Verso CEO Named New Chairman

Verso Technologies Inc. (Nasdaq NMS: VRSO), a leading full service provider (FSP) of application solutions, today announced that Steven A. Odom, Verso’s current CEO, has been elected chairman of the board of directors effective immediately.

Odom will succeed William P. O’Reilly, who has resigned as chairman of the board. Odom will also retain his current title of chief executive officer.

O’Reilly stated that his decision to resign as chairman was based on a desire to pursue other interests and a belief that Verso, in which he maintains a large equity position, is in good hands. “Since joining Verso, Steve and his team have demonstrated their commitment to drive the future of the company. Steve’s industry experience and management capabilities make him an ideal leader for this organization. He is positioning Verso as a leader in its sector and implementing a plan that I believe will result in significant shareholder value.”

Odom commented, “The employees and management of Verso appreciate Bill’s contributions as chairman over the past 5 years. Bill has guided the company through critical turning points and has provided Verso with a foundation upon which we can build our future. Our management team and each of the members of our board brings a tremendous amount of experience, knowledge and talent to the organization, and together we will continue to further execute on our strategy.”

Odom joined Verso as CEO in September 2000 as a result of the company’s merger with Cereus Technology Partners. Odom had served as chairman and CEO of Cereus from January of 2000. Previously he served until June 1999 as chairman of voice, data and Internet products and services provider World Access Inc., and as CEO of World Access from 1994 until 1998.

Verso’s full service solutions include eBusiness consulting, web design and development, application hosting, application and network integration, enterprise management services and outsourced customer response 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.

In November 2000, Verso was the winner of the ASP Industry Consortium’s ASPire Award in the enablement category.

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