are acting as the company's and the
Board's legal advisors. About Captaris, Inc. Captaris, Inc. is a
leading provider of software products that automate document
centric business processes. Captaris specializes in document
capture, recognition, routing, workflow, and delivery. Captaris
integrated solutions provide interoperability with leading line of
business applications and technology platforms. Captaris products
include RightFax, Captaris Workflow, Alchemy, FaxPress, DOKuStar,
RecoStar, Single Click Entry, and ID- Star which are distributed
through a global network of leading technology partners. Captaris
customers include the entire Fortune 100 and the majority of Global
2000 companies. Headquartered in Bellevue, Washington, Captaris was
founded in 1982 and is publicly traded on NASDAQ Global Market
under the symbol CAPA. http://www.captaris.com/. The following are
registered trademarks and trademarks of Captaris: Captaris,
Alchemy, RightFax, FaxPress and Captaris Workflow. RecoStar,
DOKuStar, ID-Star and Single Click Entry are trademarks of Captaris
Document Technologies GmbH. All other brand names and trademarks
are the property of their respective owners. CONTACT: Investors,
Peter Papano, Captaris, Inc., +1-425-638-4200, ; or Todd Kehrli,
MKR Group, Inc., +1-323-468-2300, ; or Tim Lynch, Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, /Web site:
http://www.captaris.com/ DATASOURCE: Captaris, Inc. CONTACT:
Investors, Peter Papano, Captaris, Inc., +1-425-638-4200, ; Todd
Kehrli, MKR Group, Inc., +1-323-468-2300, , or Tim Lynch, Joele
Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, , both for
Captaris, Inc. Web site: http://www.captaris.com/
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