Clarent Completes Asset Sale to Verso Technologies Inc.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Feb. 13, 2003 Clarent Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CLRN CLRN California Learning Resource Network CLRN Community Legal Resources Network CLRN Chemical Laboratory Response Network ) announced today that it has completed the sale of its business assets to Verso ver·so n. pl. ver·sos 1. A left-hand page of a book or the reverse side of a leaf, as opposed to the recto. 2. The back of a coin or medal. Technologies Inc. (Nasdaq:VRSO) an Atlanta-based, integrated switching solutions company. Clarent announced a definitive agreement with Verso on December 16, 2002 for the sale of substantially all of its business assets. As part of that agreement, Clarent filed for voluntary reorganization under Chapter 11. Total consideration for the sale was approximately $9.8 million in debt of Verso. With the completion of the asset sale Verso will continue sales, development and the support of Clarent's Softswitch and NetPerformer(R) product lines. "We're pleased to bring this sale to a successful conclusion so quickly," said James B. Weil, President of Clarent. "Verso provides a solid future for our award-winning technology, continuity for our customers, and opportunity for many of our employees," Weil continued. About Clarent Corporation Clarent Corporation provides softswitch and enterprise convergence solutions for next generation networks. Clarent solutions enable service providers and enterprises to quickly deploy an integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. capable of carrying both voice and data traffic, deliver capital and operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. savings, and generate new revenue opportunities with innovative services. Founded in 1996, Clarent is headquartered in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. , and has offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. For more information please visit www.clarent.com. About Verso Technologies, Inc. Verso Technologies provides integrated switching solutions for communications service providers who want to develop IP-based services with PSTN (Public Switched Telephone Network) The worldwide voice telephone network. Once only an analog system, the heart of most telephone networks today is all digital. In the U.S. scalability and quality of service. Verso's unique, end-to-end native SS7 over IP capability enables customers to leverage their existing PSTN investments by ensuring carrier-to-carrier interoperability and rich billing features. Verso's complete VoIP migration solutions include state-of-the-art hardware and software, OSS Oss (ôs), city (1994 pop. 62,141), North Brabant prov., S Netherlands; chartered 1399. It is a significant industrial center. Manufactures include meat products, chemicals, pharmaceuticals, electrical equipment, and metalware. integration, the industry's most widely used applications and technical training and support. For more information about Verso Technologies, contact the company at www.verso.com or by calling 678/589-3500. Forward Looking Statements The statements contained in this release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). These statements include those describing the expected future operations of Clarent Corporation and the expectations regarding the outcome of the restructuring transactions described in this release. Management wishes to caution the reader that these forward-looking statements are only predictions and are subject to risks and uncertainties and actual results may differ materially from those indicated in the forward-looking statements as a result of a number of factors. These factors include, but are not limited to, risks associated with the effect the bankruptcy filing or the transaction with Verso may have on the market for Clarent's products and orders from existing or prospective customers, Verso's failure to successfully integrate the Clarent business and products with its own, general market conditions affecting communications service providers purchase of equipment and in particular, VoIP-related equipment, changes in service providers' business models, the ability of and resources available to Clarent's distribution partners to sell and support its products. Certain of these risks and uncertainties are described further in the Clarent's periodic filings with the SEC. Other important factors that could cause actual events or results to be materially different from the forward-looking statements include the ability of the Clarent to resolve pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; risks associated with pending litigation; court approval of the Company's motions prosecuted by it from time to time in the chapter 11 case; and risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for Clarent. Trademarks Clarent, and the Clarent logo are trademarks or registered trademarks of Clarent Corporation in the United States and other jurisdictions. All other trademarks, registered trademarks and service marks are the property of their respective owners. |
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