Eltrax Systems, Inc. and Cereus Technology Partners Complete Merger
ATLANTA--(BUSINESS WIRE)--Oct. 2, 2000--
Combined Entity Creates Full
Service Provider (FSP), "Verso Technologies"
Eltrax Systems, Inc. (Nasdaq: ELTX), a full-service application service provider (ASP), and Cereus Technology Partners, Inc. (Nasdaq: CEUS), a leading provider of end-to-end eBusiness solutions for growth-oriented businesses, today announced that their shareholders have approved the merger and the combined company's corporate name change to Verso Technologies, Inc.
The company will begin trading under the new Nasdaq National Market Symbol VRSO at the commencement of trading on Monday, October 2, 2000. The transaction brings together two emerging leaders in end-to-end technology consulting, creating a full service provider (FSP) of technology solutions. As a FSP, Verso will continue to plan, build and run end-to-end application solutions that advance clients' business objectives by improving their profitability, efficiency, speed and customer service capabilities. Offerings include:
-- Business Consulting
-- Site Design and Development
-- Application Integration
-- Application Hosting
-- Network Integration
-- Enterprise Management Services
-- Advanced Application Support
Steve Odom, chief executive officer of Verso, commented, "I am extremely pleased with the feedback and support that we have received from shareholders and customers alike regarding our merger and subsequent name change to Verso Technologies. With the merger transaction officially closed, we are now positioned to move full-speed ahead with offering our clients end-to-end technology solutions that are capable of quickly and radically transforming their businesses."
The two companies merged in a stock-for-stock transaction in which each outstanding share of Cereus was exchanged for 1.75 shares of Eltrax. Please see related press releases dated August 30th, July 27th, and June 13, 2000.
About Verso Technologies
Headquartered in Atlanta, Georgia, Verso Technologies, Inc. is a full service provider (FSP) of application solutions that add value for our clients by giving them the edge they need to stay competitive. Verso Technologies' full service solutions include eBusiness strategy consulting, web design and development, application hosting, application and network integration, enterprise management services and outsourced customer response center services. Based on each client's needs, we plan, build and run personalized business solutions that seek to improve profitability, efficiency, speed and/or customer service capabilities.
CONTACT:
Verso Technologies, Inc.
Media Contact
Pam Sanders, 678-589-3565
pam.sanders@verso.com
or
Investor Relations Contact
Jennifer Pepper, 678-589-3579
Jennifer.Pepper@verso.com
KEYWORD: GEORGIA |
