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Verilink Hires New CFO

Verilink appoints Timothy R. Anderson as chief financial officer

December 6, 2004

3 Min Read

MADISON, Ala. -- Verilink Corporation (Nasdaq: VRLK), a leading provider of broadband access solutions, announced the appointment of Timothy R. Anderson as Vice President and Chief Financial Officer.

Mr. Anderson is a Certified Management Accountant (CMA) with 22 years of financial management experience. Prior to Verilink, Anderson served from 2000 – 2004 as Chief Financial Officer for Carrier Access Corporation, a publicly traded telecommunications company he joined in 1996 as Corporate Controller. Prior to Carrier Access, Mr. Anderson held various financial management positions with private and technology start-up companies. He began his career at Motorola in progressive financial management roles. Mr. Anderson has a Masters in Business Administration and a Bachelor of Science in Business Administration from the University of Colorado at Boulder.

“I am delighted to add Tim to our senior management team and look forward to his leadership in finance as we continue to execute on our strategic plan”, said Leigh S. Belden, President and CEO of Verilink. “As Verilink is evolving into a larger, more global player in broadband access, Tim’s experience in the equipment business and capital markets will be an asset in taking Verilink to the next level as we continue to build value for our shareholders”.

Mr. Anderson assumed the roll of Chief Financial Officer effective December 2nd. C.W. (Bill) Smith, who has served as CFO since November 2001, will remain with the company as Vice President and Corporate Controller. “Bill continues to be a tremendous asset to our company, and I appreciate his contributions in getting Verilink to this point”, commented Belden. “I am pleased to have Bill continue with us in his role as Corporate Controller, working with Tim to prepare Verilink for the next stage of growth”.

Verilink has agreed to grant Mr. Anderson options to purchase 200,000 shares of Verilink common stock as an inducement for Mr. Anderson to join the company, subject to approval by Verilink’s Equity Incentive Sub-Committee of the Compensation Committee. It is anticipated that these options will be granted without stockholder approval as permitted under Nasdaq Marketplace Rule 4350(i)(1)(A)(iv) and will have the following terms: exercise price equal to the fair market value per share on the grant date; duration of ten years; and vesting over a four-year period at the rate of 25% after one year from the date of hire and 1/48th of the total options granted per month each month thereafter.

New Corporate Headquarters

In preparation for growth and to better serve the company’s expanded geographic footprint both domestic and international, the company announced plans to move its corporate headquarters effective December 2004 to Centennial, CO in the metro Denver area, from its previous location in Madison, AL. In addition to headquarters, the company’s Professional Services organization (formerly XEL) will be located in the Centennial facility upon exiting the lease on the former XEL headquarters building. The company’s Madison facility will continue as the company’s primary manufacturing operation, with engineering, operational support and various other functions also continuing to reside in this location.

About Timothy R. Anderson

Mr. Anderson served as Treasurer, Chief Financial Officer of Carrier Access Corporation from 2000 to 2004. He also served as the Vice President of Finance at Carrier Access from 1999 to 2000 and previously held the position of Corporate Controller from 1996 to 1999. From 1994 to 1996, Mr. Anderson served as Controller for RIK Medical, a privately held startup and manufacturer of medical equipment. From 1990 to 1994, Mr. Anderson served as Vice President and Chief Financial Officer of Alpen Incorporated, a privately held manufacturer of insulated glass. Mr. Anderson began his career in finance with Motorola from 1982 to 1990, where he held progressive accounting and financial management positions. Mr. Anderson received a Masters in Business Administration and a Bachelor of Science in Business Administration from the University of Colorado at Boulder. He is a Certified Management Accountant (CMA).

Verilink Corp.

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