DOWNERS GROVE, Ill., and INDIANAPOLIS, Nov. 7, 2005 — Capri Corp., one of the world’s leading suppliers of enterprise resource planning (ERP) software and services to the printed circuit board (PCB) industry through its operating subsidiary Cimnet Systems Inc., today announced that it has entered into a definitive merger agreement that will result in its acquisition by Made2Manage Systems Inc. Made2Manage Systems has agreed to pay $5.0 million in cash to acquire Capri Corp., less an amount equal to all transaction expenses incurred by Capri Corp. As a result of the transaction, shareholders of Capri Corp. will receive approximately $0.23 per share of Capri Corp. common stock, less a per share amount to account for the deduction of Capri Corp.’s transaction expenses.
“This acquisition is representative of Made2Manage Systems’ focus on better serving and building relationships with our customers by offering them deeper industry expertise and functionality,” said Jeff Tognoni, president and chief executive officer of Made2Manage Systems. “Adding Cimnet to the Made2Manage Systems family will allow us to grow market share and profitability while we expand geographically and strengthen our presence in the PCB manufacturing sector.”
“This acquisition will allow Cimnet to be part of a larger and stronger organization,” said Mehul Davé, president of Capri Corp. “Cimnet’s customers will benefit from Made2Manage’s proven experience in ERP solutions for manufacturers, seasoned executive and development teams, effective business processes, and customer-centric philosophies.” Davé also added that Cimnet customers will not experience any disruption in service delivery, customer support or training during the transition.
The Boards of Directors of Capri Corp. and Made2Manage Systems have approved the transaction. The transaction, which is subject to approval by the shareholders of Capri Corp. and customary closing conditions, is expected to close by the end of 2005.
Made2Manage Systems is a leading provider of ERP solutions for manufacturers across multiple manufacturing industries. With more than 2000 customers across the United States, Canada, and the United Kingdom, the Indianapolis-based company has a 20-year track record of successfully serving nearly 30 manufacturing sectors, including industrial and commercial machinery, fabricated metals, rubber and plastics, electronics, analytical and measuring equipment, furniture and fixtures, and durable goods. Made2Manage Systems is devoted to establishing strong customer relationships, developing a quality product line based on unique industry specifications, and providing excellence in customer support and professional services.
Based in Downers Grove, Ill., Capri Corp. develops and markets its Paradigm, Engenix, i-Quote, Navipoint and other software solutions and services to manage sales, engineering, production and collaboration processes through a direct sales force with offices in the United States, India, China (Mainland, Hong Kong, Taiwan) and Germany. Capri Corp.’s stock is currently traded on the Pink Sheets under the symbol CAPI.
Safe Harbor Provision
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws. Although Capri Corp. believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected.
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