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WOODLAND HILLS, Calif., May 18, 2000
- At today's annual meeting of Vertel® Corporation, a leading supplier of mediation software for telecommunications networks, shareholders approved all items subject to vote. These items included the election of Bruce W. Brown and Ralph K. Ungermann as directors, approval of the Company's 2000 Stock Option Plan, authorization to increase the number of shares of common stock from 50,000,000 to 100,000,000 and the ratification of the appointment of Deloitte Touche LLP as the company's independent auditors for the fiscal year ending December 31, 2000.
"During the past year we have executed a major restructuring which positions Vertel to become the leading provider of carrier grade convergent network software for the telecommunications industry," said Vertel President and CEO Bruce Brown. "Our board and the Vertel management team are dedicated to delivering fast, high-quality solutions for our customers and to grow the Company in order to enhance shareholder value."
Brown, 50, was elected to the position of President and Chief Executive Officer of Vertel in January, 1998. From November 1995 until January 1998, Brown was President and Chief Executive Officer of Vertel Corporation I, a former operating subsidiary of the Company which merged into the Company and whose business was substantially the same as the Company's. Brown joined Vertel Corporation I in August 1995 and served on its Board of Directors from October 1995 until January 1998. Brown served as President of ADC Fibermux Corporation, a supplier of fiber optic networking products from July 1993 until August 1995. Brown was Executive Vice President, Customer Operations at UB Networks, Inc. (previously Ungermann-Bass Networks, Inc.), an enterprise networking company, from October 1990 until July 1993. Brown holds a B.S. degree from Iowa State University and an M.B.A. from Drake University.
Ungermann has served as Chairman of FVC.COM, Inc., a broadband video networking company, since founding the company in 1993 and was its Chief Executive Officer from inception to January, 1999. FVC.COM was previously named First Virtual Corporation and engaged in ATM networking. Ungermann co-founded UB Networks, Inc. (previously Ungermann-Bass Networks, Inc.) in 1979 and served as its Chief Executive Officer until it was sold to Tandem Computers, Inc. in 1993. Ungermann holds a B.S. in Electrical Engineering from the University of California at Berkeley and an M.S. in Electrical Engineering from the University of California at Irvine.
About Vertel
Vertel is a leading provider of mediation software for telecommunications networks enabling such devices as cellular phones to become an integral, intelligent parts of a company's network topology. The Company's pioneering mediation software, e*ORBTM is being adopted by top telecommunications, e-business and manufacturing companies. Vertel offers a variety of technologies and applications, supporting end-to-end network and service management with the highest quality of service for network operations. Vertel's solutions are deployed worldwide by service providers, network operators, software vendors, and systems integrators. Vertel also develops turnkey management applications that fit individual customer requirements through its Professional Services Unit. The company is based in Woodland Hills, California, and has sales offices throughout the world.
For more information on Vertel or its products, contact Vertel at 21300 Victory Boulevard, Suite 700, Woodland Hills, California 91367; telephone: (818) 227-1400; fax: (818) 598-0047 or visit the Vertel Web site at
http://www.vertel.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: Except for the historical information presented, the matters discussed in this news release are forward-looking statements. These statements should be evaluated together with the many risks and uncertainties that affect our business, including timely and successful development of products and technologies; successful introduction and customer acceptance of new and enhanced products and technologies in existing and new markets; the possibility that delays or difficulties will arise in implementing complex products and technologies and enabling them to work successfully with other complex products and technologies; the possible development and introduction of competitive products and new and alternative technologies; pricing, currency and exchange risks; governmental and regulatory developments affecting Vertel and its customers; the ability to identify, conclude, and integrate acquisitions on a timely basis; the ability to retain and attract key personnel; and other risks and uncertainties detailed from time to time in public disclosure filings with the U.S. Securities and Exchange Commission (SEC) by Vertel, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 1999 and the Quarterly Earnings Report on Form 10-Q for the quarter ended March 31, 2000.
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