Verso (former ELTRAX) Announces Sale of Squirrel Systems Restaurant Solutions Business
ATLANTA / Jan. 16, 2001--Verso Technologies, Inc.
In the transaction, Verso sold its two restaurant subsidiaries, Squirrel Systems, Inc. and Squirrel Systems of Canada Ltd., to Marin Capital Corporation, of Vancouver, British Columbia. The purchase price is $8.5 million (cash at closing) plus $1.5 million earn-out based on the attainment of certain performance targets for fiscal 2001, for a total of $10 million.
This transaction completes the sale of all of Verso's hospitality businesses. (Please see related press releases dated July 27, 2000, September 29, 2000 and October 19, 2000.)
About Verso Technologies, Inc.
Headquartered in Atlanta, Georgia, Verso Technologies, Inc. is a full service provider (FSP) of application and outsourced IT solutions that seek to add value for clients by giving them the edge they need to stay competitive. Verso's full service solutions include application hosting, application and network integration, enterprise management services and outsourced customer resource center services. Based on each client's needs, Verso plans, builds and runs personalized business solutions that seek to improve profitability, efficiency, speed and/or customer service capabilities. Verso can be reached at