OTTAWA, Canada -- Aug. 28, 2003 -- Corel Corporation today announced the successful close of the acquisition of Corel by the Vector Capital Group which will result in Vector Capital acquiring all the common shares of Corel for US $1.05 (or approximately Cdn $1.48 based on recent exchange rates) per share. Corel's securities are expected to cease trading by the close of markets today on the NASDAQ and by the close of markets on Tuesday, September 2, 2003 on the TSX.
"This is an exciting day for Corel as we begin a new chapter in the Company's history," said Derek Burney, President and CEO of Corel. "Vector is a committed and enthusiastic partner who will work with Corel to build customer relationships and capitalize on the Company's potential. We look forward to a successful future for Corel as we devote even greater focus and energy to delivering productive software solutions to our customers and partners worldwide."
"We are pleased to complete this transaction and consummate a union which will benefit Corel and its customers," said Alex Slusky, managing partner at Vector Capital. "We are committed to working with Corel's dedicated employees to provide the highest quality software and services to our diverse base of partners and customers worldwide."
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