Thomas B. Sabol Named Chief Financial Officer of Comverse, Inc., a Subsidiary of Comverse Technology, Inc.
02 Luglio 2012 - 10:30PM
Comverse Technology, Inc. (Nasdaq:CMVT) ("CTI"), today announced
that, effective July 24, 2012, Thomas B. Sabol, the former Chief
Financial Officer of Hypercom Corporation, will become Chief
Financial Officer of CTI's wholly-owned subsidiary Comverse, Inc.
("CNS"), a global leader in business support solutions (BSS),
mobile Internet and value-added services (VAS). Joel Legon,
currently serving as CTI's interim Chief Financial Officer, will
continue in such position and in a leadership position within the
Global Finance team at CNS. As previously announced, CTI plans to
spin off CNS as an independent public company in a transaction that
is expected to become effective in the third quarter of this fiscal
year.
"Tom Sabol is an accomplished financial and operational
executive with a proven record of success with global technology
companies," said Philippe Tartavull, Comverse, Inc.'s President and
Chief Executive Officer. "We are excited to have Tom join the
team, and we are confident that he will have a positive impact on
the financial performance and efficiency of our operations. We
are also very appreciative of Joel Legon's outstanding service in
his interim role and look forward to his continuing contribution to
CTI and CNS."
"I am very pleased to join CNS, a company with a long track
record of technological and market leadership. CNS has a
well-deserved reputation for innovation and customer service, and
its global customer base and strong competitive position will offer
excellent opportunities for growth and success in the areas of BSS,
mobile Internet and VAS," said Mr. Sabol.
About Thomas Sabol
Mr. Sabol joins Comverse following two years as Chief Financial
Officer of Hypercom, a publicly-traded global leader in high
security, end-to-end electronic payment products and
services. Hypercom's solutions address the electronic
transaction needs of financial institutions, processors, retailers,
and various payment verticals including mobile
payment. Hypercom solutions enable businesses in more than 100
countries to securely expand their revenues and
profits. Hypercom was acquired by VeriFone Systems, Inc. in
2011.
From 2006 to 2009, Mr. Sabol served as Chief Financial Officer
of Suntron Corporation, where he also served as a Director
beginning in 2004. Previously, Mr. Sabol held Chief Financial
Officer and Chief Operating Officer positions with Plexus Corp.,
and served as Chief Financial Officer of Wolverine Tube,
Inc. He also has senior auditor experience with Kemper
Corporation and Coopers & Lybrand. Mr. Sabol is a
Certified Public Accountant and holds a BS in Accounting from
Marquette University.
Spin-off of CNS
The spin-off of CNS is subject to a number of conditions,
including final approval of the transaction by CTI's Board of
Directors, filings with, and the completion of a review process by,
the Securities and Exchange Commission, the approval of CTI
shareholders and final approval of certain material agreements by
the boards of each of CTI and CNS.
Upon completion of the proposed spin-off and prior to the effect
of any transaction that would eliminate the CTI holding company
structure, current CTI shareholders would continue to hold their
equity in CTI as well as own 100% of the equity of
CNS.
About Comverse Technology, Inc.
CTI, through its wholly-owned subsidiary CNS, is the world's
leading provider of software and systems enabling converged billing
and active customer management and value-added voice, messaging and
mobile Internet services. CNS' extensive customer base spans more
than 125 countries and covers over 450 communication service
providers serving more than two billion subscribers. CTI also holds
majority ownership positions in Verint (Nasdaq:VRNT) and
privately-held Starhome.
The Comverse Technology logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13267
Other Important Information
In connection with the previously announced spin-off, a
definitive proxy statement for CTI's shareholders would need to be
filed with the SEC and CTI would also mail a final proxy statement
to its shareholders. BEFORE MAKING ANY VOTING DECISION WITH
RESPECT TO SUCH SPIN-OFF, CTI's SHAREHOLDERS AND INVESTORS ARE
URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, IF AND WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WOULD CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED DISTRIBUTION. Investors and security
holders can obtain, without charge, a copy of the proxy statement
relating to the proposed spin-off (if and when available), as well
as other relevant documents containing important information about
CTI, at the SEC's website (http://www.sec.gov). You may also
read and copy any reports, statements and other information filed
by CTI at the SEC public reference room at 100 F. Street, N.E.
Washington D.C 20549. Please call the SEC at 1−800−SEC−0330
for further information.
CTI and its directors, executive officers and other members of
its management and employees may be deemed to be participants in
the solicitation of proxies from its shareholders in connection
with the proposed spinoff. Information concerning the
interests of CTI's participants in the solicitation for the
proposed spinoff is set forth in CTI's Annual Reports on Form 10−K,
previously filed with the SEC and would be set forth in the
definitive proxy statement relating to the spin-off if and when it
becomes available.
Forward−Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words such as "expect",
"intend", "will", "anticipate", "believe", "propose" and similar
expressions are intended to identify forward-looking
statements. Examples of forward-looking statements include,
but are not limited to, CTI's intent to distribute CNS shares to
CTI shareholders, CTI's intent to explore the elimination of its
holding company structure, and the timing of the foregoing
actions. The forward-looking statements in this press release
are based on current expectations and assumptions that are subject
to risks and uncertainties, many of which are outside of CTI's
control, and could cause results to materially differ from
expectations. Such risks and uncertainties, include, but are
not limited to: failure to satisfy any of the conditions to
the proposed distribution, including obtaining the required
shareholder vote; adverse effects on the market price of CTI's or
Verint's common stock and on CTI's operating results because of a
failure to complete the proposed distribution; failure to realize
the expected benefits of the proposed distribution; negative
effects of announcement or consummation of the proposed
distribution or strategic alternatives on the market price of CTI's
or Verint's common stock; significant transaction costs and/or
unknown liabilities; general economic and business conditions that
affect CTI and its assets in connection with CTI's announced
intentions; unanticipated expenses such as litigation or legal
settlement expenses; tax law changes; the impact of CTI's announced
intentions on CTI's employees, customers and suppliers; future
opportunities that CTI's board may determine present greater
potential to increase shareholder value; and the ability of the
companies to operate independently following the
distribution. Actual results could differ materially. For
further information regarding risks and uncertainties associated
with CTI's businesses, please also see the risks described in the
section entitled "Forward-Looking Statements", Item 1A, "Risk
Factors" and elsewhere in CTI's Annual Report on Form 10-K for the
fiscal year ended January 31, 2012 filed with the SEC on April 2,
2012 or in subsequently filed periodic, current or other
reports. CTI undertakes no commitment to update or revise
forward-looking statements except as required by law.
CONTACT: Paul D. Baker, Comverse Technology, Inc., paul.baker@cmvt.com
(212) 739-1060
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