ATLANTA, April 14, 2008 (PRIME NEWSWIRE) -- Verso Technologies, Inc. (Nasdaq:VRSO), a global provider of next generation network solutions, announced today that Mark H. Dunaway, presently President and Chief Operating Officer, will assume the additional role as Chief Executive Officer succeeding Steven A. Odom. Mr. Odom has also ceased serving as a director of the Company.
Mark Dunaway has served as a Director of the Company since June 1, 2005 and as President and Chief Operating Officer since July 1, 2007. Mr. Dunaway also served as a member of the Audit Committee from June 1, 2005 until July 1, 2007. From October 2004 to June 2007, he served as Chairman and Chief Executive Officer of Composite Materials Technology, LLC, a provider of engineering products. From July 1, 2001 to September 2004, he was a partner in Criterion partners, LLC, a private investment company. From July 1993 to June 2001, he served as Chairman and Chief Executive Officer for PNI Technologies, a wireless network company.
"Steve Odom has devoted a great deal of energy and dedication to Verso," said Mark Dunaway. "The Board of Verso thanks him for his contribution over the many years of his service."
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 www.verso.com or call 678.589.3500.
Forward-looking Statements
Certain statements contained in this release that are not statements of historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words -- "believe," "expect," "anticipate," "intend," "will," and similar expressions are examples of words that identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding our future financial position, timing of future orders, business strategy and expected cost savings. These forward-looking statements are based on our current beliefs, as well as assumptions we have made based upon information currently available to us. These forward-looking statements may be affected by the risks and uncertainties in our business and are qualified in their entirety by the cautionary statements and risk factor disclosure contained in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2006 and our quarterly reports on Form 10-Q filed subsequent thereto. We do not assume, and expressly disclaim, any obligation to update these forward-looking statements.