|View printer-friendly version|
DALLAS--(BUSINESS WIRE)--Jan. 15, 2003--Zix Corporation (ZixCorp(TM)), (Nasdaq:ZIXI), a global provider of secure e-messaging services, today announced that its shareholders approved at a January 15 special meeting of shareholders a proposal presented by the company that has the effect of strengthening ZixCorp's financial position. With this approval, the company now has broader latitude to redeem its outstanding preferred shares for common stock rather than using its cash resources.
This proposal was presented for shareholder approval to comply with Marketplace Rule 4350 of the Nasdaq National Market and the company's agreements with purchasers of convertible equity securities issued in September 2002 in connection with a previously announced $16 million private placement. With this shareholder vote, the company may now issue the common stock associated with the private placement in an amount equal to or greater than 20% of its outstanding common stock and may issue common stock at a price below the greater of the book or market value of its common stock at the time of the financing to certain holders of its convertible preferred stock.
John A. Ryan, chairman, president and CEO at ZixCorp, commented, "Today's vote has culminated in a very positive result for the company: additional financial flexibility. This approval has the effect of giving us the option to use our cash resources for further company growth."
Additional information about the proposal approved by shareholders is contained in a proxy statement that the company filed with the SEC on November 25, 2002. A replay of today's meeting is available from the company's Web site at www.zixcorp.com.
About Zix Corporation
Zix Corporation (ZixCorp(TM)) is a global provider of comprehensive, easy-to-deploy secure e-messaging solutions and services. From assessment and verification tools, to desktop and enterprise services, ZixCorp's cost-effective solutions enable organizations to leverage email as a business-critical application to securely exchange sensitive and highly confidential information. Additional information about ZixCorp can be found at www.zixcorp.com.
|Whitney Gilliam, 214/515-7338|
|Beverly V. Fuortes, 214/515-7357|