diff --git a/configure.in b/configure.in
index f6d2e091ef..7b76740d62 100644
--- a/configure.in
+++ b/configure.in
@@ -3,11 +3,11 @@
 
 # Must change all of the below together
 # For a release, set revision for that tagged release as well and uncomment
-AC_INIT([freeswitch], [1.1.beta1], BUG-REPORT-ADDRESS)
+AC_INIT([freeswitch], [1.2-rc1], BUG-REPORT-ADDRESS)
 AC_SUBST(SWITCH_VERSION_MAJOR, [1])
-AC_SUBST(SWITCH_VERSION_MINOR, [1])
-AC_SUBST(SWITCH_VERSION_MICRO, [beta1])
-#AC_SUBST(SWITCH_VERSION_REVISION, [])
+AC_SUBST(SWITCH_VERSION_MINOR, [2])
+AC_SUBST(SWITCH_VERSION_MICRO, [0])
+AC_SUBST(SWITCH_VERSION_REVISION, [-rc1])
 
 AC_CONFIG_FILES([src/include/switch_version.h.in:src/include/switch_version.h.template])
 AC_CONFIG_FILES([.version:.version.in])