Exhibit 99.1
Press Release
[GRAPHIC OMITTED] PRESS RELEASE
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SHAREHOLDERS APPROVE MERGER OF
DSET WITH NE TECHNOLOGIES
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Shrewsbury, NJ - December 30, 2002 - DSET Corporation (OTCBB: DSET) (the
"Company"), and NE Technologies, Inc. today announced that they have closed the
merger of DSET with and into NE Technologies Acquisition Corporation, a wholly
owned subsidiary of NE Technologies, Inc., following approval on Friday,
December 27, 2002 of the merger by the shareholders of DSET. The terms of the
Agreement of Merger provide that each outstanding share of DSET's Common Stock
will be canceled and converted into the right to receive $0.30 per share in
cash.
Dilip Naik, Chief Executive Officer of NE Technologies said, "NE Technologies
and DSET have worked together for several years in harmony to service a number
of common customers. This union provides great synergy to our strategic
direction."
Vish Emani, Chief Operating Officer of NE Technologies said, "We will continue
to provide the highest level of uninterrupted services to our newly expanded
worldwide customer base."
Binay Sugla, President and Chief Executive Officer of DSET prior to the merger
said, "Given the current state of the telecom market and the financial state of
DSET, we believe that DSET needs to be part of a financially healthy entity.
Moreover, we believe that the $0.30 cash offer provides an attractive premium
for our shareholders. NE Technologies and DSET have worked together for several
years. NE already supports many of DSET's customers and, more recently, became a
reseller for DSET's IPSource product line. As a result, we expect that the
combined company will be able to increase the level of service and support for
its customers."
IMPORTANT ADDITIONAL INFORMATION HAS BEEN FILED WITH THE SEC
DSET Corporation has filed a Proxy Statement with the SEC and mailed the Proxy
Statement to its shareholders in connection with the cash merger pursuant to
which all outstanding shares of DSET are being acquired by a newly formed
subsidiary of NE Technologies, Inc. at $0.30 per share. The Proxy Statement
contains important information about NE Technologies, Inc., NE Technologies
Acquisition Corporation, DSET Corporation, the transaction and related matters.
Investors and security holders are urged to read the Proxy Statement carefully.
Investors and security holders can obtain free copies of the Proxy Statement and
other documents filed with the SEC by DSET Corporation and by NE Technologies,
Inc. through the web site maintained by the SEC at www.sec.gov.
In addition, investors and security holders can obtain free copies of the Proxy
Statement from DSET by contacting Mr. Bruce M. Crowell, c/o DSET Corporation,
661 Shrewsbury Avenue, Shrewsbury, New Jersey 07702.
NE Technologies and its subsidiary may be deemed to be participants in the
solicitation of proxies in respect of the transactions contemplated by the
merger agreement. DSET Corporation and its directors and executive officers may
be deemed to be participants in the solicitation of proxies in respect of the
transactions contemplated by the merger agreement. Information regarding DSET's
directors and executive officers is contained in DSET's Form 10-K for the year
ended December 31, 2001, as amended, and its proxy statement dated January 3,
2002, which are filed with the SEC. As of October 31, 2002, DSET's directors and
executive officers beneficially owned approximately 1,167,979 shares, or 21.1%,
of DSET's common stock. In addition, certain additional information regarding
the directors and executive officers of DSET is set forth in the Company's
Current Report on Form 8-K, filed with the SEC on November 1, 2002. A more
complete description is available in the Proxy Statement.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this press release regarding the transaction between NE
Technologies, Inc. and DSET Corporation, the expected timetable for completing
the transaction, future financial and operating results, benefits and synergies
of the transaction, future opportunities for the combined company and any other
statements about NE Technologies, Inc. or DSET Corporation, managements' future
expectations, beliefs, goals, plans or prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Any statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates," "expects,"
estimates and similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors that could
cause actual results or events to differ materially from those indicated by such
forward-looking statements. NE Technologies, Inc. and DSET Corporation disclaim
any intention or obligation to update any forward-looking statements as a result
of developments occurring after the date of this press release.
About DSET
DSET Corporation (www.dset.com) is a provider of innovative OSS software
solutions designed to minimize operational costs and maximize the value of
service offerings for telecommunications providers and enterprise networks
around the world. Since 1989, DSET's field-proven products have been used to
build critical global network applications that generate immediate return on
investment. DSET's portfolio of products include: IPSource(TM), an advanced IP
Provisioning, activation and configuration platform enabling providers to
deploy, modify and manage services quickly, reliably and profitably; and
electronic-bonding gateways that allow competitive service providers to exchange
information electronically with other telecommunications providers which
significantly reduce the time required to provision services and resolve service
outages for their customers.
Note: News releases and other information about DSET can be accessed at
www.dset.com.
About NE Technologies
NE Technologies is a global telecom software and solutions provider to equipment
manufacturers, service providers and system integrators. The Company provides a
comprehensive portfolio of Telecommunications Management Network (TMN) solutions
that assist in the rapid development of Operational Software Solutions (OSS);
Carrier Gateways; Protocol Stacks; land and wireless network Test Tools; and
software solutions required in the operation of service provider networks. NE
Technologies products and services are deployed in hundreds of telecom networks
across the globe, supporting mission critical network management applications
and services. NE Technologies is headquartered in Norcross, Georgia (Atlanta
suburb), with a strong offshore engineering operation in India. The Company's
web site can be viewed at www.netechinc.com.
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DSET Contacts:
Financial: Bruce Crowell, Chief Financial Officer, 732-945-6000 Ext. 111,
e-mail: bcrowell@dset.com
DSET and the DSET logo are registered trademarks of DSET Corporation. All other
trademarks are the property of their respective owners.