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CytRx Receives Notice Regarding Closing Minimum Bid Price
Friday May 30, 4:30 pm ET
LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (Nasdaq:CYTR - News), a biopharmaceutical company engaged in the development and commercialization of therapeutics based on molecular chaperone amplification, today reported that it received notice from The Nasdaq Stock Market on May 28, 2008, that CytRx common stock had closed below $1.00 per share for 30 consecutive business days, and CytRx is therefore not in compliance with Nasdaq Marketplace Rule 4310(c)(4).
http://biz.yahoo.com/bw/080530/20080530005662.html?.v=1
RedChip's 2008 Small-Cap Investor Conference in San Francisco June 5th Will Feature CEO Presentations and First Ever Luxury Plug-In Hybrid
Get a Firsthand Look At a Prototype of the Fisker Karma, the World's First Luxury Plug-in Hybrid by Fisker Automotive, an Affiliate of Quantum Fuel Systems Technologies Worldwide, Inc.
http://biz.yahoo.com/pz/080529/143685.html
Major Holders
http://finance.yahoo.com/q/mh?s=CSCO
Thursday's Tech Winners & Losers: Google
SAN FRANCISCO -- Tech investors were seeing green Thursday, with the Nasdaq leading most indices higher. Upward momentum was spurred by falling oil prices and a Commerce Department report that revised first-quarter GDP growth upward to 0.9%. The iShares S&P GSTI Software Index(IGV - Cramer's Take - Stockpickr) rose 1.5%.
Shares of Google(GOOG - Cramer's Take - Stockpickr) were up $14.55, or 2.6%, to $582.79 on a report from comScore that the search giant's paid clicks were up sharply in April -- 19.6% year over year. Paid clicks represent the site's ability to transform queries into clicks on advertising delivered with search results. Susquehanna Financial raised its price target on the stock Thursday to $635 from $600 on the news.
Kosan Biosciences(KOSN - Cramer's Take - Stockpickr) jumped $3.77, or 228.5%, to $5.42 on the report that Bristol-Myers Squibb(BMY - Cramer's Take - Stockpickr) is acquiring the cancer-drug specialist for $5.50 a share.
Shares of Autodesk(ADSK - Cramer's Take - Stockpickr) rose $1.24, or 3.1%, to $40.94 on an upgrade by American Technology Research. Analyst Donovan Gow rated the developer of computer-aided-engineering software a buy with a one-year price target of $52, noting that Autodesk is gaining market share against competitors Dassault Systemes and Parametric Technology(PMTC - Cramer's Take - Stockpickr).
"ADSK is ideally positioned to benefit from the construction boom in emerging economies with two-thirds international revenue exposure," Gow wrote Thursday.
German chipmaker Infineon Technologies(IFX - Cramer's Take - Stockpickr) tumbled on the company's warning that third-quarter revenue would fall short of projections. The stock fell $1.18, or 11.9%, to $8.78, its second decline for the week. The stock dropped 4% Tuesday after the CEO was sacked.
Cisco Transforms International Network for Orange Business Services
Friday May 30, 9:00 am ET
Enables Cisco Unified Communications and Telepresence
PARIS & SAN JOSE, Calif.--(BUSINESS WIRE)--Cisco and Orange Business Services announced today that the two companies have embarked on a major network upgrade project to improve and extend Orange Business Services’ international Internet Protocol virtual private network (IP VPN).
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The project will help Orange Business Services bring new advanced services to multinational organizations on a global basis, expanding its portfolio of innovative collaboration solutions that combine voice, data and video to include Cisco Unified Communications and Cisco TelePresence for virtual ‘in-person’ meetings.
Cisco and Orange Business Services have collaborated over the past decade to develop a market-leading portfolio of IP VPN services based on Cisco® IP Next-Generation Network (IP NGN) architecture. This new phase of network development will introduce greater efficiencies through the convergence of multiple legacy networks into one end-to-end IP network and add new capabilities such as multicast VPN and IPv6 over MultiProtocol Label Switching (MPLS) at the network edge. The deployment of a new generation of Cisco IP NGN routing technology will bring Orange Business Services’ international network even closer to its customers’ locations to deliver consistent quality of experience in 220 countries and territories.
