Merger Agreement with Empagio Acquisition LLC terminated by Workstream Inc

Mon. June 16, 2008; Posted: 04:47 AM

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Jun 16, 2008 (M2 EQUITYBITES via COMTEX) -- WSTM | Quote | Chart | News | PowerRating -- Workstream Inc (NASDAQ:WSTM), which provides software and services for human capital management, disclosed on 13 June that the Agreement and Plan of Merger signed with Empagio Acquisition LLC and SMB Capital Corporation, a wholly-owned subsidiary of Empagio, on 12 February 2008, has been terminated. As per the terms of the merger agreement, an USD5m termination fee will be paid by Empagio to the company. The termination follows the merger agreement terms.

No reasons for the termination of the agreement were given.

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