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Exhibit
99.1
NETWORK EQUIPMENT
TECHNOLOGIES
COMPLETES ACQUISITION OF
QUINTUM TECHNOLOGIES
Acquisition Expands
NET’s Portfolio of Enterprise Voice Solutions
Fremont, CA , December 5,
2007 – Network Equipment Technologies, Inc. (NYSE: NWK), a
global provider of multi-service network exchange solutions for
enterprise and government customers, today announced that on
December 4, 2007, it completed the acquisition of Quintum
Technologies, a leading enterprise VoIP access switching and
gateway solutions provider. Pursuant to the acquisition agreement
announced previously, NET acquired all of the outstanding shares of
Quintum for a total equity value of $41 million, comprised of $20.5
million in cash and 1,732,274 shares of NET stock. NET has also
paid off approximately $2.1 million in debt from Quintum’s
balance sheet, and has issued new stock options to Quintum
employees.
NET President and CEO C. Nicholas
Keating, Jr. remarked, “With the acquisition of Quintum, we
have broadened our VoIP product solutions and increased the scale
of our VoIP business. Quintum’s technology and product
offerings enhance our ability to satisfy the requirements of
enterprise and government customers, and to address the converged
unified messaging and unified communications
markets.”
About Network Equipment Technologies,
Inc.
For nearly a quarter of a century,
Network Equipment Technologies, Inc. (NET) has provided voice and
data communications equipment for multi-ser
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