Vsource to Reincorporate Under Delaware Laws

Shareholders for Vsource Inc. in Ventura have agreed to change the company’s state of incorporation from Nevada to Delaware.

Management had proposed the reincorporation based on the greater flexibility of Delaware corporate law and the belief that the investment community is more comfortable with the laws in that state.

The company, which allows businesses to set up an Internet-based procurement system, will remain headquartered in Ventura.

Other action at the annual shareholders meeting in Ventura included electing the company’s five nominees to the board of directors.

Robert C. McShirley was elected chairman, with Samuel E. Bradt, Scott T. Behan, Robert N. Schwartz and Ramin Kamfar as directors.

Vsource’s main product, Virtual Source Network, allows companies to create Internet-based procurement systems to automate all aspects of corporate procurement, including material requisitions, proposal requests and ordering from supplier catalogs.