Barbara Dalibard, president and CEO, Orange Business Services, said: “We have enjoyed a long history of successful collaboration with Cisco. With Cisco’s support, we deliver a world-class portfolio of managed voice, data and mobility solutions to multinational organizations. Our joint expertise will take Orange Business Services to the next level of service quality and creativity.”
“Rich media and Web 2.0 are driving the next wave of business productivity,” added Pankaj Patel, senior vice president for the Service Provider Technology Group at Cisco. “With the latest phase in the transformation of Orange Business Services’ network, we are working together even more closely to offer an increasingly integrated set of services to Orange Business Services customers.”
Orange Business Services achieved Cisco Global Certified Partner status in September 2007, the first service provider partner to reach this goal worldwide.
Cisco Press Publishes Global IPv6 Strategies: From Business Analysis to Operational Planning, by Patrick Grossetete, Ciprian Popoviciu, and Fred Wettling
Thursday May 29, 5:15 pm ET
Book Addresses Business Need for Efficient Migration to IPv6
INDIANAPOLIS--(BUSINESS WIRE)--Global IPv6 Strategies: From Business Analysis to Operational Planning, new from Cisco Press, provides decision-makers with the information necessary to implement Internet Protocol, Version 6 (IPv6).
News Facts
The current IPv4, in place for almost 20 years, needs to be replaced to prevent a shortage of IP addresses. IPv6 eliminates the problem by increasing the number of network address bits.
Global IPv6 Strategies reviews the costs, benefits, impacts, and opportunities associated with IPv6 migration, and provides the necessary information for businesses to implement the change.
The authors provide case studies and an overview of trends and strategies.
The title is available at ciscopress.com, InformIT.com, local booksellers, and online retailers.
Useable Quotes
“How could we tell our future generations that Internet connectivity was not planned to get them connected?” asks co-author Patrick Grossetete. “The Internet is becoming ubiquitous but IPv6 is the key enabler to expanding its worldwide penetration.”
Product Information
Global IPv6 Strategies: From Business Analysis to Operational Planning
By: Patrick Grossetete, Ciprian Popoviciu, and Fred Wetting
ISBN-10: 1587053438
List Price: $44.99
Publisher: Cisco Press
JACO ELECTRONICS INC Financials
http://finance.yahoo.com/q/is?s=jaco
3Com Names Veteran Executives to Lead Human Resources and Global Supply Chain Operations
Friday May 23, 4:50 pm ET
Eileen Nelson named SVP of HR and Tony Wang VP of Worldwide Supply Chain; Appointments Will Help 3Com Accelerate Global Business Plan
MARLBOROUGH, Mass.--(BUSINESS WIRE)--3Com Corporation (NASDAQ: COMS - News) today announced the appointment of two new senior executives to help accelerate the company’s global business plan. Eileen Nelson has been named Senior Vice President, Human Resources and Tony Wang is the company’s new Vice President, Worldwide Supply Chain.
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Nelson, who reports to President and COO Ron Sege, is responsible for 3Com’s worldwide human resources organization. She will work with the 3Com’s China-based operations to drive consistency in the company’s global HR programs.
“We are very fortunate to have Eileen join 3Com,” said Sege. “With more than 25 years working in HR, she will be a tremendous asset in instilling a one-company culture. One of Eileen’s key areas of focus is to identify and recruit highly qualified people – particularly in sales and service so we can accelerate our strategy of building a growing and profitable global networking leader.”
Nelson comes to 3Com from Tropos Networks, where she had been Vice President of Human Resources since 2005. Previously, she was Senior Vice President of Human Resources for eBay. Earlier in her career Nelson held increasingly senior HR positions for several leading technology companies. She is based in the United States.
Tony Wang brings 30 years of networking industry supply chain experience to 3Com. Based in Hangzhou, China, the center of 3Com’s strong presence in the Asia-Pacific region, Wang reports to 3Com Executive Vice President Dr. Shusheng Zheng.
Tony’s key focus is to integrate the company’s two supply chains – one in China and one U.S.-based – into a single, highly efficient global organization to deliver enterprise products that lead the industry in innovation, performance and value proposition. Establishing a worldwide supply chain will help the company reduce costs and improve operational efficiency.
