Vitria Stockholders Approve Merger |
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Vitria Technology, Inc.
945 Stewart Drive
Sunnyvale, CA, 94085
USA
Press release date: March 7, 2007
SUNNYVALE, Calif., March 5: Vitria Technology, Inc. (NASDAQ:VITR) announced that, at a Special Meeting of Stockholders held today, March 5, 2007, the stockholders of Vitria approved the Agreement and Plan of Merger, dated as of September 20, 2006, among Innovation Technology Group, Inc., ITG Acquisition, Inc., a wholly-owned subsidiary of Innovation Technology Group, Inc., and Vitria. Vitria anticipates that the effective time of the merger will be following the close of the markets on March 7, 2007, subject to the satisfaction or waiver of closing conditions.
At the effective time of the merger, each outstanding share of Vitria common stock, other than any shares held by Innovation Technology, ITG Acquisition, Inc., JoMei Chang, Ph.D., a member of the Board of Directors of Vitria, and M. Dale Skeen, Ph.D., a member of the Board of Directors of Vitria and the current Chief Executive Officer of Vitria, Vitria or its subsidiaries, or any stockholders who are entitled to and who properly exercise appraisal rights under Delaware law, will be cancelled and converted into the right to receive $2.75 in cash, without interest.
About Vitria Technology, Inc.
Vitria Technology, Inc., an award-winning provider of award-winning business process integration products and solutions, combines technology leadership with industry expertise in healthcare and insurance, financial services, telecommunications and manufacturing to dramatically improve strategic business processes across systems, people and trading partners. With 11 offices around the world, Vitria's customer base includes blue chip companies such as AT&T, Bell Canada, BellSouth, The Blue Cross Blue Shield Association, British Petroleum, British Telecom, DaimlerChrysler Bank, Generali, Nissan, The Goodyear Tire & Rubber Company, PacifiCare Health Systems, Reynolds & Reynolds, Royal Bank of Canada, Sprint, Trane and the U.S. Departments of Defense and Veterans Affairs. For more information, call +1-408-212-2700, email info@vitria.com or visit www.vitria.com.
Additional Information and Where to Find It
Vitria Technology, Inc. has filed a Definitive Proxy Statement, in connection with the merger. Investors and security holders may obtain free copies of the Definitive Proxy Statement and other documents filed with the SEC at the SEC's web site at www.sec.gov.
Source: Vitria Technology, Inc.
CONTACT: Michael D. Perry, Sr. VP & CFO of Vitria Technology, Inc., +1-408-212-2260, or mperry@vitria.com
Web site: http://www.vitria.com/
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