Printronix Stockholders Approve Merger Agreement
December 27 2007 - 2:12PM
Business Wire
Printronix, Inc. (Nasdaq: PTNX), a leading manufacturer of
integrated enterprise printing solutions for the supply chain,
today announced that, at a special meeting of stockholders held
today, Printronix stockholders adopted the Agreement and Plan of
Merger, dated as of October 1, 2007, by and among Printronix,
Pioneer Holding Corp., and Pioneer Sub Corp. Pioneer Holding Corp.
is controlled by Vector Capital, a San Francisco-based private
equity firm. Mr. Kleist, the Chief Executive Officer of Printronix,
and other members of Printronix senior management are expected to
own approximately 9.9% of Printronix after consummation of the
transaction. The merger agreement was adopted by the holders of a
majority of Printronix�s outstanding common stock, as required by
Delaware law. Printronix expects that the transactions contemplated
by the merger agreement will be consummated in early January of
2008, subject to satisfaction of the conditions to closing under
the merger agreement. Under the terms of the merger agreement, each
outstanding share of Printronix�s common stock (other than shares
held by stockholders who perfect appraisal rights in accordance
with Delaware law) will be converted into the right to receive
$16.00 in cash. About Printronix Since 1974, Printronix, Inc. has
created innovative printing solutions for the industrial
marketplace and supply chain. The Company is the worldwide market
leader in enterprise solutions for line matrix printing and has
earned an outstanding reputation for its high-performance thermal
bar code and fanfold laser printing solutions. Printronix also has
become an established leader in pioneering technologies, including
radio frequency identification (RFID) printing, bar code compliance
and networked printer management. Printronix is headquartered in
Irvine, California. For Company information, see
www.Printronix.com. About Vector Capital Vector Capital is a
leading private equity firm specializing in buyouts, spinouts and
recapitalizations of established technology businesses. Vector
identifies and pursues these complex investments in both the
private and public markets. Vector actively partners with
management teams to devise and execute new financial and business
strategies that materially improve the competitive standing of
these businesses and enhance their value for employees, customers
and shareholders. Among Vector�s notable investments are Savi
Technology, LANDesk Software, Corel Corporation (Nasdaq: CREL),
Register.com, and Watchguard Technologies. For more information,
visit www.vectorcapital.com Forward-Looking Statements Certain
statements in this press release, including statements about the
potential benefits of the proposed acquisition to Printronix
stockholders, customers, partners and employees and about the
expected closing of the proposed acquisition and other statements
about our plans, objectives, intentions, and expectations are
�forward-looking statements� within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
include statements regarding benefits of the proposed transaction,
future performance, financing for the transaction and the
completion of the transaction. These statements are based on the
current expectations of management of Printronix. There are a
number of risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements included
in this document. For example, among other things, (1) conditions
to the closing of the transaction may not be satisfied; (2) the
transaction may involve unexpected costs, unexpected liabilities or
unexpected delays; (3) the businesses of Printronix may suffer as a
result of uncertainty surrounding the transaction; and (4)
Printronix may be adversely affected by other economic, business,
and/or competitive factors. Additional factors that may affect the
future results of Printronix are set forth in its filings with the
Securities and Exchange Commission, which are available at
www.sec.gov. Unless required by law, Printronix undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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