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Exhibit 99.1
Onyx Software Secures Equity Financing Facility
BELLEVUE, Wash.--(BUSINESS WIRE)--Jan. 8, 2001--Onyx Software Corp.
(NASDAQ:ONXS) today announced that it has entered into an equity financing
agreement with Ramius Securities, LLC.
Under this Agreement, Ramius Securities will, as an underwriter, provide
Onyx with an equity facility which will be available for two years and will
permit Onyx to periodically issue and sell a total of up to $30 million of its
common stock. Sales under the facility will be made under Onyx's shelf
registration statement on Form S-3, previously filed with the Securities and
Exchange Commission. The facility does not preclude Onyx from issuing shares in
other transactions should market conditions make those transactions
advantageous.
"This facility is intended to give us the flexibility and ability to raise
cash quickly and incrementally when we decide the time is right," said Brent
Frei, Onyx's Chief Executive Officer. "Through this facility, we hope to
minimize dilution while continuing to fund our ongoing capital needs."
Onyx intends to use the net proceeds from any sale of common stock to
expand its worldwide facilities, for additional working capital and other
general corporate purposes, as well as the possible acquisition of complementary
businesses or technologies.
About Onyx Software
Onyx Software Corp. (NASDAQ:ONXS) is a global supplier of enterprise-wide,
customer-centric e-business applications that connect and power a company's
entire e-business world, including sales, marketing and service groups, making
total customer and partner information available enterprise-wide. Onyx's
products are known for flexibility, reliability and ease of use, resulting in
high return on investment, low total cost of ownership and industry-leading
customer satisfaction. Onyx operates worldwide, with customers including
American Express, Broadwing, Commerce One, Credit Suisse, Dreyfus, FirstWorld
Communications, Portland Trail Blazers, Prudential Securities and Sierra Health
Services. For more information, call 888/275-6699, email [email protected] or visit
www.onyx.com.
About Ramius Securities
Ramius Securities is a registered broker/dealer wholly owned by Ramius
Capital Group, LLC. Ramius Capital Group is a New York-based investment
management and merchant banking firm. The Principals of Ramius Capital Group
include Peter Cohen who was Chairman and Chief Executive Officer of Shearson
Lehman Brothers, Morgan Stark who was President and Chief Executive Officer of
Chemical Securities, Thomas Strauss who was President of Salomon Brothers, and
Jeffrey Solomon who is head of structured finance at Ramius Capital.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy Onyx
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common stock. This press release contains forward-looking statements. Forward-
looking statements are based on the opinions and estimates of management at the
time the statements are made and are subject to risks and uncertainties that
could cause actual results to differ materially from those anticipated in the
forward-looking statements. The words "believe," "expect," "intend,"
"anticipate," variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. These statements are not guarantees of future
performance and are subject to risks, uncertainties and assumptions that are
difficult to predict. Factors that could affect Onyx's actual results include,
but are not limited to, the "Important Factors That May Affect Our Business, Our
Results of Operations and Our Stock Price" described in our quarterly report on
form 10-Q for the quarter ending September 30, 2000. Readers are cautioned not
to place undue reliance upon these forward-looking statements that speak only as
to the date of this release. Onyx undertakes no obligation to update publicly
any forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
CONTACT: Onyx Software
Investor Relations
Mark Lamb, 425/519-4034
markl@onyx.
