Mark Terrell To Join Comverse Technology Board of Directors
28 July 2006 - 9:00PM
Business Wire
Comverse Technology, Inc. (NASDAQ: CMVT) today announced that Mark
C. Terrell was elected by the Board of Directors as an independent
director to fill a vacant position on the company's Board. In
addition, Mr. Terrell was appointed to serve on the company's
Special Committee, Audit Committee and Corporate Governance and
Nominating Committee. "We are delighted to welcome Mark to our
Board of Directors," said Ron Hiram, Chairman of the Board,
Comverse Technology. "Mark has more than thirty years experience in
audit and accounting services and his appointment will strengthen
the Board's corporate governance expertise." Raz Alon, interim
Chief Executive Officer and a director, also welcomed Mr. Terrell
saying, "With Mark's extensive experience in accounting and
corporate governance, he will be a valuable independent contributor
to our Board of Directors." Mark Terrell said, "I look forward to
working with management and my fellow Board members as the company
moves forward with its strategic objectives." Mr. Terrell served as
the Partner in Charge and Executive Director of KPMG's Audit
Committee Institute ("ACI") from 2000 to 2004, in which capacity he
established the ACI mission and strategy. Mr. Terrell was a KPMG
audit engagement partner from 1979 to 2000 and acted, from 1985 to
2000, as the Office Managing Partner of three KPMG offices -- El
Paso, Texas; Albuquerque, New Mexico; and St. Petersburg, Florida.
During Mr. Terrell's thirty-five year career in public accounting
he served on a number of not-for-profit boards in each of the
communities in which he practiced, and he has spoken extensively on
both audit committee and broader corporate governance issues. Since
his retirement from KPMG in 2004, Mr. Terrell has participated
extensively as a faculty member of the National Association of
Corporate Directors. Mr. Terrell received his Bachelor of Business
Administration degree from the University of Texas at El Paso in
1967. About Comverse Technology, Inc. Comverse Technology, Inc.
(NASDAQ: CMVT), through its Comverse, Inc. subsidiary, is the
world's leading provider of software and systems enabling
network-based multimedia enhanced communication and billing
services. The company's Total Communication portfolio includes
value-added messaging, personalized data and content-based
services, and real-time converged billing solutions. Over 450
communication and content service providers in more than 120
countries use Comverse products to generate revenues, strengthen
customer loyalty and improve operational efficiency. Other Comverse
Technology subsidiaries include: Verint Systems (NASDAQ: VRNT), a
leading provider of analytic software-based solutions for
communications interception, networked video security and business
intelligence; and Ulticom (NASDAQ: ULCM), a leading provider of
service enabling signaling software for wireline, wireless and
Internet communications. Comverse Technology is an S&P 500 and
NASDAQ-100 Index company. For additional information, visit the
Comverse website at www.comverse.com or the Comverse Technology
website at www.cmvt.com. All product and company names mentioned
herein may be registered trademarks or trademarks of Comverse or
the respective referenced company(s). Note: This release contains
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
There can be no assurances that forward-looking statements will be
achieved, and actual results could differ materially from forecasts
and estimates. Important factors that could cause actual results to
differ materially include: the results of the review of the Special
Committee, appointed by the Board of Directors on March 14, 2006,
of matters relating to the company's stock option grants,
including, but not limited to, the accuracy of the stated dates of
option grants and whether all proper corporate procedures were
followed; the impact of any restatement of financial statements of
the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports
with the Securities and Exchange Commission; risks associated with
the company's inability to meet NASDAQ requirements for continued
listing, including possible delisting; risks of litigation and of
governmental investigations or proceedings arising out of or
related to the company's stock option grants or any restatement of
the financial statements of the company; risks associated with
integrating the businesses and employees of the GSS division of CSG
Systems, International and Netcentrex S.A.; changes in the demand
for the company's products; changes in capital spending among the
company's current and prospective customers; the risks associated
with the sale of large, complex, high capacity systems and with new
product introductions as well as the uncertainty of customer
acceptance of these new or enhanced products from either the
company or its competition; risks associated with rapidly changing
technology and the ability of the company to introduce new products
on a timely and cost-effective basis; aggressive competition may
force the company to reduce prices; a failure to compensate any
decrease in the sale of the company's traditional products with a
corresponding increase in sales of new products; risks associated
with changes in the competitive or regulatory environment in which
the company operates; risks associated with prosecuting or
defending allegations or claims of infringement of intellectual
property rights; risks associated with significant foreign
operations and international sales and investment activities,
including fluctuations in foreign currency exchange rates, interest
rates, and valuations of public and private equity; the volatility
of macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These documents are available
through the company, or its website, www.cmvt.com, or through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov. The company makes no commitment to revise
or update any forward-looking statements in order to reflect events
or circumstances after the date any such statement is made.
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