Vertical Announces Earnings Release; Vertical Filing for Quarter Ended March 2005 Delayed.CAMBRIDGE, Mass. -- Vertical Communications Vertical Communications, Inc. NASDAQ: VRCC is a corporation that specializes in software-based PBXes (eg business telephone systems). Vertical Communications changed its name on 1 January, 2005 from Artisoft, Inc. after acquiring Vertical Networks in September 2004. , Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ASFT ASFT Airport Surface Friction Tester .E), a leading provider of IP-PBX and telephony solutions, today announced that it plans to announce its consolidated financial results next Wednesday June 1st, and expects to file its delayed Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31st shortly thereafter. The Company's filing was due May 16th and was delayed as the company completed its quarterly review with its new audit firm. The company had previously announced a change of auditors on April 28, 2005 with the appointment of Vitale, Caturano & Co. as its new auditors. The company's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors was changed today to ASFTE to reflect the delay in filing, and will return to ASFT once the Form 10-Q is filed. About Vertical Vertical Communications, Inc. is a leading provider of next-generation IP-based voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. systems for business. Vertical combines voice and data technologies with business process understanding to deliver integrated IP-PBX and application solutions that enhance customer service and business productivity. Vertical's customers are leading companies of all sizes - from small to large and distributed - and include CVS/pharmacy, Household International and Apria Healthcare. Vertical is headquartered in Cambridge, Mass. and delivers its solutions through a worldwide network of systems integrators, resellers and distributors. For more information, please visit the company's website at www.vertical.com. "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. " Statement under 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. Statements regarding our delayed filings, the upcoming hearing regarding our continued listing on the over the counter bulletin board, the integration of the revenue recognition policies of Vertical Networks, Inc. with our own, our anticipated results for our first fiscal quarter, as well as other statements that are not historical facts are "forward-looking statements." These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements. These include, but are not limited to, uncertainties surrounding risks that our stock will no longer be eligible for quotation on the over the counter bulletin board; uncertainties relating to the time needed by us to complete the Form 10-Q and by our independent auditors to complete their review of the Form 10-Q; uncertainty as to when the Form 10-Q will be filed; volatility in our stock price pending resolution or resulting from the matters discussed above; our ability to achieve forecasted revenues and maintain and improve gross margins, to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and to manage cash flows (and the timing and degree of any such improvements in gross margins, reductions in operating expenses and management of cash flows); failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2004. Trademark Information Vertical Communications and the Vertical Communications logo and combinations thereof are trademarks of Vertical Communications, Inc. Artisoft, TeleVantage, InstantOffice and Vertical Networks are registered trademarks of Artisoft, Inc. All other brand and product names are used for identification only and are the property of their respective holders. |
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