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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