SAN DIEGO, Jan. 9 /PRNewswire-FirstCall/ -- Visual Sciences, Inc. (formerly known as WebSideStory, Inc.) , a leading provider of real-time analytics applications, today announced that in accordance with NASDAQ Marketplace Rule 4350, it has issued new inducement stock options to one non-executive employee.
The inducement stock options cover an aggregate of 4,000 shares of common stock and are classified as non-qualified stock options with an exercise price equal to the fair market value of Visual Sciences' common stock at the close of the trading day immediately preceding the grant date. The options have a seven-year term and, subject to the terms and conditions of the Visual Sciences, Inc. 2006 Employment Commencement Equity Incentive Award Plan, vest over four years as follows: 25 percent of the shares subject to each option will vest on the one year anniversary of the grant date of each option; and the remaining 75 percent of the shares subject to each option will vest in 36 equal monthly increments during each of the second, third and fourth years thereafter.
Pursuant to Nasdaq Marketplace Rule 4350 (i)(1)(A)(iv), the options were granted on January 7, 2008 under Visual Sciences' 2006 Employment Commencement Equity Incentive Award Plan, which Visual Sciences' board of directors adopted to facilitate the granting of stock options as an inducement to new employees to join Visual Sciences. In accordance with NASDAQ rules, these grants of stock options were made under a stock option plan without stockholder approval. NASDAQ rules require public announcement of option grants made under this type of plan.
About Visual Sciences
Founded in 1996, Visual Sciences, Inc. (formerly known as WebSideStory, Inc.) is a leading provider of real-time analytics applications. The company's analytics applications, based on its patent pending on-demand service and software platform, enable fast and detailed analytics on large volumes of streaming and stored data. Approximately 1,590 enterprises worldwide rely on the answers delivered by these applications to provide them with actionable intelligence to optimize their business operations. The company provides real-time analytics applications for web sites, contact centers, retail points-of-sale, messaging systems and the intelligence community. In addition, the company's line of analytics-driven offerings leverages its analytics technology to automatically optimize Web sites and related marketing applications. Visual Sciences flexible technology platform, Visual Sciences Technology Platform 5(TM), allows the company to rapidly introduce tailored solutions to meet its clients' needs. Visual Sciences is headquartered in San Diego, Calif., and has East Coast offices in Herndon, Virginia and a European headquarters in Amsterdam, The Netherlands. For more information, contact Visual Sciences. Voice: 858.546.0040. Fax: 858.546.0480. Address: 10182 Telesis Court, 6th Floor, San Diego, CA 92121. Web site: http://www.visualsciences.com/. Visual Sciences is a registered trademark of Visual Sciences, Inc.
Forward-Looking Statements
Statements in this press release that are not a description of historical facts are forward-looking statements. You should not regard any forward- looking statement as a representation by Visual Sciences that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Visual Sciences' business, including, without limitation: Visual Sciences' reliance on its web analytics services for the majority of its revenue; potential impacts on Visual Sciences' business, results of operations and common stock price resulting from the proposed merger with Omniture, Inc., including, but not limited to, risks of disruption to the company's business development and sales efforts and disruption and distraction of the company's management and employees from day-to-day operations as a result of the merger; risks associated with obtaining stockholder or regulatory approvals related to the proposed merger; risks that the expected financial effect of the merger may not be realized; risks associated with contractual limitations on the company's ability to take certain actions as a result of the merger; risks associated with costs to be incurred in connection with the merger; risks associated with Visual Sciences' failure to complete the merger; risks associated with the blocking or erasing of cookies or limitations on the company's ability to use cookies; Visual Sciences' limited experience with real time analytics applications beyond web analytics; the risks associated with integrating the operations and products of acquired companies with those of Visual Sciences; privacy concerns and laws or other domestic or foreign regulations that may subject Visual Sciences to litigation or limit the company's ability to collect and use Internet user information; Visual Sciences' ongoing ability to protect its own intellectual property rights and to avoid violating the intellectual property rights of third parties; the highly competitive markets in which the company operates that could make it difficult for Visual Sciences to acquire and retain customers; the risk that Visual Sciences' customers fail to renew their agreements; the risks associated with the company's indebtedness, including the risk of non-compliance with the covenants in the company's credit facility; the risk that Visual Sciences' services may become obsolete in a market with rapidly changing technology and industry standards; the risks associated with renaming the company and undertaking related branding activities; and other risks described in Visual Sciences' Securities and Exchange Commission filings, including the company's annual report on Form 10-K for the year ended December 31, 2006 and quarterly reports on Form 10-Q. Do not place undue reliance on these forward-looking statements which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Visual Sciences undertakes no obligation to revise or update this news release to reflect events or circumstances after the date of this news release.
