ANGOSS REPORTS RESULTS OF AGM and OPTION GRANTS

TORONTO, May 4 /CNW/ - Angoss Software Corporation (TSX-V: ANC), a leading provider of software and solutions in data, predictive analytics, and marketing, announces results of Annual General and Special meeting, issuance of shares to Martin Galligan and options to directors and officers.

Annual General and Special Meeting

As outlined in the Information Circular dated March 30, 2011, six (6) resolutions were presented to shareholders.  All resolutions were passed by a show of hands of shareholders at the meeting held on May 3, 2011.

Bonus shares

On December 21, 2010, the Corporation appointed a new President and CEO, Martin Galligan.  In order to recruit Mr. Galligan, the Board of Directors offered Mr. Galligan a signing bonus of $185,000, an amount equivalent to one year's base compensation.  In recognition of the Corporation's need to conserve cash balances and to align his interests with those of shareholders, Mr. Galligan agreed to accept payment of the bonus in the form of Common Shares of the Corporation (435,295 Common Shares), valued at $0.425 per Common Share being the closing price of the Common Shares on the TSX Venture Exchange on the date of his appointment (December 21, 2010).

On May 3, 2011, shareholders approved the issue from treasury, effective December 21, 2010, 425,295 Common shares to Mr. Galligan in satisfaction of his signing bonus.  Such shares are restricted from being sold for a period of 3 years unless there is a transaction, approved by the Board of Directors, involving a take-over of the Corporation. The TSX Venture Exchange had previously approved, subject to shareholder approval, the issuance of such Common Shares.

Option Grant

In accordance with the requirements of The Toronto Venture Exchange, and as previously disclosed in the Company's Management Information Circular dated April 29, 2011, the Company has granted 22,500 options to acquire a total of 22,500 common shares to directors at an exercise price of $0.37 per share.  The Company also issued 225,000 options to acquire a total of 225,000 common shares to two officers of the Company at an exercise price of $0.37 per share.

About Angoss Software Corporation

Angoss is a global leader in delivering predictive analytics to businesses looking to improve performance across sales, marketing and risk. With a suite of desktop, client-server and in-database software products and Software-as-a-Service solutions, Angoss delivers powerful approaches to turn information into actionable business decisions and competitive advantage. Angoss software products and solutions are user-friendly and agile, making predictive analytics accessible and easy to use. Many of the world's leading financial services, insurance, retail, health care and information communication and technology organizations use Angoss predictive analytics software products and solutions to grow revenue, increase sales productivity and improve marketing effectiveness while reducing risk and cost. Headquartered in Toronto, Canada, Angoss has offices in the United States and United Kingdom. For more information, visit www.angoss.com.

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets;   the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risk that we will encounter difficulties in integrating the operations of acquired companies with our own; the risks of conducting our operations in a variety of international locations; the risk that we may need to record future write-downs of assets arising from our investments in other companies; the risks relating to the costs that we may incur as a result of litigation against us; and  other risks described in our filings with securities regulatory authorities, including our annual reports, interim financial statements and similar disclosure documents.  Angoss Software Corporation does not undertake any obligation to update this forward-looking information after the date of its initial publication, except as required under applicable law. Sapien Information Services Corporation is not affiliated with Sapien Canada Inc. of Toronto, Ontario or Sapient Corporation of Boston, Massachusetts.

Note: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE ANGOSS Software Corporation

For further information:

Lon Vining
Chief Financial Officer
416-593-2420
lvining@angoss.com

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