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Woodland
Hills, Calif., July 13, 2000 – At Wednesday's meeting of the Board of Directors of Vertel Corp. (Nasdaq:VRTL), Cyrus D. Irani was unanimously appointed to the position of President and Chief Executive Officer (CEO) replacing Bruce W. Brown, who will now focus exclusively on his role as Executive Chairman. Irani was also elected to the Board of Directors.
Irani, 41, was appointed President and Chief Operating Officer of Vertel in May 2000. In his new role, he will oversee all financial and administrative functions formerly directed by Brown. He will also continue with his responsibility to execute Vertel's strategic growth initiatives, which include furthering market acceptance of the e*ORB software solution, expanding the company's product offerings and services, and strengthening its sales and marketing functions.
Brown, 50, will remain active in the company working with Irani and will continue with his focus to lead the company's acquisition activity and to direct new business initiatives such as Vertel's entry into the Application Services Provider (ASP) market.
"In the short time since Cyrus took over the position of President, he has demonstrated his strength as a leader, his depth of knowledge about Vertel and its market potential, and his ability to effectively run the day-to-day operations of the company," said Brown. "I am pleased that the CEO position will be in such capable hands and I am confident that Cyrus has the skills to continue shaping the company into a recognized market leader," said Brown.
"We are all grateful for Bruce's contributions to Vertel over the past five years and are pleased that he has agreed to remain actively involved in setting our strategic direction as it relates to acquisitions and entry into the ASP market," said Irani. "Bruce's efforts have Vertel well positioned to serve the growing Mediation requirements of the telecommunications industry, and I look forward to building upon this solid foundation."
Irani served as the Vice President, Research and Development and Professional Services Unit for the company from December 1999 until he was appointed President and Chief Operating Officer in May 2000. 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 December 1998.
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 from March 1993 until July 1994. From December 1989 until February 1993 he served as Director of Product Marketing for Retix, the former parent company of Vertel. Prior to that, Irani held the position of R&D manager for the Workstation and Server Business at Xerox Corporation.
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 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 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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