Wang joins 3Com after 9 years with Nortel, where most recently he was managing director of Guangdong Nortel, a joint venture between Nortel and several Chinese networking companies. Wang managed the company’s manufacturing operations. Previously, he spent more than 20 years with networking company Alcatel in China and Taiwan, rising to General Manager of
VERSO TECHNOLOGIES INC Financials
http://finance.yahoo.com/q/is?s=vrsoq.pk
A-Power Schedules Q1 2008 Financial Results and Conference Call
Thursday May 29, 10:22 am ET
SHENYANG, China--(BUSINESS WIRE)--A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR - News) ("A-Power"), announced today that it will issue its financial results for its first quarter ended March 31, 2008 prior to the open of the stock market on June 6, 2008. Management will then conduct a conference call at 9am EDT on June 6, 2008 to discuss these results.
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Mr. Edward Meng, A-Power’s CFO commented, “As a foreign filer, A-Power is not obligated to announce financial results for 2008 until June 30, 2009. Although, to keep our investors apprised of our ongoing progress we plan to announce financial results and hold conference calls on a quarterly as well as on a year-end basis. Due to our merger with Chardan South China Acquisition Corp. in Q1 2008 and the need to consolidate the financials of both companies, our quarterly financial results will be announced approximately 2 months after the end of the quarter. In the future, we expect that our financial results will be announced within a much shorter time frame after each quarter and year-end.”
Interested parties may participate in the call by dialing (800) 901-5248 (U.S.) or (617) 786-4512 (International) approximately 10 minutes before the call is scheduled to begin. The conference call passcode is 11349239.
About A-Power
A-Power Energy Generation Systems, Ltd., through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and will enter into China’s wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.
Impac Mortgage Holdings, Inc. Announces Possible Preferred Stock Exchange Offer and the Granting of a Motion to Dismiss the 2006 Class Action Lawsuit
Wednesday May 28, 5:28 pm ET
IRVINE, Calif., May 28 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH - News), or the "Company", a Maryland corporation being taxed as a real estate investment trust ("REIT"), is considering making an offer to the holders of its Series B and Series C Preferred Stock, to exchange those shares for common stock of the Company. The Company has included within its preliminary proxy statement a request for common stockholders to approve the issuance of common stock in excess of 20% of the outstanding shares in connection with the possibility of such an exchange. If approved, and if completed, it would reduce the Company's continuing obligation to pay or accrue quarterly preferred dividends, thereby allowing the Company to use or preserve the cash for other purposes. Further, if completed on favorable terms it may have the effect of increasing common stockholders' equity.
Liquidity
The Company has taken steps to reduce operating costs, including reducing staff and lease costs, to a level at which the cash flows from the long-term mortgage portfolio and its master servicing portfolio could support the Company's ongoing operations. The Company continues to re-size the organization to a level more in line with its ongoing operations. Once the Company is able to reduce the uncertainty surrounding the remaining reverse repurchase lines in discontinued operations the Company should be able to meet its liquidity needs from cash flows
Mortgage application volume falls as both refinance and purchase volume declines
NEW YORK (AP) -- Mortgage application volume fell 7.8 percent during the week ending May 16, according to the trade group Mortgage Bankers Association's weekly application survey.
The MBA's application index fell to 621.6 from 674.4 the previous week as both refinance and purchase volume declined.
Refinance volume fell 8.7 percent during the week, while purchase application volume fell 6.9 percent.
Refinance applications accounted for 48.2 percent of all applications during the week, compared with 48.7 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 621.6 means mortgage application activity is 6.216 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume fell as interest rates moved higher. The average rate for traditional, 30-year fixed-rate mortgages rose to 5.9 percent from 5.82 percent a week earlier.
The average rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, rose to 5.42 percent from 5.38 percent.
Rates for a one-year adjustable-rate mortgage averaged 6.71 percent during the week, compared with 6.6 percent the previous week.
Impac Mortgage posts $2 billion loss for 2007 as it takes $1.4 billion loan-loss provision
IRVINE, Calif. (AP) -- Impac Mortgage Holdings Inc., a real estate investment trust, said late Tuesday it lost $2.05 billion in 2007 because of rising loan-loss provisions.
