EXHIBIT 99.1
DELANO [GRAPHIC]
MAY 30, 2002
FOR IMMEDIATE RELEASE
Contact: David Lewis Susan Burke/Anne Schmitt
Delano Technology Corporation divine, inc.
T: 905.947.2137 T: 773.394.6746/6827
E: dlewis@delanotech.com E: susan.burke@divine.com
anne.schmitt@divine.com
DELANO TECHNOLOGY AND DIVINE, INC. SET CLOSING DATE FOR MERGER
Transaction to close on July 31, 2002
TORONTO, CANADA--(MAY 30, 2002)--Delano Technology Corporation (NASDAQ: DTEC;
TSE: DLN), and divine, inc. (NASDAQ: DVIN/DVIND) of Chicago, IL today announced
that the closing for their previously announced merger is now scheduled to occur
on July 31, 2002. The deal remains subject to customary regulatory and court
approvals, as well as the approval of Delano shareholders.
"The process of assembling materials required for our proxy circular has taken
longer than we had anticipated," said Vikas Kapoor, CEO of Delano. "We expect
that most of the pieces will shortly be in place, and we do not anticipate any
further delays."
Delano and divine agreed to amend the definitive merger agreement they signed on
March 12, 2002 to accommodate the new closing date. The definitive agreement now
provides that a non-breaching party can terminate if the closing has not
occurred by August 15, 2002. A copy of the amendment will be filed with
appropriate regulatory authorities, subject to extension, if necessary, to
obtain any required regulatory or court approvals.
"Customer feedback about this merger has been extremely positive, and we have
started to see many cross-selling opportunities through our reseller agreement,"
said Andrew "Flip" Filipowski, Chairman and CEO of
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divine. "The financing announced this morning by divine underscores the strong
financial position of the company, and should provide an added impetus to sales.
All in all, I remain extremely optimistic about the prospects for our combined
company," he concluded.
Also see the divine press release dated May 30, 2002, "divine Secures over $61
Million in New Equity Financing Led by Oak Investment Partners."
ABOUT DELANO TECHNOLOGY CORPORATION
Delano is a software company that provides an enterprise with the lowest-cost
way to implement customized email-marketing solutions. Delano's applications
enable intelligent, two-way dialogues between an enterprise and its customers.
Delano's customers include industry-leading Fortune 500 and Global 2000
enterprises including Compaq, Charles Schwab, Warner Music Group, Nortel
Networks, Ericsson, and i2 Technologies. The Company is headquartered in
Toronto, Canada, with offices across North America, Europe and Asia Pacific. For
additional information, contact Delano Technology Corporation, 302 Town Centre
Boulevard, Markham, ON, L3R OE8; www.delanotech.com.
ABOUT DIVINE, INC.
Divine, Inc., (NASDAQ: DVIN) is focused on extended
enterprise solutions. Through professional services, software services and
managed services, divine extends business systems beyond the edge of the
enterprise throughout the entire value chain, including suppliers, partners and
customers. divine offers single-point accountability for end-to-end solutions
that enhance profitability through increased revenue, productivity, and customer
loyalty. The company provides expertise in collaboration, interaction, and
knowledge solutions that enlighten, empower and extend enterprise systems.
Founded in 1999, divine focuses on Global 5000 and high-growth middle market
firms, government agencies, and educational institutions, and currently serves
over 20,000 customers. For more information, visit the company's Web site at
www.divine.com.
Divine is a trademark of divine, inc. All other trademarks, trade names and
service marks referenced herein are the properties of their respective
companies.
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The statements contained in this news release that are forward-looking are based
on current expectations that are subject to a number of uncertainties and risks,
and actual results may differ materially. The uncertainties and risks include,
but are not limited to: failure of the proposed transaction to close due to the
failure to obtain shareholder and other necessary approvals; divine's ability to
become cash flow positive before it depletes its cash reserves; divine's ability
to maintain the NASDAQ National Market listing for its common stock; the risk
that Delano's business and other businesses acquired by divine will not be
integrated successfully or that divine will incur unanticipated costs of
integration; divine's ability to execute its integrated Web-based software
services, professional services, and managed services strategy; the
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uncertainty of customer demand for enterprise Web software and services; the
combined company's ability to develop new products and services and enhance and
support existing products and services; the combined company's ability to
maintain Delano's vendor and strategic partner relationships and retain key
employees; increasing competition from other providers of software solutions and
professional services; fluctuations in the trading price and volume of divine's
stock; and other unanticipated events and conditions. For further information
about these and other risks and uncertainties please review the disclosure under
the captions "Risk Factors" and "Special Note on Forward-Looking Statements" in
divine's and Delano's most recent respective Forms 10-K, 10-Q, and 8-K filed
with the SEC. Except as required by federal securities laws, neither divine nor
Delano undertakes any obligation to publicly revise these forward-looking
statements or risks, uncertainties, or contingencies to reflect events or
circumstances that arise after the date hereof.