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EXHIBIT 99.1
VERSO
TECHNOLOGIES [LOGO]
News Release
MEDIA CONTACT: INVESTOR RELATIONS CONTACT:
Pam Sanders Jennifer Pepper
Director of Marketing Director of Investor Relations
Verso Technologies, Inc. Verso Technologies, Inc.
678-589-3565 678-589-3579
[email protected] [email protected]
ELTRAX SYSTEMS, INC. AND CEREUS TECHNOLOGY PARTNERS COMPLETE MERGER
Combined Entity Creates Full Service Provider (FSP), "Verso Technologies"
ATLANTA, GA -- (October 2, 2000) -- - 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
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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
Verso Technologies, Inc. (NASDAQ: VRSO) is a Full Service Provider (FSP) of
end-to-end application solutions focused on empowering and supporting growth
oriented enterprises through expertise in strategy, application integration,
hosting, managed services and customer care. Headquartered in Atlanta, Georgia,
Verso has a network of regional offices in major cities across the U.S. Verso
can be accessed at www.verso.com or by calling (770) 612-3500.
