EXA Shareholders Agree to Forgiveness of Debt DEERFIELD BEACH, Fla., April 15 /PRNewswire-FirstCall/ -- EXA, Inc. (OTC Pink Sheets: EXAI) announces the conversion of $7 million of 9% Cumulative Preferred into 7 million Common shares and simultaneously the holders of Preferred shares have agreed to forgive $5 million of debt owing to them. James C. Vernon, EXA's president, said, "I made a commitment to restructure the financial condition of the Company as an early priority. I have arranged for the conversion of the 9% Cumulative Preferred at the rate of $1 per share, and the forgiveness of $5 million of debt is the equivalent of increasing the book value by $0.30 per share." Vernon continued, "In addition to agreeing to convert the 9% Cumulative Preferred at $1 per share, the Company will realize savings of $630,000 in dividend expense each year. The cost of the conversion and debt forgiveness to the Preferred shareholders is valued at approximately $1.67 per share. This is a strong indication of the commitment that these shareholders have in the future of EXA." Cruiseshares is the marriage of timesharing and cruising, offering an extraordinary vacation value on unforgettable, port-oriented cruises where owners' will enjoy world-class service to new and different destinations each and every year. Statements in this release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that like forward-looking statements, certain risks and uncertainties are involved, including without limitation, continued acceptance of the company's services, increased levels of competition for the company and dependence on the performance of the management of the company. DATASOURCE: EXA, Inc. CONTACT: James C. Vernon, EXA, +1-954-725-5570, or

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