Captaris Responds to Letter from Vector Capital
March 27 2008 - 2:58PM
PR Newswire (US)
BELLEVUE, Wash., March 27 /PRNewswire-FirstCall/ -- Captaris, Inc.
(NASDAQ:CAPA), a leading provider of software products that
automate document-centric business processes, today announced that
it has sent a letter to Vector Capital, a private equity firm which
has made an unsolicited proposal to acquire all of the Company's
outstanding shares. In the letter, the Company reiterated its
invitation to Vector to participate in its strategic alternatives
process on a fair and equal basis with other potential bidders. As
previously announced, Captaris' Board has established a special
committee of independent directors to explore strategic
alternatives available to the Company. As instructed by the special
committee and consistent with its stated intent to conclude the
process as expeditiously as possible, the Company's financial
advisors are actively engaged in soliciting interest from potential
bidders. The full text of the letter that Captaris sent to Vector
Capital follows: March 27, 2008 Vector Capital Corporation 456
Montgomery Street, 19th Floor San Francisco, CA 94104 Attention:
Alex Slusky Dear Alex: We welcome Vector Capital's continued
interest in Captaris. As communicated by our financial advisors in
several communications with Vector representatives, as well as in
our press release of March 18, 2008 and letter of March 21, 2008,
your proposal to acquire the outstanding common stock of Captaris
will be carefully considered and reviewed together with all other
proposals that are developed during our on-going evaluation of
strategic alternatives. We have recently initiated the process to
evaluate Captaris' strategic alternatives and believe more firmly
than ever that the best way to achieve maximum value for Captaris
shareholders is through the successful completion of this process.
We will, of course, evaluate any offer you make on an equal footing
with proposals from other interested parties in the context of our
consideration of all the alternatives available to us. Sincerely,
Bruce L. Crockett Chairman of the Board cc: Peter Malloy, Esq.
Andrew Bor, Esq. Captaris has retained RBC Capital Markets as its
financial advisor; in addition to RBC, Credit Suisse continues to
be engaged as financial advisor. Perkins Coie LLP and Simpson
Thacher & Bartlett LLP are acting as the Company's and the
Board's legal advisors, respectively. 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: Peter Papano of Captaris, Inc.,
+1-425-638-4200, ; or Todd Kehrli of MKR Group, Inc.,
+1-323-468-2300, ; or Tim Lynch of Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449, Web site: http://www.captaris.com/
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