XATA Shareholders Approve Turnpike Acquisition Terms

MINNEAPOLIS, Feb. 19 /PRNewswire-FirstCall/ -- XATA Corporation announces that on February 17, 2010, in connection with the Company's acquisition of Turnpike Global Technologies LLC and Turnpike Global Technologies, Inc. on December 4, 2009, the Company's shareholders approved all Proposals presented at the Annual Meeting of Shareholders. The Proposals included approval to increase the number of authorized common and preferred stock, amendments to the Company's certificates of designation, consent to the issuance stock in connection with the acquisition and related financing pursuant to NASDAQ Stock Market requirements, approval of a new series of preferred stock, an election to opt out of the Minnesota Control Share Acquisition Act and the election of eight directors. All proposals passed by a margin of at least 95%.

The approvals received from the Company's shareholders will also result in the conversion of $30.2 million of outstanding debt of the Company, which was incurred to finance the Turnpike acquisition and for other purposes, into shares of the new Series G Preferred Stock and warrants to purchase common stock of the Company.

About XATA

XATA Corporation is the expert in optimizing truck-fleet operations by reducing costs and ensuring regulatory compliance. Our on-demand software and services help companies manage fleet operations, enhance driver safety and deliver a higher level of customer satisfaction. Offered through a monthly-subscription service, XATA software solutions can affordably oversee every truck in an organization's fleet.  XATA also provides expert services to develop the business processes required to deliver the profitability, safety and service levels demanded by today's competitive transportation environments.

Based in Minneapolis, Minnesota, XATA revolutionized the trucking industry by being the first to introduce electronic driver logs and exception-based management reporting. Our XATANET solution provides our customers with access to their vehicle data anywhere, anytime. XATA Turnpike - a division of XATA Corporation - provides PDA-based fleet management capabilities for little or no upfront costs.

SOURCE XATA Corporation