Impac Mortgage lost $2.05 billion, or $27.10 per share during the year, compared with a loss of $75.3 million, or $1.18 per share in 2006.
The results were mostly attributable to a $1.39 billion reserve to cover loan losses as the REIT -- which used to specialize in alt-A mortgage lending -- set aside cash to cover rising defaults. Impac Mortgage set aside just $34.6 million for loss reserves in 2006.
Alt-A mortgages are loans given to customers with minor credit problems or who cannot properly document their income and assets.
Since the middle of 2007, mortgages have increasingly defaulted, forcing lenders and banks to set aside more cash to cover losses. Also, investors have shied away from purchasing all but the safest types of debt in the credit markets, essentially shutting off an avenue for Impac Mortgage to generate new cash.
Impac Mortgage used the investor market to sell a portion of the loans it originated and did not hold. That in turn would provide them with more cash to continue originating new mortgages.
Because of the paralysis of that investor market, Impac essentially shut down its mortgage origination operations, instead focusing on maintaining its investment portfolio.
Impac Mortgage currently holds about $3 billion in primarily alt-A mortgages in a portfolio along with an additional $234.9 million in commercial mortgages. It was forced to sell a portion of the portfolio in 2007 to help keep up with mounting losses.
Since a peak north of $22 per share in June 2005, Impac shares have been on a long and steady decline. The stock closed at $1.25 Tuesday.
S&P: Delinquencies among subprime mortgages from 2005 through 2007 continue to rise
NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Thursday that subprime mortgages bundled into securities that were rated between 2005 and 2007 continue to increasingly default.
Subprime mortgages are loans given to customers with poor credit history.
At the end of April, delinquencies among 2005 vintage loans reached 36.8 percent, an increase of 2 percent from the previous month.
Delinquent loans from 2006 totaled 37.1 percent, a 4 percent jump from March.
About 25.9 percent of loans from 2007 were delinquent at the end of April, a 6 percent increase from a month earlier.
Loans from 2007 continue to be the worst-performing of the bunch, S&P said in a statement. After 12 months, cumulative losses in 2007 represent 0.49 percent of the original aggregate size of securities. After a similar period, 2006 vintage loans cumulative losses were 0.29 percent.
JACO up 15% after a 65% run This is great!!!
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO Keeps Going!!
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO is running again!!
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO is running again!!
http://investorshub.advfn.com/boards/board.asp?board_id=12362
Apr-07-2008 Homing Pigeon
http://www.stockta.com/cgi-bin/analysis.pl?symb=COMS&num1=13&cobrand=&mode=stock
Apr-07-2008 Bullish Engulfing
http://www.stockta.com/cgi-bin/analysis.pl?symb=APWR&num1=11&cobrand=&mode=stock
JACO ELECTRONICS UP 77%
Float: 3.44M
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO ELECTRONICS UP 79%
Float: 3.44M
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO Float 3,440,000
Total Shares Outstanding 6,294,332
http://investorshub.advfn.com/boards/board.asp?board_id=12362
JACO ELECTRONICS UP 79%
http://investorshub.advfn.com/boards/board.asp?board_id=12362
UP 79% Great!!!
Jaco Electronics Wins Order to Manufacture 4,500 Voting Machines for New York State
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jaco Electronics, Inc. (Nasdaq: JACO - News), a global distributor and integrator of electronic components and customized flat panel display solutions, and provider of value-added logistics services, has been awarded a contract by Dominion Voting Systems, who is partnering with Sequoia Voting Systems in New York State, to manufacture approximately 4,500 optical scan voting machines for use throughout New York State. Jaco expects to complete delivery during the summer of 2008, in time for the November presidential election.
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Jaco’s Chairman and Chief Executive Officer Joel Girsky, added, “We are extremely pleased to once again work with Sequoia, and our new partner Dominion Voting. This agreement represents Jaco’s first voting machine contract utilizing optical scan technology. All of the voting machines will be produced at Jaco’s in-house integration facility at our Hauppauge, New York location. To accommodate this order and meet delivery deadlines, Jaco plans to expand its manufacturing workforce by approximately 40-50 people. We believe this contract is a reflection of the strong capabilities of our integration center and value-add services.”
