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Woodland
Hills, Calif., July 10, 2000 – Vertel® (NASDAQ: VRTL), a leading provider of mediation software for telecommunications networks, today announced a Professional Services Unit contract with LG Information & Communications (LGIC), Ltd. of Korea for consulting services associated with the development of their next generation SDH (Synchronous Digital Hierarchy) transmission systems. The project involves development of an Embedded Telecommunications Solution (ETS) that will span a six-month period. This contract supplements a previous purchase by LGIC in September, 1999 for ETS Tools.
"We evaluated a number of vendors and selected Vertel because of their carrier-grade performance capabilities and, most importantly, because they provide local support in Korea," said Lee Kyung-Kuk, Vice President of LGIC. "We estimate that by outsourcing this project to Vertel, we will shorten our development cycle by as much as 50%. Further, we are quite sure that Vertel's expertise will enhance the quality of our project."
"We are pleased to expand our relationship with LGIC," said Cyrus Irani, President and Chief Operating Officer of Vertel. "This agreement continues our penetration of the rapidly growing Asian telecommunications market. We are finding that not only is Vertel's industry-leading software attractive to telecommunications companies in Asia, but also our consulting services as well."
About LGIC
LG Information and Communications, Ltd., is a leading Korean telecommunications company providing state-of-the-art technology in the area of advanced switching systems, transmission equipment, CDMA mobile systems, communications terminals and information networks. LGIC was established in 1979 and is one of 42 affiliated companies of LG of Korea operating within the Electronics and Telecommunications Business Division. LG of Korea is the third largest Korean company with offices in 120 countries worldwide. LGIC is headquartered in Seoul, South Korea.
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 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 Boulevard, 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 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 Dec. 31, 1999 and on Form 10-Q for the quarter ended March 31, 2000. . Vertel undertakes no obligation to obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this statement.
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