XETA Technologies Announces Closing of Merger With PAETEC
01 June 2011 - 5:57AM
XETA Technologies, Inc. (Nasdaq:XETA), a national provider of
converged communications solutions for the enterprise marketplace,
announced today that it has completed its merger with PAETEC
Holding Corp. through one of PAETEC's subsidiaries. As
a result of the merger, XETA is now a wholly owned, indirect
subsidiary of PAETEC. The Merger was overwhelmingly approved
by XETA's shareholders at a special meeting of shareholders on May
26, 2011.
Each share of XETA common stock outstanding immediately prior to
the merger was converted into the right to receive $5.50 in cash,
(the "Merger Consideration"). In addition, warrants and most
options to purchase shares of XETA common stock outstanding
immediately prior to the merger became entitled to receive the
Merger Consideration less any applicable exercise price and tax
withholdings. The total Merger Consideration was approximately
$61 million in the aggregate.
As a result of the merger, XETA has become a privately-held
company, its stock will no longer be traded on NASDAQ, and its
reporting obligations with the Securities and Exchange Commission
will cease.
About XETA Technologies, Inc.
XETA Technologies, Inc., sells, installs and services advanced
communication technologies for small, medium and Fortune 1000
enterprise customers. XETA maintains the highest level of technical
competencies with multiple vendors, including Avaya/Nortel, Mitel,
Hitachi, Samsung, HP, Polycom, Microsoft, Alcatel-Lucent, ShoreTel,
LifeSize and Juniper. With a 30-year operating history and over
16,000 customers from coast to coast, XETA has maintained a
commitment to extraordinary customer service. XETA's in-house
24/7/365 contact center, combined with a nationwide service
footprint, offers customers comprehensive equipment service
programs that ensure network reliability and maximized network
up-time. More information about XETA Technologies is available at
www.xeta.com.
The XETA Technologies, Inc., logo is a registered trademark of
XETA Technologies and is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7103
CONTACT: Robert Wagner
XETA Technologies, Inc.
918.664.8200
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