Court Approves Verso's Acquisition of Clarent's Assets; Transaction Expected to Close by February 13.Business Editors/High-Tech Writers ATLANTA--(BUSINESS WIRE)--Feb. 4, 2003 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 integrated communications solutions company, announced today that the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. having jurisdiction over Clarent's pending Chapter 11 reorganization has approved Verso's acquisition of substantially all of Clarent's business assets. As a result, Verso and Clarent will move forward to complete the acquisition process, with the closing of the transaction expected to occur by February 13, 2003. Verso will discuss further details of the transaction during its fourth quarter investor conference call, which will be held in mid-February. Access information to the call will follow in a separate press release. On December 16, 2002, Verso and Clarent announced that they had signed a definitive agreement whereby Verso would acquire substantially all of the business assets of Clarent Corporation, a provider of Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VoIP) solutions for next generation networks and enterprise convergent solutions, for $9.8 million, which Verso currently intends to finance through a combination of cash and notes. To facilitate the transaction, Clarent filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
Clarent's product families address three main markets: the converged enterprise, long distance bypass and IP-based voice services over last-mile broadband networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . Key products include next generation switching and call control software, high density media gateways, multi-service access devices, signaling and announcement servers, network management systems and high demand telephony applications based on packet-switched technology. About Verso Technologies Verso Technologies provides integrated switching and 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 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. About Clarent Corporation Clarent Corporation is a leading provider of 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, Europe and Asia. For more information please visit www.clarent.com. Forward Looking Statements As provided by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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, the company cautions that statements in this release that are forward-looking statements represent management's belief and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as "believes", "intends", "may", "should", "anticipates", "expected", "estimated", "projected" or comparable terminology, or by discussion of strategies or trends. Although the company believes the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, the company continues to face many risks and uncertainties. Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this release and those described from time to time in the company's filings with the Securities and Exchange Commission. Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. The company disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of new information, future events or otherwise. |
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