EXHIBIT 99.1
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CONTACT:
Paul D. Baker
Comverse Technology, Inc.
170 Crossways Park Drive
Woodbury, NY 11797
(516) 677-7226
COMVERSE TECHNOLOGY, INC. COMPLETES ACQUISITION OF
LORONIX INFORMATION SYSTEMS, INC.
LORONIX'S NETWORKED DIGITAL VIDEO MANAGEMENT SYSTEMS AND LIVE INTERNET VIDEO
STREAMING TECHNOLOGY TO BE LEVERAGED WITH COMVERSE'S VOICE, FAX, AND DATA
PROCESSING LEADERSHIP
WOODBURY, NY, JULY 17, 2000 - Comverse Technology, Inc. (NASDAQ: CMVT), the
world's leading supplier of software and systems enabling enhanced services for
wireless and wireline network operators, and a leader in digital recording and
monitoring systems for contact centers, e-commerce and CRM (Customer
Relationship Management) applications, today announced it has completed the
acquisition of Loronix Information Systems, Inc., (formerly NASDAQ: LORX) a
leading developer of software-based digital video recording and management
systems.
The tax-free, stock-for-stock transaction, will be accounted for as a pooling of
interests. As a result of the acquisition, each share of Loronix common stock is
converted into 0.385 of a share of Comverse Technology common stock, resulting
in approximately 1,995,000 newly-issued Comverse shares. Comverse has also
assumed Loronix's outstanding options.
Loronix, based in Durango, Colorado, is a leader in the supply of software-based
digital video management systems based on its core technologies in areas
including video recording, storage, networking and live Internet video streaming
technology. These systems are used in a variety of applications and industries.
Kobi Alexander, Chairman, President, and CEO of Comverse Technology, Inc., said,
"Loronix is a technology and market leader in the field of software-based
digital video recording, storage, compression, networking and real-time
streaming. We believe video communications processing is a fast growing area
that is a logical extension to our leadership position in voice, fax, and data
communications processing."
Dan Bodner, CEO of Comverse Infosys, Inc. said "The addition of digital video
recording to our digital voice, data and e-commerce recording will provide our
customers with complete multi-media solutions for contact centers, CRM and other
applications."
David Ledwell, CEO of Loronix, said "Comverse has a reputation as one of the
world's finest, most innovative, and best managed high technology companies.
Comverse has a large and growing base of customers throughout its organization.
We believe that Comverse's established position in the telecommunications and
call center markets will open up many opportunities for Loronix's products and
technologies."
Loronix will continue to operate from its existing facility. Current Loronix
management will continue to head-up its operations.
ABOUT LORONIX INFORMATION SYSTEMS, INC.
Headquartered in Durango, Colorado, Loronix Information Systems develops,
markets, sells and supports a family of software-based digital video recording
and identification management systems. Loronix is the world leader in networked
digital video management solutions with an extensive installed base of
Internet-enabled digital video recorders.
ABOUT COMVERSE INFOSYS, INC.
Comverse Infosys, Inc., based in Woodbury, New York is a world leader in the
development, manufacture and marketing of award-winning digital recording and
monitoring systems with multiple applications for contact centers, public
network providers, government and law enforcement agencies.The company's
products are installed in financial institutions, customer service centers,
telemarketing centers, and other contact centers worldwide. Comverse Infosys has
a global presence with sales and support services across the U.S. and in 45
countries including Canada, France, Germany, Hong Kong, Israel, Japan, Mexico,
Netherlands, Singapore and the United Kingdom. Comverse Infosys is a subsidiary
of Comverse Technology, Inc., an S&P 500 and NASDAQ-100 Index Company and the
world's largest provider (through its Comverse Network Systems Division) of
systems and software enabling enhanced services for wireless and wireline
communications network operators. For more information on Comverse Infosys,
Inc., visit Comverse at http://www.cominfosys.com.
ABOUT COMVERSE TECHNOLOGY, INC.
Comverse Technology, Inc., headquartered in Woodbury, New York, designs,
develops, manufactures and markets computer and telecommunications systems and
software for communications and information processing applications. Comverse's
Network Systems Division's products include: multimedia enhanced services
systems and software, which are currently used by more than 330 wireless and
wireline telecommunications network operators to provide revenue-generating
services such as call answering, wireless data and Internet-based information
services, prepaid wireless services, mailbox-to-mailbox messaging,
Internet-based unified messaging (voice, fax, and email in a single mailbox),
interactive voice response, virtual phone/fax, one-touch call return, personal
number service, call screening/caller introduction, voice-controlled web portal
and other speech recognition-based services, Internet messaging, Internet call
waiting, and other personal communication services. Comverse's Infosys
Division's products include: multiple channel, multimedia digital monitoring
systems marketed to law enforcement and intelligence agencies; and multiple
channel, multimedia digital recording, logging, and quality monitoring systems
marketed to call centers, financial institutions and other organizations.
Comverse's Ulticom Division's products include: network software and middleware
for communications signaling, such as Signaling System #7 (SS7). Comverse
Technology is an S&P 500 and NASDAQ-100 Index company. Visit Comverse
Technology's web site at http://www.comverse.com.
Statements in this release concerning Comverse's or Loronix's future prospects
are "forward-looking statements" under the Private Securities Litigation Reform
Act of 1995. There can be no assurances that future results will be achieved,
and actual results could differ materially from forecasts and estimates.
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Important factors that could cause actual results to differ materially include
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 Comverse, Loronix or their
competition; risks associated with rapidly changing technology and the ability
of Comverse and/or Loronix to introduce new products on a timely and
cost-effective basis; risks associated with changes in the competitive or
regulatory environment in which Comverse and/or Loronix operate; risks
associated with government business; risks associated with significant foreign
operations and international sales, including fluctuations in foreign currency
exchange rates and interest rates; the volatility of the international
marketplace; risks associated with Comverse's and/or Loronix'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 Comverse and Loronix with the Securities and Exchange Commission,
including their most recent Annual Reports on Form 10-K and their subsequent
Quarterly Reports on Form 10-Q. Each 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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