Verilink (NASDAQ:VRLK)
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Verilink Announces Appointment of Timothy R. Anderson as Chief
Financial Officer
Anderson Brings 22 Years of Finance; Broadband Sector; and Public Company
Experience to Verilink
MADISON, Ala., Dec. 6 /PRNewswire-FirstCall/ -- Verilink Corporation
(NASDAQ:VRLK), a leading provider of broadband access solutions, announced the
appointment of Timothy R. Anderson as Vice President and Chief Financial
Officer.
Mr. Anderson is a Certified Management Accountant (CMA) with 22 years of
financial management experience. Prior to Verilink, Anderson served from 2000
- 2004 as Chief Financial Officer for Carrier Access Corporation, a publicly
traded telecommunications company he joined in 1996 as Corporate Controller.
Prior to Carrier Access, Mr. Anderson held various financial management
positions with private and technology start-up companies. He began his career
at Motorola in progressive financial management roles. Mr. Anderson has a
Masters in Business Administration and a Bachelor of Science in Business
Administration from the University of Colorado at Boulder.
"I am delighted to add Tim to our senior management team and look forward to
his leadership in finance as we continue to execute on our strategic plan,"
said Leigh S. Belden, President and CEO of Verilink. "As Verilink is evolving
into a larger, more global player in broadband access, Tim's experience in the
equipment business and capital markets will be an asset in taking Verilink to
the next level as we continue to build value for our shareholders."
Mr. Anderson assumed the roll of Chief Financial Officer effective December
2nd. C.W. (Bill) Smith, who has served as CFO since November 2001, will remain
with the company as Vice President and Corporate Controller. "Bill continues to
be a tremendous asset to our company, and I appreciate his contributions in
getting Verilink to this point," commented Belden. "I am pleased to have Bill
continue with us in his role as Corporate Controller, working with Tim to
prepare Verilink for the next stage of growth."
Verilink has agreed to grant Mr. Anderson options to purchase 200,000 shares of
Verilink common stock as an inducement for Mr. Anderson to join the company,
subject to approval by Verilink's Equity Incentive Sub-Committee of the
Compensation Committee. It is anticipated that these options will be granted
without stockholder approval as permitted under Nasdaq Marketplace Rule
4350(i)(1)(A)(iv) and will have the following terms: exercise price equal to
the fair market value per share on the grant date; duration of ten years; and
vesting over a four-year period at the rate of 25% after one year from the date
of hire and 1/48th of the total options granted per month each month
thereafter.
New Corporate Headquarters
In preparation for growth and to better serve the company's expanded geographic
footprint both domestic and international, the company announced plans to move
its corporate headquarters effective December 2004 to Centennial, CO in the
metro Denver area, from its previous location in Madison, AL. In addition to
headquarters, the company's Professional Services organization (formerly XEL)
will be located in the Centennial facility upon exiting the lease on the former
XEL headquarters building. The company's Madison facility will continue as the
company's primary manufacturing operation, with engineering, operational
support and various other functions also continuing to reside in this location.
About Timothy R. Anderson
Mr. Anderson served as Treasurer, Chief Financial Officer of Carrier Access
Corporation from 2000 to 2004. He also served as the Vice President of Finance
at Carrier Access from 1999 to 2000 and previously held the position of
Corporate Controller from 1996 to 1999. From 1994 to 1996, Mr. Anderson served
as Controller for RIK Medical, a privately held startup and manufacturer of
medical equipment. From 1990 to 1994, Mr. Anderson served as Vice President
and Chief Financial Officer of Alpen Incorporated, a privately held
manufacturer of insulated glass. Mr. Anderson began his career in finance with
Motorola from 1982 to 1990, where he held progressive accounting and financial
management positions. Mr. Anderson received a Masters in Business
Administration and a Bachelor of Science in Business Administration from the
University of Colorado at Boulder. He is a Certified Management Accountant
(CMA).
About Verilink Corporation
Verilink Corporation is a leading provider of next-generation broadband access
solutions for today's and tomorrow's networks. The company develops,
manufactures and markets a broad suite of products that enable carriers (ILECs,
CLECs, IXCs, and IOCs) and enterprises to build converged access networks that
enable the cost-effective delivery of next-generation communications services
to their end customers. The company's products include a complete line of VoIP
and TDM-based integrated access devices (IADs), optical access products,
wire-speed routers, and bandwidth aggregation solutions including CSU/DSUs,
multiplexers and DACS. Verilink also provides turnkey professional services to
help carriers plan, manage and accelerate the deployment of new services. The
company has operations in Madison, AL, Aurora, CO and Newark, CA with sales
offices in the U.S., Europe and Asia. To learn more about Verilink, visit the
company's website at http://www.verilink.com/ .
Note: Except for the historical information contained herein, the matters set
forth in this press release, including statements as to execution on the
Company's strategic plan, growth in the Company and the move of its corporate
headquarters, are forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, including, but not limited to,
the potential impact on the Company's liquidity and operations if its line of
credit is not extended or renewed; the ability to successfully integrate
acquisitions and achieve expected synergies; the ability of the combined
company to develop and market successfully and in a timely manner new products
and to predict market demand for particular products; the impact of competitive
products and pricing and of alternative technological advances; the ability to
increase sales of acquired product lines; the sufficiency of cost-saving
activities, including the engineering consolidation plan; sufficient cash flow
to fund operations and lower than expected cash flows from operations; risks
associated with the Company's low level of liquidity and "going concern"
paragraph in the report of independent registered public accounting firm for
the audited fiscal 2004 financial statements; possible negative effects on our
customer base, employees and our ability to obtain additional financing;
fluctuations in operating results and general industry, economic and internal
controls; the impact of price and product competition; the impact of customer
concentration and the financial strength of customers; and changes in demand
for the Company's products. A discussion of these and other risks and
uncertainties that could cause actual results and events to differ materially
from such forward-looking statements are included in Verilink's most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These
forward-looking statements speak only as of the date hereof. Verilink disclaims
any intention or obligation to update or revise any forward-looking statements.
NOTE: Verilink and the Verilink logo are registered trademarks of Verilink
Corporation. All other trademarks or registered trademarks are the property of
the respective owners.
DATASOURCE: Verilink Corporation
CONTACT: Gary W. Gray of Verilink Corporation, +1-510-771-3354, or
Web site: http://www.verilink.com/