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July 23, 2002
Onyx Software Shareholders Approve Proxy Proposals
Anticipates trading on post split basis as soon as July 25, 2003
- Shareholders have elected Onyx CEO and Co-founder Brent Frei as a Class 3 director to the company's board of directors for a three-year term.
- Shareholders re-approved Onyx's 1998 Stock Incentive Compensation Plan, as amended and restated solely to impose limits on the number of shares that may be granted to any single employee in any single fiscal year.
- Shareholders approved an amendment to Onyx's restated articles of incorporation enacting a one-for-four reverse stock split and increasing the number of authorized shares of Onyx stock after the reverse stock split from 25,000,000 shares (including 20,000,000 shares of common stock and 5,000,000 shares of preferred stock) to 100,000,000 shares (including 80,000,000 shares of common stock and 20,000,000 shares of preferred stock).
The company expects the reverse stock split to become effective and shares of common stock of Onyx Software to begin trading on a reverse split basis at the beginning of trading on Friday, July 25, 2003. The exact timing will depend upon processing of the transaction by the Washington Secretary of State and the Nasdaq National Market System.
Onyx shareholders will receive one share of common stock for every four shares of common stock held as of the effective date of the reverse stock split. Upon Friday's anticipated effective date, the total number of outstanding shares of Onyx common stock will be approximately 13,899,203.
"Onyx Software is built to last," said company CEO and Co-founder Brent Frei in a presentation after conclusion of the official business of the shareholders' meeting. "Leading industry researchers recognize that Onyx offers visionary CRM technology and has demonstrated the ability to execute," Frei noted.
About Onyx SoftwareOnyx Software Corp. (Nasdaq: ONXS), worldwide leader in delivering successful CRM, offers a fast, cost-effective, usable solution that shares critical information among employees, customers and partners through three role-specific, Web services-based portals. The Onyx approach delivers real-world success by aligning CRM technology with business objectives, strategies and processes. Companies rely on Onyx across multiple departments to create a superior customer experience and a profitable bottom line. Onyx serves customers worldwide in a variety of industries, including financial services, healthcare, high technology and the public sector. Customers include Amway, United Kingdom lottery operator Camelot, Delta Dental Plans of California, Microsoft Corporation, Mellon Financial Corporation, The Regence Group, State Street Corporation and Suncorp. More information can be found at (888) ASK-ONYX, info@onyx.com. Forward-Looking Statement
| Contact: | Rosemary Moothart Investor Relations Director Onyx Software (425) 519-4068 |
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