Workbrain Shareholders Approve the Acquisition of Workbrain by Infor Global Solutions European Finance, S.a.R.L.


TORONTO, May 23 / -- Workbrain Corporation ("Workbrain") (TSX:WB) announced today that its shareholders approved the acquisition of the issued and outstanding common shares of Workbrain by 2131365 Ontario Inc., a subsidiary of Infor Global Solutions European Finance, S.a.R.L., at its Annual and Special Meeting of Shareholders held this morning. The acquisition will be by way of a statutory plan of arrangement (the "Arrangement"). Workbrain shareholders representing more than 60% of all outstanding common shares, and approximately 99.3% of all votes cast, voted in favour of the Arrangement. Workbrain did not receive notice from any dissenting shareholders under section 185 of the Business Corporations Act (Ontario). Under the terms of the Arrangement, Workbrain shareholders will receive Cdn$12.50 for each common share.

Workbrain expects to seek final court approval of the Arrangement on May 25, 2007. The transaction is currently expected to close on or around June 1, 2007.

About Workbrain
Workbrain provides the most widely deployed web-based workforce management solution for large enterprises. The company is the only provider of Total Workforce Management that helps organizations plan, deploy, and manage their workforce to reduce costs, increase sales, and boost employee satisfaction. Clients such as British Airways, General Mills, Target Corporation, and Lifespan choose Workbrain's industry-focused workforce management solutions to integrate workforce planning, labor forecasting, workforce scheduling, time and attendance, absence management and workforce analytics on a single platform. For more information, please visit www.workbrain.com

Source: Workbrain Corporation

CONTACT:Pat Ladisa, Corporate Communications, (416) 421-6700 extension 2579, pladisa@workbrain.com

All Topics