AltiGen Communications Adopts Stockholder Rights Plan
| Source: AltiGen Communications
FREMONT, CA--(Marketwire - April 23, 2009) - AltiGen Communications, Inc. (NASDAQ : ATGN ), a
leading provider of 100 percent Microsoft-based VoIP business phone systems
and Unified Communications solutions, announced today that its board of
directors has adopted a stockholder rights plan. Under the plan, AltiGen
will issue a dividend of one (1) right for each share of its common stock
held by stockholders of record as of the close of business on May 7, 2009.
The stockholder rights plan is designed to guard against partial tender
offers and other coercive tactics to gain control of the company without
offering a fair and adequate price and terms to all of AltiGen's
stockholders. The plan was not adopted in response to any efforts to
acquire the company, and AltiGen is not aware of any such efforts.
Each right will initially entitle stockholders to purchase a fractional
share of the company's preferred stock for $4.00. However, the rights are
not immediately exercisable and will become exercisable only upon the
occurrence of certain events. If a person or group acquires, or announces
a tender or exchange offer that would result in the acquisition of, fifteen
percent (15%) or more of AltiGen's common stock while the stockholder
rights plan remains in place, then, unless the rights are redeemed by
AltiGen for $0.001 per right, the rights will become exercisable by all
rights holders, except the acquiring person or group, for shares of AltiGen
or shares of the third party acquirer having a value of twice the right's
then-current exercise price. Further details of the plan are outlined in a
letter that will be mailed to stockholders as of the record date.
About AltiGen Communications
AltiGen Communications, Inc. (NASDAQ : ATGN ) is a leading provider of 100%
Microsoft-based VoIP business phone systems and Unified Communications
solutions. Having more than 10,000 customers around the world, AltiGen
solutions are designed for high reliability, ease of use, seamless
integration to Microsoft infrastructure technologies, and are built on a
scalable, open standards platform. AltiGen's worldwide headquarters is in
Silicon Valley, California, with international operations based in
Shanghai, China. Local sales, service and support are provided by AltiGen's
worldwide network of over 300 certified partners. For more information,
call 1-888-ALTIGEN or visit the web site at www.altigen.com.