Nortel Networks and Corning not to further discussions related to optical components combination
Toronto, Canada. Nortel Networks* [NYSE/TSE: NT] and Corning Inc. [NYSE: GLW] have decided not to further their preliminary discussions regarding the potential combination of Nortel Networks optical components business with Corning.
"The discussions we have had with Corning reflect the strong business relationship we have shared for many years," said John Roth, president and chief executive officer, Nortel Networks. "Corning remains one of our strategic allies in our race at web speed to transform today s Internet into the High Performance Internet of tomorrow."
"We have one of the largest and fastest growing optical components businesses in the industry," added Roth. "We intend to continue to invest in and strengthen this business to provide the strategic support for our optical internet business, which grew in excess of 150% in the second quarter of 2000 compared to the same period last year."
Nortel Networks is a global Internet and communications leader with capabilities spanning Optical, Wireless, Local Internet and eBusiness. The Company had 1999 U.S. GAAP revenues of US$21.3 billion and serves carrier, service provider and enterprise customers globally. Today, Nortel Networks is creating a high-performance Internet that is more reliable and faster than ever before. It is redefining the economics and quality of networking and the Internet, promising a new era of collaboration, communications and commerce. Visit us at www.nortelnetworks.com.
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price and product competition; the dependence on new product development; the impact of rapid technological and market change; the ability of Nortel Networks to make acquisitions and/or integrate the operations and technologies of acquired businesses in an effective manner; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of consolidations in the telecommunications industry, the uncertainties of the Internet; stock market volatility; the ability of Nortel Networks to recruit and retain qualified employees; and the impact of increased provision of customer financing by Nortel Networks. For additional information with respect to certain of these and other factors, see the reports filed by Nortel Networks with the United States Securities and Exchange Commission. Nortel Networks disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
*Nortel Networks, the Nortel Networks logo and the Globemark are trademarks of Nortel Networks. Contact for Press and Analysts: Business Media: Jeff Ferry Nortel Networks Tel: 703-712-8339 ferryj@nortelnetworks.com Investment Analysts: Nortel Networks Tel: 905-863-6049 or 888-901-7286 investor@nortelnetworks.com
E-mail: investor@nortelnetworks.com
Web site: http://www.nortelnetworks.com
