Tumbleweed announces completion of merger with Valicert

By siliconindia   |   Tuesday, 24 June 2003, 07:00 Hrs
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REDWOOD CITY, CA: Tumbleweed Communications Corp. (NASDAQ:TMWD) announced Tuesday the completion of their merger.

Under the terms of the merger agreement, which has been approved by the stockholders of both companies, each Valicert share of common stock has been converted into the right to receive 0.385 of a share of Tumbleweed Common Stock. Letters of transmittal regarding the procedures to exchange Valicert common stock for Tumbleweed common stock will be sent to former Valicert stockholders in the near future. As a result of the acquisition, Valicert shares will no longer be listed on the NASDAQ stock market's national market.

"This merger is good news for our customers, bad news for our competitors," said Jeffrey C. Smith, Chairman and CEO of Tumbleweed Communications. "The combination with Valicert strengthens our financial position, expands the breadth of product offerings, adds new infrastructure and support for servicing our customers, and grows our market share, particularly among large customers."

"Our software provides significant strategic value to our customers by allowing them to do business securely and safely over the Internet," said John Vigouroux, president and chief operating officer of Tumbleweed Communications.

Chini Krishnan founded Valicert in 1996 along with noted cryptographer Paul Kocher.

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