Yes you need to do the following.
press ok to bring up menu
go to settings
go to more..
go to 12. Security
enter lock code (last 4 of phone number unless you changed it)
go to Erase/Reset
then go to *. Reset Phone and click ok.
The Exclaim's reset function is strange. I switched phones recently and tried to reset using the above method. Some things reset but others stay. For instance, One-Click retains most if not all the settings. I was still able to see how many emails were unread. I went to emails and saw all my old emails were still available for viewing. My last myspace update still remained. I went in and did the reset on one click but it did not seem to do anything I had to methodically go through and reset, delete, or logout of every little thing.