|
CAMBRIDGE, Mass. (September 28,
2005)
-- Vertical Communications (ASFT.OB),
a leading provider of
next-generation, IP-based phone
systems and applications that help
businesses better serve their
customers, announced that it
successfully completed its
acquisition of substantially all
of the assets of Comdial
Corporation. The terms of the deal
as approved by the United States
Bankruptcy Court for the District
of Delaware, required Vertical to
provide consideration to creditors
and assume liabilities of
approximately $20 million.
Vertical financed the acquisition
through a combination of up to $9
million in lender financing and
the proceeds from an approximate
$12.9 million private issuance of
the company's common stock, both
completed simultaneously with the
Comdial acquisition.
“We’re delighted
to have completed the Comdial
acquisition, and look forward to
welcoming the Comdial employees
and dealers to the Vertical team,”
said Bill Tauscher, Chairman and
CEO of Vertical Communications.
“With the addition of the Comdial
products, channel and talent,
Vertical is even better positioned
to accelerate our vision of
helping customers transform phone
systems and voice applications
from expense items to business
intelligence weapons that help
organizations deliver exceptional
customer service, dramatically
reduce communications costs and
significantly improve the
operational efficiency of their
businesses.”
The combination
of Vertical and Comdial has
created a significant player in
the phone systems and voice
applications marketplace, with the
momentum to make a greater impact
on the IP telephony space. The
combined company has shipped more
than 400,000 traditional and
IP-PBX phone systems, and now
features more than 270 employees
in five principal locations in the
United States and EMEA, and an
active channel of more than 1,100
value-added resellers,
distributors and systems
integrators worldwide.
On or before
October 4, 2005, the company will
be filing a form 8-K disclosing
more details on the terms and
conditions of the acquisition. |
