ONXS Onyx Software (MM)

Onyx(R) Software Corporation (Nasdaq:ONXS), a worldwide leader in customer management solutions for the enterprise, announced that it has received notification from the Federal Trade Commission of early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976 (HSR), as amended, relating to the proposed acquisition of Onyx by M2M Holdings, Inc. Completion of the HSR review satisfies a regulatory review condition to closing the transaction. The closing of the transaction remains subject to approval by holders of a majority of Onyx's outstanding common stock and other customary closing conditions. Onyx expects the transaction to close during the third quarter of 2006. Additional Information About the Proposed Transaction and Where to Find It In connection with the proposed transaction, on June 16, 2006, Onyx filed a preliminary proxy statement with the Securities and Exchange Commission (SEC). Investors and security holders are advised to read the preliminary proxy statement, the definitive proxy statement, when it becomes available, and any other relevant documents filed with the SEC because they contain important information about the proposed transaction and Onyx. Investors and security holders may obtain a free copy of the preliminary proxy statement and other documents filed by Onyx from the SEC Web site at www.sec.gov. Onyx's directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Onyx in connection with the proposed transaction. A description of certain of the interests of directors and executive officers of Onyx is set forth in the preliminary proxy statement. About Onyx Software Onyx Software Corporation (Nasdaq:ONXS) is a worldwide leader in customer management and process software for mid- and large-size enterprises. Onyx provides flexible solutions that enable organizations to automate, manage and evolve their customer processes quickly and cost-effectively for strategic advantage. By providing an integrated suite of customer process automation applications encompassing customer management, process management, and analytics capabilities, Onyx enables enterprises to reduce costs, increase productivity, and grow revenue. Major companies are aligning their customer-facing departments and managing their customer processes with Onyx software - companies such as Amway Corporation, Mellon Financial Corporation, The Regence Group and State Street Corporation. More information can be found at (888) ASK-Onyx, info@onyx.com or http://www.onyx.com/. Forward-Looking Statements This press release contains forward-looking statements, including statements about the expected closing of the proposed acquisition of Onyx by M2M Holdings, Inc. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The words "predict," "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Onyx's actual results include, but are not limited to, the risk the transaction is not consummated or is not consummated within the expected timeframe and the "Risk Factors" described in our annual report on form 10-K and our quarterly report on form 10-Q and other filings with the Securities and Exchange Commission which are available on our investor relations home page at www.onyx.com/investors. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Onyx is a registered trademark of Onyx Software Corporation in the United States and other countries. Other product or service names mentioned herein are the trademarks of their respective owners.