John Poulos, President and CEO of Dominion Voting Systems Corporation, noted, “We know Jaco has been a strong partner to Sequoia in the past, and look forward to this as the first step in a long and mutually beneficial relationship for Dominion with Jaco.”
Commenting on the new manufacturing agreement with Jaco, Sequoia Voting Systems President and CEO Jack Blaine, added, “We are pleased to once again work with the team at Jaco Electronics. Jaco has done an excellent job building thousands of our voting machines in the past and they possess the expertise and capacity to fulfill this order.”
About Jaco Electronics
Jaco is a leading distributor of electronic components to industrial OEMs and contract manufacturers. Jaco distributes products such as semiconductors, capacitors, resistors, electromechanical devices, flat panel displays (FPD) and power supplies, which are used in the manufacture and assembly of electronic products, including: telecommunications equipment, computers and office equipment, medical devices and instrumentation, industrial equipment and controls, military/aerospace systems and automotive and consumer electronics.
Jaco has two distribution centers, a warehouse in Singapore, and 15 strategically located sales offices throughout the United States. The Company operates an in-house FPD integration center housing its engineering and manufacturing staff and operations. The integration center enhances Jaco’s ability to provide customers with unique value-added display solutions and a “one-stop” source for their FPD supply and integration requirements. In addition to customized FPD solutions, Jaco provides a variety of value-added services including automated inventory management services and assembling stock items for customers into pre-packaged kits.
Stocks as Good as Gold
Chasing shiny trinkets
As a new investor, I was drawn to the allure of growth. This led me to buy -- or seriously consider buying -- shares in tech darlings such as 3Com (Nasdaq: COMS) and Level 3 Communications (Nasdaq: LVLT) in the 1990s. But while these stocks were shinier than gold for a while, the luster wore off after the bubble burst in 2000. Each stock shed more than 80% of its value in the ensuing three years, and they've made little progress in recovering since.
Not that these companies are poor businesses -- the fundamental conditions just didn't support the extreme share price at the time. I would have been far better off had I understood what demented guru Jeremy Siegel pointed out in his book, The Future for Investors: Regular investments in stable, dividend-paying stocks are ultimately the best place for long-term cash.
3Com Insiders Dig In and Buy In
3COM HAS TO STAND ALONE AFTER ITS PRIVATE-EQUITY buyout was shuttered over regulatory concerns, but insiders at the networking-equipment company have banded together, buying more than $2 million in the battered stock since March 27.
On March 27 Chairman Eric Benhamou purchased 500,000 shares for $1.1 million, an average of $2.25 a share. The purchase was his first in more than five years, according to InsiderScore.com. He now owns 1.2 million shares of Marlborough, Mass.-based 3Com.
Benhamou co-founded Bridge Communications, which merged with 3Com in 1987 and was the company's chief executive officer from 1990 to ...
3Com Director Buys Shares
3Com Director James R. Long Buys 150,000 Shares
NEW YORK (AP) -- A director of networking equipment company 3Com Corp. bought 150,000 shares of common stock, according to a Securities and Exchange Commission filing Friday.
In a Form 4 filed with the SEC, James R. Long reported he bought the shares for $2.26 to $2.28 apiece.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
3Com is based in Marlborough, Mass.
Form 8-K for 3COM CORP
31-Mar-2008
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Bonus Determination for Dr. Shusheng Zheng, Chief Operating Officer of H3C. On March 25, 2008, the Compensation Committee (the "Committee") of the Board of Directors of 3Com Corporation ("3Com") approved bonus payments for H3C's fiscal year 2007 for Dr. Zheng. The Committee approved a regular annual bonus payment of $309,100. In addition, under H3C's long term incentive plan, the Committee approved a payment of $500,000, payable over three years subject to continued employment. These bonuses were determined based on a variety of factors, including the Committee's review of specified business performance metrics for H3C's fiscal year 2007 and specific metrics for H3C's fourth quarter of 2007. The Committee also considered Dr. Zheng's contribution and individual performance.
ITEM 7.01 Regulation FD Disclosure
As required by its senior secured credit facility the Company made available to its senior secured bank lenders certain summary financial information concerning H3C. This financial data is attached hereto as Exhibit 99.1 and is hereby incorporated by reference into this Item 7.01. As described in Exhibit 99.1, the financial data set forth in Exhibit 99.1 differs from the H3C segment data published by the Company in its financial press releases.
