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Comverse Gets Delisted

Comverse received a decision, dated January 30, 2007 from the Nasdaq Listing and Hearing Review Council

February 1, 2007

2 Min Read

NEW YORK -- Comverse Technology, Inc. (NASDAQ: CMVT) today announced that the company received a decision, dated January 30, 2007 (the “Decision”), from the NASDAQ Listing and Hearing Review Council (the “Listing Council”), stating that the company’s common stock will be delisted from NASDAQ, effective at the open of business on Thursday, February 1, 2007. As previously disclosed, the Nasdaq Listing Qualifications Panel, in a decision dated September 26, 2006, determined to delist the company’s common stock from NASDAQ, which decision was stayed pending further action by the Listing Council.

Following the delisting of the company’s common stock from NASDAQ, the company expects that its common stock will be quoted in the “Pink Sheets” beginning on February 1, 2007. The company expects that the trading symbol of its common stock will remain the same (CMVT or CMVT.PK). Information about the Pink Sheets can be found at its Internet web site www.pinksheets.com.

Mark Terrell, Comverse Technology’s Chairman, said, “Comverse Technology remains a financially strong, world class company with more than 7,000 employees serving customers in more than 100 countries. The NASDAQ decision will not affect our ability to continue providing outstanding products, technology and service to our customers worldwide. We are committed to regaining compliance with all filing requirements and obtaining relisting of our common stock in a timely manner.”

As a result of the delisting of the company’s common stock from NASDAQ, holders of the company’s Zero Yield Puttable Securities (ZYPSSM) due May 15, 2023 and New Zero Yield Puttable Securities (ZYPSSM) due May 15, 2023 (collectively, the “ZYPS”) will have the right to require the company to repurchase their ZYPS at a purchase price equal to 100% of the principal amount of the ZYPS purchased. The aggregate outstanding principal amount of ZYPS under the applicable Indentures was approximately $419,647,000. As of October 31, 2006, the Company had cash and cash equivalents, bank time deposits and short term investments of $1,867,761,000.

Comverse Inc. (Nasdaq: CNSI)

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