Comverse Technology Terminates Former Executives' Employment Arrangements And Determines To Pursue Legal Remedies
August 17 2006 - 3:42PM
Business Wire
Comverse Technology, Inc. (NASDAQ: CMVT) today announced that, in
accordance with determinations of the Special Committee of its
Board of Directors, the company is providing notice to Kobi
Alexander, its former Chairman of the Board and Chief Executive
Officer, David Kreinberg, its former Executive Vice President and
Chief Financial Officer and William Sorin, a former director and
its former General Counsel, terminating all prior employment or
similar agreements or arrangements with the company, including the
agreements entered into on April 28, 2006, and revoking any and all
vested and unvested unexercised options, restricted stock and any
other equity compensation previously granted. The company is not
making any severance or other payments to Mr. Alexander, Mr.
Kreinberg or Mr. Sorin in connection with the termination of any
such agreements or arrangements and the company will pursue rights
and remedies against them in respect of their acts or omissions
relating to stock option grants. The Special Committee is
continuing its work and is considering other appropriate actions.
About Comverse Technology, Inc. Comverse Technology, Inc. (NASDAQ:
CMVT), through its Comverse, Inc. subsidiary, is the world's
leading provider of software and systems enabling network-based
multimedia enhanced communication and billing services. The
company's Total Communication portfolio includes value-added
messaging, personalized data and content-based services, and
real-time converged billing solutions. Over 450 communication and
content service providers in more than 120 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency. Other Comverse Technology
subsidiaries include: Verint Systems (NASDAQ: VRNT), a leading
provider of analytic software-based solutions for communications
interception, networked video security and business intelligence;
and Ulticom (NASDAQ: ULCM), a leading provider of service enabling
signaling software for wireline, wireless and Internet
communications. Comverse Technology is an S&P 500 and
NASDAQ-100 Index company. For additional information, visit the
Comverse website at www.comverse.com or the Comverse Technology
website at www.cmvt.com All product and company names mentioned
herein may be registered trademarks or trademarks of Comverse or
the respective referenced company(s). Note: This release contains
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
There can be no assurances that forward-looking statements will be
achieved, and actual results could differ materially from forecasts
and estimates. Important factors that could cause actual results to
differ materially include: the results of the review of the Special
Committee, appointed by the Board of Directors on March 14, 2006,
of matters relating to the company's stock option grants,
including, but not limited to, the accuracy of the stated dates of
option grants and whether all proper corporate procedures were
followed; the impact of any restatement of financial statements of
the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports
with the Securities and Exchange Commission; risks associated with
the company's inability to meet NASDAQ requirements for continued
listing, including possible delisting; risks of litigation and of
governmental investigations or proceedings arising out of or
related to the company's stock option grants or any restatement of
the financial statements of the company; risks associated with
integrating the businesses and employees of the GSS division of CSG
Systems, International and Netcentrex S.A.; changes in the demand
for the company's products; changes in capital spending among the
company's current and prospective customers; the risks associated
with the sale of large, complex, high capacity systems and with new
product introductions as well as the uncertainty of customer
acceptance of these new or enhanced products from either the
company or its competition; risks associated with rapidly changing
technology and the ability of the company to introduce new products
on a timely and cost-effective basis; aggressive competition may
force the company to reduce prices; a failure to compensate any
decrease in the sale of the company's traditional products with a
corresponding increase in sales of new products; risks associated
with changes in the competitive or regulatory environment in which
the company operates; risks associated with prosecuting or
defending allegations or claims of infringement of intellectual
property rights; risks associated with significant foreign
operations and international sales and investment activities,
including fluctuations in foreign currency exchange rates, interest
rates, and valuations of public and private equity; the volatility
of macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These documents are available
through the company, or its website, www.cmvt.com, or through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov. The company makes no commitment to revise
or update any forward-looking statements in order to reflect events
or circumstances after the date any such statement is made.
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