The information in Item 7.01 of this Form 8-K and the exhibit attached hereto as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
99.1 H3C - Summary Financial Information Provided to Bank Lenders
Upgrades & Downgrades History
http://finance.yahoo.com/q/ud?s=COMS
Verso Appoints Steve Langion to Senior Vice President, General Manager -- Softswitch and Access Business Units
ATLANTA, March 13, 2008 (PRIME NEWSWIRE) -- Verso Technologies, Inc. (NasdaqCM:VRSO - News), a global provider of next generation network solutions, announced today that it has appointed Steve Langion to the position of Senior Vice President and General Manager of both the Softswitch and Access business units, representing technologies that have accounted for approximately 50% of Verso's revenues. In this capacity, Langion will be responsible for managing Verso's VCLEAR(tm) VoIP, iMarc(r), Verilink(r), and I-Master(r) product lines.
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Prior to this appointment, Langion was Verso's Senior Vice President of Engineering. He began his career at Bell Labs after graduating with a Masters degree in Computer Science from the University of Southern California and a Bachelors degree in Computer Science from the Polytechnic Institute of New York. After Bell Labs, Langion worked for Evolving Systems, Inc. managing the business unit that developed first generation wireless data switching products for Lucent. He later founded a technology company that was acquired by Clarent Corporation. After that acquisition, Langion became Vice President of Engineering for Clarent until Verso acquired Clarent in 2003.
``Steve is one of our hardest working and most skilled senior engineers and management talents. He is also highly regarded in the Softswitch business,'' said Mark Dunaway, President and Chief Operating Officer of Verso. ``Our new organizational structure allows the business unit heads to focus their energy on the processes and procedures necessary to gain scale. Steve will work closely with sales and marketing to deliver the expected results from these two important business units.''
``Verso's wide array of VoIP switching, access and service assurance products offers carriers the ability to select from pre-integrated, bundled VoIP switching packages or to create unique configurations specifically tailored for their needs by utilizing individual product offerings,'' said Langion. ``Our VoIP service assurance products are particularly exciting as VoIP deployments become more wide-scale and complex. Devices that monitor, measure, test, and verify service levels will become increasingly critical components of these networks for providers to proactively meet demanding customer expectations.''
Verso to Reschedule Fourth Quarter 2007 Conference Call
ATLANTA, March 27, 2008 (PRIME NEWSWIRE) -- Verso Technologies, Inc. (NasdaqCM:VRSO - News), a global provider of next generation network solutions, announced today that it will reschedule the release of its fourth quarter 2007 earnings and the related conference call previously scheduled for later today. As a result of the company having only recently finalized its accounting, including for matters arising from a recently filed action against the company relating to the litigation with Entrata Communications Corporation and one of the company's subsidiaries, previously disclosed by the company, which settled on March 25, 2008, the company is now in position to complete its financial records for the fourth quarter of 2007. The company will announce the date and time of its conference call as soon as possible.
About Verso Technologies
Verso is a global provider of next generation network solutions offering a core-to-edge product portfolio primarily for telecommunications service providers. The company's products enable its customers to secure and optimize network bandwidth, generate additional revenue and reduce costs. Verso's applications and services are cost effective, deploy quickly and provide a superior return on investment. For more information, contact Verso at http://www.verso.com or call 678.589.3500.
Form 8-K for VERSO TECHNOLOGIES INC
On March 25, 2008, Verso Technologies, Inc., a Minnesota corporation (the "Company"), entered into a Settlement Agreement and Release (the "Settlement Agreement") with Michael Daly, Chapter 7 Trustee (the "Trustee") for Estate of Entrata Communications Corporation ("Entrata"), Citel Technologies, Inc. ("Citel") and Needham (Nevada) Corp., an indirect, wholly-owned subsidiary of the Company formerly known as MCK Communications, Inc. ("MCK"). The Settlement Agreement relates to the (i) lawsuit filed by Entrata against MCK and others in 2002 in Norfolk County Superior Court, Commonwealth of Massachusetts regarding certain amounts allegedly owed by MCK to Entrata, pursuant to which the court issued in March 2008 a judgment against MCK and awarded damages to Entrata in the amount of $750,000, together with prejudgment interest thereon since February 1, 2002 at an interest rate of 12% percent per annum, plus approximately $79,000 in attorney's fees the ("MCK Action"); and (ii) lawsuit filed by Entrata against the Company and Citel in February 2008 (the "Verso Action") alleging, among other things, that the Company and Citel were liable to Entrata for the funds owed to it in the MCK Action.
