Letter from the CEO
Last quarter was a busy one of growth and reorganization at Verso. In April, with the ink scarcely dry
from our iMarc acquisition, we then acquired sentitO Networks of Acton, Massachusetts. Founded in 2003,
sentitO is a global provider of VoIP gateway solutions for service providers. This is a strategic
acquisition for Verso and represents the last remaining piece of a carefully designed end-to-end NGN
strategy. The acquisition brings us new price points for an integral part of our hardware solutions, makes
us highly competitive in high density deployments and brings top notch engineering talent and business processes
to the company. The synergies to NetPerformer are very interesting and open the door to some very
creative and exciting new product development opportunities. The integration of the new sentitO high
density gateway with our products should be complete by the end of the year.
The technology we have acquired from sentitO is proven. The sentitO ONX won a "Best of Show" award at the Internet Telephony Conference and Expo East in 2006, and sentitO has been named as one of the "Fierce 15," companies, placing it among the top 15 emerging VoIP companies by FierceVoIP, a newsletter recognized for its advanced understanding of VoIP trends and businesses.
In other news, there have been some strategic shifts within the company related to our expansion over the past few months. We consolidated manufacturing for several of our products to Alabama and appointed Mr. Steve Langion to lead our engineering efforts across product lines.
In our first quarter of 2007, we posted record high revenue and are on a solid path of growth, with new distribution and partners agreements. In terms of business growth, we've seen particularly strong growth in GSM, softswitch and services, with particular regional strength in North America, Australia and New Zealand, and Sub-Saharan Africa.
Sincerely,
Monty Bannerman, CEO
