Applied Innovation Stockholders Approve Acquisition by Keg Holdings
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DUBLIN, Ohio, May 8 -- Applied Innovation (NASDAQ:AINN) (the "Company") announced that its stockholders have voted to approve and adopt the previously announced merger agreement providing for the merger of the Company and a wholly owned subsidiary of KEG Holdings, Inc. at the Company's special meeting of stockholders held today in Dublin, Ohio.
The Company expects to complete the proposed merger on May 10, 2007. If the proposed merger is completed, the Company's stockholders will receive $3.45 in cash for each share of the Company's common stock they hold, subject to a downward or upward closing adjustment based on Applied Innovation's net working capital at closing. The transaction is subject to customary closing conditions. The merger was first announced in a press release dated February 22, 2007.
Headquartered in Dublin, Ohio, Applied is traded on NASDAQ under the symbol AINN. For more information, please visit the Company's Web site at www.appliedinnovation.com/.
Source: Applied Innovation Inc.
CONTACT: Julia A. Fratianne, Vice President and Chief Financial Officer of Applied Innovation, +1-614-798-2000
Web site: http://www.appliedinnovation.com/