Pursuant to the Settlement Agreement, each of the Company, MCK, Entrata and Citel conditionally released each of the other parties to the Settlement Agreement from all claims arising from the Verso Action and the MCK Action. In consideration of the releases provided in the Settlement Agreement, (i) Verso issued to Entrata 1,115,026 shares of the Company's common stock (the "Settlement Shares"), valued at $250,000 in the aggregate, (ii) MCK assigned to Entrata all claims MCK had asserted against certain other parties in the MCK Action (the "Assigned Claims"), and (iii) Verso agreed to pay to Entrata the sum of $100,000 on or before May 1, 2008 (the "Cash Payment"). Pursuant to the Settlement Agreement, the Company has agreed to prepare and file with the Securities and Exchange Commission (the "SEC") a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), covering the resale of the Settlement Shares (the "Registration Statement") no later than May 1, 2008.
The effectiveness of the releases provided in the Settlement Agreement (collectively, the "Releases") is subject to the satisfaction of the following conditions (collectively, the "Conditions"): (i) the approval of the Settlement Agreement by the bankruptcy court before which Entrata's bankruptcy proceeding is pending ("Bankruptcy Court Approval"); (ii) the payment of the Cash Payment by the Company when due under the Settlement Agreement; (iii) until the date which is the later of (a) 91 days after the Cash Payment is made and (b) 30 days after the date on which the Settlement Shares may be sold pursuant to the Registration Statement or Rule 144 under the Securities Act, the Company shall not have filed a petition under Title 11 of the United States Code or have an involuntary petition filed against it under such title; and (iv) the Registration Statement shall have been declared effective by the SEC, or the Settlement Shares shall be salable under Rule 144 of the Securities Act, no later than October 31, 2008. If Bankruptcy Court Approval is not obtained, then the Settlement Agreement shall be deemed null and void and all of the Releases shall be revoked. If any of the other Conditions are not satisfied, then Entrata may, at its election, revoke the Releases and, upon such election, the Company shall be obligated to pay Entrata an amount equal to (i) $750,000, plus interest thereon from March 25, 2008 at a rate of 12% per annum, less (ii) the amount of the Cash Payment actually paid by the Company, less (iii) the value of the Settlement Shares not returned to the Company by Entrata, less (iv) any net recovery made by Entrata in respect of the Assigned Claims.
The Settlement Shares were issued without registration under the Securities Act in reliance upon the exemption from registration set forth in Section 4(2) of the Securities Act. The Company based such reliance upon representations made by Entrata regarding its investment intent and sophistication, among other things.
Verso Announces Fourth Quarter 2007 Conference Call
ATLANTA, April 1, 2008 (PRIME NEWSWIRE) -- Verso Technologies, Inc. (NasdaqCM:VRSO - News), a global provider of next generation network solutions, announced today that it will release its financial results and hold its fourth quarter 2007 conference call related to those results on April 15, 2008. The results will be released shortly after the close of trading on April 15, 2008 in a press release and the call will be held at 5:00 p.m. Eastern Time on that date. The company also announced that it has filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission relating to its Annual Report on Form 10-K for the year ended December 31, 2007. The Form 12b-25 can be accessed through the website of the Securities and Exchange Commission at http://www.sec.gov or through the investor section of the Verso website at http://www.verso.com.
Interested parties are welcome to participate in the call by calling 1-866-269-9612 (USA) and 1-612-288-0340 (International) and using the access code 918243 to enter the call.
The conference call will also be simulcast on the Internet at http://www.verso.com. A digital call replay will be available for two weeks on the Verso website. The call will be available for telephonic replay for approximately 15 days from April 15, 2008 at 7:30 PM ET until 11:59 PM ET April 29, 2008. To listen to the playback, please call the following numbers: 1-800-475-6701 (USA) and 1-320-365-3844 (International). The access code is 918243.