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Nortel Networks Completes Transfer of Interest in Arris Interactive to Newly Created Broadband Cable Access Leader, Arris Group, Inc.
TORONTO – Nortel Networks* [NYSE/TSE: NT] announced the completion of its previously announced sale of its interest in Arris Interactive L.L.C. to Arris Group, Inc., ANTEC Corporation’s new parent company. Nortel Networks has received 49.2 percent (37 million shares) of the outstanding common stock of Arris Group, Inc. Former ANTEC shareholders hold the remaining 50.8 percent of the new company’s outstanding common stock, which is expected to begin trading on Monday, August 6, 2001 under the NASDAQ symbol “ARRS.”
Nortel Networks is a global leader in networking and communications solutions and infrastructure for service providers and corporations. The Company is at the forefront of transforming how the world communicates, exchanges information and profits from the high-performance Internet through capabilities spanning the Optical Internet, Wireless Internet, Intelligent Internet and IP (Internet Protocol) technologies and services. Nortel Networks does business in more than 150 countries and can be found on the Web 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 rationalization in the telecommunications industry; the uncertainties of the Internet; stock market volatility; the ability of Nortel Networks to recruit and retain qualified employees; the ability to obtain timely, adequate and reasonably priced component parts from suppliers and internal manufacturing capacity; the impact of the credit risks of our customers; the entrance by Nortel Networks into an increased number of supply, turnkey, and outsourcing contracts which contain delivery, installation, and performance provisions, which, if not met, could result in Nortel Networks having to pay substantial penalties or liquidated damages; the impact of increased provision of customer financing and commitments by Nortel Networks; potentially higher costs actually incurred in connection with restructuring actions compared to the estimated costs of such actions; and the inherent uncertainties underlying the estimates and assumptions used in calculating asset valuations. 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:
David Chamberlin
Nortel Networks
972-685-4648
ddchamb@nortel.com
Investors:
Nortel Networks
888-901-7286
905-863-6049
investor@nortel.com
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