KANA 1:10 reverse:
KANA Receives Stockholder Approval for 1:10 Reverse Stock Split
Business/Technology Editors
MENLO PARK, Calif.--(BUSINESS WIRE)--Dec. 11, 2001--KANA
(NASDAQ:KANA), the leading provider of external-facing eCRM solutions,
today announced that it has received stockholder approval for the
one-for-ten reverse split of its common stock. The board of directors
of KANA Software, Inc. previously approved the reverse split.
As of December 13, 2001, each ten shares of outstanding common
stock of the company will automatically be converted into one share.
In addition, each ten shares of common stock subject to warrants and
options will be converted into one share. Beginning that same day, for
20 trading days, KANA's common stock will trade under the symbol
"KANAD". Thereafter, the common stock will resume trading under its
current symbol "KANA".
"As KANA continues to lead the market in providing external-facing
eCRM solutions, this move combined with our recent funding, will
provide our customers and stockholders with even more confidence in
KANA's financial strength," said Brett White, CFO of KANA. "With
strong financials, industry-leading web-architected products and a
seasoned management team, KANA is positioned to take advantage of the
enormous growth and market opportunities that lie ahead."
The reverse split will be effective as of 12:01 a.m. EST on
Thursday, December 13, 2001, and the Company's common stock will begin
trading on a post-split basis at the opening of trading on the NASDAQ
National Market that same day. Fractional shares of stock will not be
issued as a result of the reverse split. Stockholders who would
otherwise receive a fractional share of common stock will be entitled
to receive an equivalent amount of cash in lieu of fractional shares,
based on the closing price of the common stock on December 12, 2001.
Stockholders will receive instructions by mail regarding the method of
exchanging the old stock certificates for new stock certificates. U.S.
Stock Transfer is the company's transfer agent and will act as the
exchange agent for the purpose of implementing the exchange of stock
certificates in relation to the reverse stock split.
Nearly 1,200 companies worldwide are using KANA next generation
eCRM solutions to drive better relationships through effective,
efficient interactions with customers at all points of contact (Web
collaboration, phone, e-mail, live chat) and throughout the
enterprise. The KANA approach to customer relationship management
technology solutions combines sophisticated analytics with thin-client
Web architecture to deliver extraordinary customer interactions that
decrease costs and drive revenue.
About KANA
KANA (NASDAQ: KANA) provides external-facing eCRM solutions to the
largest businesses in the world, helping them to better service,
market to, and understand their customer and partners, while improving
results and decreasing costs in contact centers and marketing
departments. Through comprehensive multi-channel customer relationship
management that combines the best-in-class KANA eCRM Architecture with
enterprise applications, KANA has become one of the fastest-growing
providers of next generation iCARE architecture. The company's
customer-focused service, marketing and commerce software applications
enable organizations to improve customer and partner relationships by
enabling them to productively interact when, where and how they want -
across all touch points, including web contact, web collaboration,
e-mail, and telephone. KANA's global customer base includes Global
2000 organizations in the financial services, manufacturing, high
technology, communications, retail and services markets. ADP, Chase,
E*Trade, GAP, GM, Hewlett-Packard, Kodak, Sony, United Airlines,
Verizon, and Williams Sonoma are among the Industry leaders that have
implemented KANA's eCRM solutions. KANA has locations in 22 countries
worldwide, in addition to an extensive global network of channel
partners. For more information, please visit www.kana.com.
Cautionary Note Regarding Forward-looking Statements Under the
Private Securities Litigation Reform Act of 1995:
Information in this release that involves KANA's financial
forecasts, projections, expectations, beliefs, hopes, plans,
intentions or strategies regarding the future are forward-looking
statements that involve risks and uncertainties. These statements
include statements about KANA's profitability, cash flow, revenue, and
new business, its market position and its relationship with customers,
investor reaction to the proposed reverse stock split and KANA's
NASDAQ listing status. All forward-looking statements included in this
release are based upon information available to KANA as of the date of
the release, which may likely change, and we assume no obligation to
update any such forward-looking statement. These statements are not
guarantees of future performance and actual results could differ
materially from our current expectations. Factors that could cause or
contribute to such differences include, but are not limited to, risks
associated with the Broadbase merger and integration of KANA and
Broadbase; slowing economic conditions; competition in our
marketplace; risks associated with the evolving and varying demand for
eCRM customer communication and similar software; lack of market
acceptance of KANA's products or services; inability to integrate and
enhance existing products and services within budget and on schedule
or develop new products and services on a timely basis; introduction
of new products or services by competitors; inability to attract and
retain qualified employees; difficulties in managing cash and
expenditures; KANA's history of losses; difficulties in expanding
sales; inability to manage business in light of recent management
changes and personnel reductions; litigation over property rights; and
general economic factors, particularly as they affect spending by our
prospective customers on software products such as ours. These and
other factors are risks associated with our business that may affect
our operating results are discussed in KANA's filings with the
Securities and Exchange Commission ("SEC"), including our most recent
annual report on Form 10-K and quarterly reports on Form 10-Q, and
registration statement on Form S-4.
NOTE: KANA is a registered trademark, and KANA Software, KANA
iCARE, KANA Contact Center, KANA IQ, KANA ResponseIQ, KANA Response,
KANA Marketing, KANA iCARE Analytics and the KANA logo are trademarks,
of KANA Software, Inc. All other company and product names may be
trademarks of their respective owners.
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CONTACT: Media contacts:
Jessica Hohn
KANA
(508) 653-4000
jhohn@KANA.com
or
Ken Peters/Jennifer Meyer
PAN Communications
(978) 474-1900
kana@pancomm.com
or
Investor contact:
Carolyn Bass or Chris Finley
Market Street Partners
(415) 321-2454
carolyn@marketstreetpartners.com
chris@marketstreetpartners.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS SOFTWARE BANKING
SOURCE: KANA
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