2/14/2003 - Clarent Corporation (OTC:CLRN) announced that it has completed the sale of its business assets to Verso Technologies Inc. (NASDAQ:VRSO) an Atlanta-based, integrated switching solutions company. Clarent announced a definitive agreement with Verso on December 16, 2002 for the sale of substantially all of its business assets. As part of that agreement, Clarent filed for voluntary reorganization under Chapter 11. Total consideration for the sale was approximately $9.8 million in debt of Verso. With the completion of the asset sale Verso will continue sales, development and the support of Clarent’s Softswitch and NetPerformer product lines.
"We're pleased to bring this sale to a successful conclusion so quickly," said James B. Weil, President of Clarent. “Verso provides a solid future for our award-winning technology, continuity for our customers, and opportunity for many of our employees,” Weil continued.
About Clarent Corporation
Clarent Corporation provides softswitch and enterprise convergence solutions for next generation networks. Clarent solutions enable service providers and enterprises to quickly deploy an integrated network capable of carrying both voice and data traffic, deliver capital and operating expense savings, and generate new revenue opportunities with innovative services. Founded in 1996, Clarent is headquartered in Redwood City, California, and has offices in North America, Europe and Asia. For more information please visit www.clarent.com.
About Verso Technologies, Inc.
Verso Technologies provides integrated switching solutions for communications service providers who want to develop IP-based services with PSTN scalability and quality of service. Verso's unique, end-to-end native SS7 over IP capability enables customers to leverage their existing PSTN investments by ensuring carrier-to-carrier interoperability and rich billing features. Verso's complete VoIP migration solutions include state-of-the-art hardware and software, OSS integration, the industry's most widely used applications and technical training and support. For more information about Verso Technologies, contact the company at www.verso.com or by calling (678) 589-3500.
Clarent, and the Clarent logo are trademarks or registered trademarks of Clarent Corporation in the United States and other jurisdictions.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: