Ascential Software Corporation Effects 1-for-4 Reverse Stock Split to Realign Share Count Approximately 58 million shares to be Outstanding
Tuesday June 17, 4:02 pm ET
WESTBORO, Mass., June 17 /PRNewswire-FirstCall/ -- Ascential Software Corporation (Nasdaq: ASCL - News), the enterprise data integration leader, today announced that it has effected a one-for-four reverse stock split. The reverse stock split followed a vote today at the company's annual meeting of shareholders at which the shareholders authorized the Board of Directors to effect the reverse stock split. This action is intended to more appropriately align the Company's share base with its current operations and does not affect stockholders' percentage ownership in the company.
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The reverse stock split is effective as of 5:00 pm (eastern) today. This action reduces the number of the Company's current outstanding shares of approximately 232 million on a one-for-four basis, to approximately 58 million.
"We believe that a smaller share base will more precisely reflect the future operating results of Ascential Software and position our stock in a price range more attractive to a broader range of institutional investors," said Peter Gyenes, chairman and chief executive officer. "We are proud of the momentum and increasing market impact that Ascential Software has had. The company has made significant operational and financial progress in the two years that we have operated as a pure data integration company. Realigning our share base is one more step in our process of delivering long-term shareholder value."
Ascential Software continues to innovate and add value in the enterprise data integration market. The company yesterday announced Ascential(TM) Enterprise Integration Suite 7.0, the most advanced version of the company's flagship enterprise integration solution, and Ascential(TM) Real-Time Integration Services (RTI Services). This breakthrough technology extends the reach of Ascential Software's powerful data profiling, data quality, data transformation, parallel processing, meta data and connectivity solutions by enabling the seamless interoperability of Ascential Software's data integration solutions within an enterprise's service-oriented architecture (SOA).
Ascential stock will trade under the ticker symbol ASCLD, beginning tomorrow morning and continuing for 20 trading days. At the end of that period, on July 17, 2003, the ticker symbol will revert to the present ASCL.
About Ascential Software
Ascential Software Corporation is the leading provider of enterprise data integration solutions to organizations Worldwide. Customers use the Ascential Enterprise Integration Suite to integrate and leverage data across all strategic analytic and enterprise applications with complete confidence in the accuracy, completeness and timeliness of critical information. Ascential Software's powerful data profiling, data quality, data transformation, parallel processing, meta data and connectivity solutions enables customers to reduce total cost of ownership and increase return on IT investment. Headquartered in Westboro, Mass., Ascential Software has offices worldwide and supports more than 2,200 customers in such industries as financial services, telecommunications, healthcare, life sciences, manufacturing, consumer goods, retail, and government. More information on Ascential Software can be found on the Web at www.ascential.com.
This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this release address a variety of subjects including, for example, impact of the reverse stock split; alignment of Ascential's share base with its current operations; attractiveness of Ascential's stock to institutional investors; long-term shareholder value; anticipated innovation; extension of the reach of Ascential's products; the functionality, characteristics, quality and performance capabilities of Ascential's products and technology; results achievable and benefits attainable through deployment of Ascential's products; and the ability of Ascential's customers to easily collect, validate, organize, administer and deliver information to realize more value from their enterprise data, reduce costs and increase profitability. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the ability of Ascential to expand its market share; growth rates for the enterprise data integration software market; general business conditions in the software industry, the technology sector, and in the domestic and international economies; rapid technological change in the markets served by Ascential; dependence on international operations; global and geopolitical instability; and difficulties that Ascential may experience integrating technologies, operations and personnel of completed or future acquisitions. For a detailed discussion of these and other cautionary statements, please refer to the filings made by Ascential with the Securities and Exchange Commission, including, without limitation, the most recent Quarterly Report on Form 10-Q. Ascential disclaims any intent or obligation to update any forward-looking statements made herein to reflect any change in Ascential's expectations with regard thereto or any change in events, conditions, or circumstances on which such statements are based.
Ascential is a trademark of Ascential Software Corporation or its affiliates and may be registered in the United States or other jurisdictions. Other marks are the property of the owners of those marks.
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Source: Ascential Software Corporation |
