Verilink Announces Appointment of Timothy R. Anderson as Chief Financial Officer
December 06 2004 - 7:00AM
PR Newswire (US)
Verilink Announces Appointment of Timothy R. Anderson as Chief
Financial Officer Anderson Brings 22 Years of Finance; Broadband
Sector; and Public Company Experience to Verilink MADISON, Ala.,
Dec. 6 /PRNewswire-FirstCall/ -- Verilink Corporation
(NASDAQ:VRLK), a leading provider of broadband access solutions,
announced the appointment of Timothy R. Anderson as Vice President
and Chief Financial Officer. Mr. Anderson is a Certified Management
Accountant (CMA) with 22 years of financial management experience.
Prior to Verilink, Anderson served from 2000 - 2004 as Chief
Financial Officer for Carrier Access Corporation, a publicly traded
telecommunications company he joined in 1996 as Corporate
Controller. Prior to Carrier Access, Mr. Anderson held various
financial management positions with private and technology start-up
companies. He began his career at Motorola in progressive financial
management roles. Mr. Anderson has a Masters in Business
Administration and a Bachelor of Science in Business Administration
from the University of Colorado at Boulder. "I am delighted to add
Tim to our senior management team and look forward to his
leadership in finance as we continue to execute on our strategic
plan," said Leigh S. Belden, President and CEO of Verilink. "As
Verilink is evolving into a larger, more global player in broadband
access, Tim's experience in the equipment business and capital
markets will be an asset in taking Verilink to the next level as we
continue to build value for our shareholders." Mr. Anderson assumed
the roll of Chief Financial Officer effective December 2nd. C.W.
(Bill) Smith, who has served as CFO since November 2001, will
remain with the company as Vice President and Corporate Controller.
"Bill continues to be a tremendous asset to our company, and I
appreciate his contributions in getting Verilink to this point,"
commented Belden. "I am pleased to have Bill continue with us in
his role as Corporate Controller, working with Tim to prepare
Verilink for the next stage of growth." Verilink has agreed to
grant Mr. Anderson options to purchase 200,000 shares of Verilink
common stock as an inducement for Mr. Anderson to join the company,
subject to approval by Verilink's Equity Incentive Sub-Committee of
the Compensation Committee. It is anticipated that these options
will be granted without stockholder approval as permitted under
Nasdaq Marketplace Rule 4350(i)(1)(A)(iv) and will have the
following terms: exercise price equal to the fair market value per
share on the grant date; duration of ten years; and vesting over a
four-year period at the rate of 25% after one year from the date of
hire and 1/48th of the total options granted per month each month
thereafter. New Corporate Headquarters In preparation for growth
and to better serve the company's expanded geographic footprint
both domestic and international, the company announced plans to
move its corporate headquarters effective December 2004 to
Centennial, CO in the metro Denver area, from its previous location
in Madison, AL. In addition to headquarters, the company's
Professional Services organization (formerly XEL) will be located
in the Centennial facility upon exiting the lease on the former XEL
headquarters building. The company's Madison facility will continue
as the company's primary manufacturing operation, with engineering,
operational support and various other functions also continuing to
reside in this location. About Timothy R. Anderson Mr. Anderson
served as Treasurer, Chief Financial Officer of Carrier Access
Corporation from 2000 to 2004. He also served as the Vice President
of Finance at Carrier Access from 1999 to 2000 and previously held
the position of Corporate Controller from 1996 to 1999. From 1994
to 1996, Mr. Anderson served as Controller for RIK Medical, a
privately held startup and manufacturer of medical equipment. From
1990 to 1994, Mr. Anderson served as Vice President and Chief
Financial Officer of Alpen Incorporated, a privately held
manufacturer of insulated glass. Mr. Anderson began his career in
finance with Motorola from 1982 to 1990, where he held progressive
accounting and financial management positions. Mr. Anderson
received a Masters in Business Administration and a Bachelor of
Science in Business Administration from the University of Colorado
at Boulder. He is a Certified Management Accountant (CMA). About
Verilink Corporation Verilink Corporation is a leading provider of
next-generation broadband access solutions for today's and
tomorrow's networks. The company develops, manufactures and markets
a broad suite of products that enable carriers (ILECs, CLECs, IXCs,
and IOCs) and enterprises to build converged access networks that
enable the cost-effective delivery of next-generation
communications services to their end customers. The company's
products include a complete line of VoIP and TDM-based integrated
access devices (IADs), optical access products, wire-speed routers,
and bandwidth aggregation solutions including CSU/DSUs,
multiplexers and DACS. Verilink also provides turnkey professional
services to help carriers plan, manage and accelerate the
deployment of new services. The company has operations in Madison,
AL, Aurora, CO and Newark, CA with sales offices in the U.S.,
Europe and Asia. To learn more about Verilink, visit the company's
website at http://www.verilink.com/ . Note: Except for the
historical information contained herein, the matters set forth in
this press release, including statements as to execution on the
Company's strategic plan, growth in the Company and the move of its
corporate headquarters, are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including, but not limited to, the potential
impact on the Company's liquidity and operations if its line of
credit is not extended or renewed; the ability to successfully
integrate acquisitions and achieve expected synergies; the ability
of the combined company to develop and market successfully and in a
timely manner new products and to predict market demand for
particular products; the impact of competitive products and pricing
and of alternative technological advances; the ability to increase
sales of acquired product lines; the sufficiency of cost-saving
activities, including the engineering consolidation plan;
sufficient cash flow to fund operations and lower than expected
cash flows from operations; risks associated with the Company's low
level of liquidity and "going concern" paragraph in the report of
independent registered public accounting firm for the audited
fiscal 2004 financial statements; possible negative effects on our
customer base, employees and our ability to obtain additional
financing; fluctuations in operating results and general industry,
economic and internal controls; the impact of price and product
competition; the impact of customer concentration and the financial
strength of customers; and changes in demand for the Company's
products. A discussion of these and other risks and uncertainties
that could cause actual results and events to differ materially
from such forward-looking statements are included in Verilink's
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. These forward-looking statements speak only as of the date
hereof. Verilink disclaims any intention or obligation to update or
revise any forward-looking statements. NOTE: Verilink and the
Verilink logo are registered trademarks of Verilink Corporation.
All other trademarks or registered trademarks are the property of
the respective owners. DATASOURCE: Verilink Corporation CONTACT:
Gary W. Gray of Verilink Corporation, +1-510-771-3354, or Web site:
http://www.verilink.com/
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