PHOENIX, Dec. 13, 2010 (GLOBE NEWSWIRE) -- iMergent, Inc. (AMEX:IIG), a leading provider of eCommerce software, site development, web hosting and search engine optimization for businesses and entrepreneurs, today announced the preliminary results of its modified "Dutch Auction" tender offer, which expired at 11:59 p.m., New York City time, on December 10, 2010. Based on the preliminary count 724,596 shares were properly tendered and not withdrawn at a price at or below $4.75. Based on these preliminary results, iMergent expects to purchase 724,596 common shares, at a price of $4.75 per common share for a total cost of $3,441,831, excluding fees and expenses relating to the tender offer.
The number of shares to be purchased and price per share under the tender offer are preliminary. Final results will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn. The actual number of shares to be purchased and the price per share will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase, and the return of all other shares tendered and not purchased, will occur promptly thereafter. iMergent will fund the purchase of the shares in the tender offer using cash.
iMergent expects to have approximately 10,677,745 million shares of its common stock outstanding as of the time immediately following payment for the accepted shares. iMergent expects that the number of outstanding common shares will have been reduced by approximately 6.4% as a result of the purchases in the tender offer
The Depositary for the tender offer was Direct Transfer, LLC. Phoenix Advisory Partners, acted as information agent for the tender offer. Shareholders and investors who have questions or need information about the tender offer may call Phoenix Advisory Partners toll-free at (800) 576-4314 or (212) 493-3910.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR THE SOLICITATION OF AN OFFER TO SELL SHARES OF iMERGENT COMMON STOCK. THE TENDER OFFER IS BEING MADE ONLY PURSUANT TO THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS THAT iMERGENT HAS DISTRIBUTED TO ITS STOCKHOLDERS AND FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS AND INVESTORS SHOULD READ CAREFULLY THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE TENDER OFFER.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and businesses enabling them to market and sell their business products or ideas via the Internet. The company sells its proprietary software and training services which help users build Internet strategies to allow entrepreneurs and businesses to market and sell their products, accept online orders, analyze marketing performance and manage pricing and customers over the Internet. In addition to software and training, iMergent offers site development, web hosting and search engine optimization (SEO). iMergent, StoresOnline and Crexendo Business Solutions, Inc. are trademarks of iMergent, Inc.
Safe Harbor Statement
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward-looking statements in this press release include information about the expected timing of the completion of the tender offer. Shareholders are cautioned not to place undue reliance on these forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties.
Risks and uncertainties related to the tender offer that could cause results to differ from expectations include: uncertainties as to the timing of the completion of the tender offer; uncertainties as to how many of iMergent Inc.'s shareholders will tender their shares in the tender offer; and the risk of shareholder litigation in connection with the tender offer.