SUNNYVALE, CA, Sept. 12 /CNW/ - Palm, Inc., (Nasdaq: PALM) today
announced that Palm stockholders have approved proposals that will permit Palm
to conclude a $325 million investment by Elevation Partners, L.P., borrow up
to $400 million in an associated debt financing, make a cash distribution of
$9.00 per share to Palm stockholders, and make related adjustments to its
In other actions, the stockholders elected Gordon Campbell and Donna
Dubinsky as Class II directors to serve until the annual meeting of Palm
stockholders to be held in 2010, and ratified the appointment of Deloitte &
Touche LLP as the Company's independent registered public accounting firm for
the fiscal year ending May 30, 2008.
"We appreciate our stockholders' strong support of these proposals and
look forward to an era of renewed innovation and focused execution at Palm,"
said Ed Colligan, president and chief executive officer.
In connection with this transaction, Palm will appoint Jon Rubinstein as
executive chairman of the Board of Directors. Roger McNamee and Fred Anderson,
both of Elevation Partners, will also join the Company's board.
About Palm, Inc.
Palm, Inc. (Nasdaq: PALM), a leader in mobile computing, strives to put
the power of computing in people's hands so they can access and share their
most important information from anywhere. The company's products for
consumers, mobile professionals and businesses include Palm(R) Treo(TM)
smartphones, mobile companions and Palm handheld computers, as well as
software, services and accessories.
Palm products are sold through select Internet, retail, reseller and
wireless operator channels throughout the world, and at Palm Retail Stores and
Palm online stores (http://www.palm.com/store).
This press release includes forward-looking statements that are based on
certain assumptions and reflect our current expectations. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements to
differ materially from any future results, performance, or achievements
discussed or implied by such forward-looking statements. These forward-looking
statements include statements regarding the closing of the transaction with
Elevation Partners, including a $325 million investment by Elevation, the
incurrence of $400 million in debt by Palm, the distribution of $9.00 per
share to Palm's stockholders as of the closing of the transaction, adjustments
to Palm's equity plans, the appointment of Jonathan Rubinstein, Roger McNamee
and Fred Anderson to Palm's board of directors at the close of the
transaction, and the timing of the closing of the transaction. The risks
associated with such forward-looking statements include the risk that the
proposed transaction may not be completed in a timely manner, if at all, the
availability of sufficient surplus under applicable law at the closing of the
transactions to make the cash distribution, the availability of the debt
financing and other risks, some of which are discussed in Palm's reports and
other documents filed with the Securities and Exchange Commission (the "SEC")
under the caption Risk Factors and elsewhere, including Palm's annual report
on Form 10-K for the fiscal year ended June 1, 2007 and Palm's definitive
proxy statement filed with the SEC on August 10, 2007. Any forward-looking
statement is qualified by reference to these risks, uncertainties and factors.
Forward-looking statements speak only as of the date of the document in which
they are made. These risks, uncertainties and factors are not exclusive, and
Palm undertakes no obligation to publicly update or revise any forward-looking
statements to reflect events or circumstances that may arise after the date of
this press release, except as required by law.
For further information:
For further information: Christine Nakamoto, Investor Relations, (408)