Siebel Janna Arrangement, Inc.

October 04, 2005 16:41 ET

Siebel Janna Arrangement, Inc. Establishes Redemption Date for Outstanding Exchangeable Non-Voting Shares

SAN MATEO, Calif.--(CCNMatthews - Oct 4, 2005) -

Siebel Janna Arrangement, Inc. ("Siebel Janna") (TSX:SBL), a subsidiary of Siebel Systems, Inc. ("Siebel Systems") (Nasdaq:SEBL), announced today that the Board of Directors of Siebel Janna has resolved to establish December 7, 2005 as the redemption date of Siebel Janna's outstanding exchangeable non-voting shares. The exchangeable non-voting shares of Siebel Janna were issued in conjunction with Siebel Systems' acquisition of Janna Systems Inc. in November 2000 on terms which permitted their redemption on or after November 30, 2005. Siebel Janna also announced that Janna Nova Scotia Sub Company, another subsidiary of Siebel Systems, has exercised its overriding right to purchase all of the outstanding exchangeable non-voting shares (other than exchangeable non-voting shares which are held by Siebel Systems and its affiliates) on December 7, 2005, in accordance with the terms of the exchangeable non-voting shares, for purchase consideration of one share of Siebel Systems common stock for each exchangeable non-voting share of Siebel Janna, plus accrued and unpaid dividends, if any. As of September 28, 2005, Siebel Janna had approximately eight registered shareholders (other than affiliates of Siebel Systems) holding a total of 1,258,620 exchangeable non-voting shares. Notice of the redemption date and the exercise by Janna Nova Scotia of its right to purchase the outstanding exchangeable shares on December 7, 2005 will be mailed to registered shareholders on October 4, 2005.

Except for the historical information contained herein, this press release contains forward-looking statements that involve risk or uncertainties. Future operating results of Siebel Systems may differ from the results discussed or forecasted in the forward-looking statements due to factors that include, but are not limited to, risks associated with our pending merger with Oracle Corporation, customer relations, such as the availability of Siebel Systems' products and services, customer implementation of products and services, relationships with customers, third-party vendors and systems integrators, concentration of revenues in a relatively small number of customers, existence of errors or defects in products, ability to successfully manage growth, significant current and expected additional competition and the need to continue to expand product distribution and services offerings. Further information on potential factors that could affect the financial results of Siebel Systems are included in Siebel Systems' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission, which are available at Siebel Systems assumes no obligation to update the information in this press release.

Siebel is a trademark of Siebel Systems, Inc. and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

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