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<p class=MsoNormal><i><font size=2 face=Arial><span lang=EN-AU
style='font-size:10.0pt;font-family:Arial;font-style:italic'>Blackboard and
WebCT, leading providers of enterprise software and services to the education
industry have announced plans to merge."</span></font></i><font size=2
face=Arial><span lang=EN-AU style='font-size:10.0pt;font-family:Arial'> From
the article: <i><span style='font-style:italic'>"Under terms of the
agreement, Blackboard will acquire WebCT in a cash transaction for $180
million, which values the offer at approximately $154 million, net of WebCT's
August 31, 2005 cash balance of $26 million. The ultimate value of the offer
will vary depending on WebCT's cash balance at closing."<o:p></o:p></span></i></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-AU style='font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-AU style='font-size:
10.0pt;font-family:Arial'>http://investor.blackboard.com/phoenix.zhtml?c=177018&p=irol-newsArticle&ID=767025&highlight=<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-AU style='font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><st1:PersonName w:st="on"><font size=2 face=Arial><span
lang=EN-AU style='font-size:10.0pt;font-family:Arial'>Gavin Ballard</span></font></st1:PersonName><font
size=2 face=Arial><span lang=EN-AU style='font-size:10.0pt;font-family:Arial'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-AU style='font-size:
10.0pt;font-family:Arial'>Assistant Officer<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-AU style='font-size:
10.0pt;font-family:Arial'>VITTA<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span lang=EN-AU
style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Verdana><span lang=EN-AU style='font-size:
10.0pt;font-family:Verdana'>VITTA</span></font><span lang=EN-AU><o:p></o:p></span></p>
<p class=MsoNormal><font size=2 face=Verdana><span lang=EN-AU style='font-size:
10.0pt;font-family:Verdana'>Phone: 0415 844 117<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Verdana><span lang=EN-AU style='font-size:
10.0pt;font-family:Verdana'>Email: <a href="mailto:gavin@vitta.org.au">gavin@vitta.org.au</a></span></font><span
lang=EN-AU><o:p></o:p></span></p>
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<p class=MsoNormal><font size=3 face="Times New Roman"><span lang=EN-AU
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