Verso Technologies, Inc.,
A technology company, provides communications network solutions to the carriers, enterprises, governments, and government related entities in the United States. It operates in two segments, Technologies Group and Advanced Applications Services Group. The Technologies Group develops softswitch, software, and hardware-based converged packet solutions that use various protocols, such as VoIP, VoIP based applications, and server devices that provide multiplexing and transport of voice and data services, as well as other protocols for specialized applications, which include global system for mobile communication and CDMA backhaul, and voice/data over satellite transmissions.
Its solutions enable service providers to deploy converged communication networks. This segment also offers software-based solutions for Internet access and usage management that include call accounting and usage reporting for Internet protocol network devices. Further, it involves in the manufacture, sale, and support of the iMarc product line comprising asynchronous transfer mode, IP service units, and branch monitors that provide intelligent demarcation between carrier and enterprise networks, as well as develops, manufactures, markets, and sells broadband access solutions for computer networks. Technologies Group serves tier I telecommunications carriers, international service providers, domestic rural carriers, and Internet service providers. The Advanced Applications Services Group offers outsourced technical application services and application installation and training services. The company was founded in 1983 and is headquartered in Atlanta, Georgia.
Verso Technologies files Chapter 11
Verso Technologies Inc., a provider of network products to telecommunications service providers, filed for Chapter 11 bankruptcy reorganization Friday in U.S. Bankruptcy Court in Atlanta.
The filing came three days after Verso (NASDAQ: VRSO) reported that its accountant included a "going concern" clause in Verso's recently filed 10-K annual report.
On April 15, the company reported that in 2007, it lost $27 million on revenue of $50.6 million. In 2006, Verso lost nearly $18 million on revenue of $42.5 million.
In its Chapter 11 petition, Verso listed total assets of $34.3 million and total debts of $36.7 million. The company has 72.8 million shares of stock outstanding. As of Monday morning, the shares were trading at 41 cents.
