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WOODLAND HILLS, Calif., May
22, 2000
- At Thursday's meeting of the Board of Directors of Vertel Corporation (NASDAQ:VRTL), Bruce W. Brown was unanimously appointed to the position of Chairman, filling a vacancy that has existed in the company since January 1998. In addition, Brown will continue in his role as Chief Executive Officer.
Concurrent with Brown's appointment, the Board also approved the appointment of Cyrus D. Irani to the position of President and Chief Operating Officer, reporting to the CEO.
In the position of Chairman, Brown's primary focus will be to lead the company's acquisition activity, oversee the execution of the corporate strategy and to lead new business initiatives, such as Vertel's entry into the Application Services Provider (ASP) market. Irani will be responsible for executing Vertel's current business plan and will focus on the mediation and e*ORB initiatives, specifically bringing e*ORB into the mainstream. In addition, he will oversee all company functions with the exception of finance and administration, which will continue to report directly to Brown.
"Cyrus' contribution to the establishment and expansion of the Professional Services Unit was significant to Vertel's success in the past year," said Brown. "With his appointment as President and COO, Cyrus will be able to assume an even larger role in the leadership and continued success at Vertel."
The board also approved the appointment of Craig S. Scott as an Executive Officer of the Company. Scott has been Vertel's Controller since August 1998. Scott, who reports to Gordon Almquist, Vice President, Finance and Administration and CFO, will continue in his role as Controller, with special emphasis on strengthening Vertel's infrastructure as the Company's business continues to grow.
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. Brown joined Vertel Corporation I in August 1995 and served on its Board of Directors from October 1995 until January 1998. Prior to joining Vertel, Brown served in executive positions with ADC FiberMux Corporation and UB Networks Inc. Brown holds a B.S. degree from Iowa State University and an M.B.A. from Drake University. Brown was elected to a second two-year term on the Vertel Board of Directors at the annual shareholders meeting that was also held Thursday.
Irani, 41, has served as Vice President, Research and Development and Professional Services Unit for the Company since December 1999. Previously, he served as Vice President, Professional Services Unit from January 1999 through November 1999 and as Vice President of Marketing from February 1996 until January 1999. Prior to joining Vertel, Irani served as Vice President of Marketing and Sales for the Alchemy Group, a network management software company, from August 1994 to February 1996. He was Product Line Manager for AT&T Global Information Systems, a telecommunications service provider, from March 1993 to August 1994. From December 1989 to March 1993, he served as Director of Product Marketing for Vertel.
Scott, 53, has held several senior level financial management positions during his career including Vice President, International Administration for Redken Laboratories Inc., and has provided financial consulting to various small to medium-sized companies. Scott, a Chartered Accountant, was also with Price Waterhouse for 10 years.
About Vertel
Vertel is a leading provider of mediation software for telecommunications networks, enabling such devices as cellular phones to become an integral, intelligent part of a company's network topology. The Company's pioneering mediation software, e*ORB(TM), 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, Calif., and has sales offices throughout the world.
For more information on Vertel or its products, contact Vertel at 21300 Victory Blvd., Suite 700, Woodland Hills, Calif. 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 the company's 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 Dec. 31, 1999, and the Quarterly Earnings Report on Form 10-Q for the quarter ended March 31, 2000.
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