DemandStar Shareholders Approve Merger with Onvia.com.Business Editors/High-Tech Writers PLANTATION, Fla.--(BUSINESS WIRE)--March 2, 2001 DemandStar.com, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DMND) today announced their shareholders have approved the pending merger with Onvia.com, Inc. (Nasdaq:ONVI), the leading exchange helping businesses succeed. Of the shares represented in person or by proxy at the shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. , over 99 percent voted for the merger. Closing of the transaction is expected during the week of March 5, 2001. Each share of DemandStar common stock will be converted into the right to receive approximately 0.6 of a share of Onvia common stock. A letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. will be sent to DemandStar shareholders and no action is required prior to receipt of the letter of transmittal. "We are very pleased with the mandate provided by our shareholders in support of the merger," said Bernard B. Markey, DemandStar's chairman of the board. "Our government agencies and suppliers will benefit from working with a stronger organization. Our employees will have greater opportunities in the larger company and our shareholders will benefit from greater liquidity and market recognition as Onvia shareholders." About DemandStar: DemandStar.com, headquartered in Plantation, FL, operates the leading online exchange that unites local government purchasers with suppliers of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . DemandStar's marketplace enables governments to purchase more efficiently and makes it easier for suppliers to do business with the government. Suppliers can become part of this purchasing stream by registering at www.DemandStar.com or by calling (800) 711-1712. DemandStar is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. under the symbol DMND (DMND.OB on some services). For more information, contact DemandStar.com, 1200 S Pine Island Pine Island is the name of several places in the North America: Islands
About Onvia: Onvia.com, Inc. (Nasdaq:ONVI), is the leading exchange helping small businesses succeed. Onvia is the way to find new customers in the new economy. The company is valued as a small business matchmaker Matchmaker - A language for specifying and automating the generation of multi-lingual interprocess communication interfaces. MIG is an implementation of a subset of Matchmaker. , helping hundreds of thousands of small businesses generate additional revenue and find what they need through online exchange. Through Onvia's website, small businesses sell services and products to other businesses and government agencies. For more information, contact Onvia.com, Inc: 1260 Mercer mer·cer n. Chiefly British A dealer in textiles, especially silks. [Middle English, from Old French mercier, trader, from merz, merchandise, from Latin merx St, Seattle, WA, 98109. Tel: 206/282-5170, fax: 206/373-8961, or visit www.onvia.com (http://www.onvia.com). This release contains, in addition to historical information, forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations or beliefs, and involve risks and uncertainties, including statements regarding the merger of DemandStar into Onvia, improvement in the combined company's financial performance, the combined company's path to profitability, and the progress and benefits of the combined company's execution of its business plan. The combined company's actual results could differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that DemandStar and Onvia businesses will not be integrated successfully; failure of the combined company to retain and hire key executives, technical personnel and other employees and difficulty of managing a larger organization; costs related to the merger; the combined company's failure to retain and attract government agencies and suppliers; fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. market prices that could cause difficulties in the combined company's acquisition strategies; the difficulty the market may have in valuing the combined company's evolving business model; the combined company's failure to realize the anticipated benefits of the merger; the combined company's failure to manage its expansion; and the combined company's failure to further identify, develop, and achieve commercial success for new products and services. For a detailed discussion of these and other cautionary statements, please refer to DemandStar's or Onvia's filings with the Securities and Exchange Commission at http://www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Neither DemandStar nor Onvia undertakes any obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. |
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