Inter-Tel postpones the meeting where shareholders would have voted on the pending Mitel merger

June 29, 2007

2 Min Read

TEMPE, Ariz. -- Inter-Tel (Delaware), Incorporated (NASDAQ: INTL) announced today that the Special Meeting of Stockholders to vote on the merger with Mitel Networks Corporation, which had been scheduled for June 29, 2007, has been postponed. The new date, time and location for the meeting will be announced early next week.

Alexander L. Cappello, the Chairman of the Special Committee of Inter-Tel’s Board of Directors said, “After careful consideration, the Special Committee has decided to postpone the vote on the Mitel merger so that all Inter-Tel stockholders can evaluate recent developments when deciding how to vote their shares. We believe stockholders should have the opportunity to consider the significant recent changes in the debt capital markets adversely affecting the availability and cost of financing for acquisition or recapitalization transactions and the disclosure in Steven G. Mihaylo’s definitive proxy statement, which has only recently become available. In addition, given that the second quarter is concluding, the Special Committee believes that Inter-Tel stockholders should have the benefit of an update regarding the Company’s preliminary second quarter sales results, which the Company expects to announce at the end of next week.

Mr. Cappello, continued, “We also believe it is vital that stockholders consider the letter we recently received from Mitel Networks Corporation informing us that Mitel cannot increase the purchase price in its merger agreement, and the reasons they stated for that decision. In addition, the Special Committee believes it is important to note that there have been significant changes in Inter-Tel’s stockholder base since the record date for the special meeting, and that no other bidder has made a proposal to acquire the Company.”

Stockholders with questions or who need assistance in voting their shares may call the Company’s proxy solicitor, Innisfree M&A Incorporated, toll-free at 888-750-5834 (banks and brokers may call collect at 212-750-5833).

Inter-Tel (Nasdaq: INTL)

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