(Applies to: FBCE)
FiberCore Announces $55 Million in North American Contracts
CHARLTON, Mass., May 30, 2001 /PRNewswire via COMTEX/ -- FiberCore, Inc.
(Nasdaq: FBCE), a leading manufacturer and global supplier of optical fiber and
preform for the telecommunication and data communications markets, today
announced that it received contracts from several North American customers
valued at a minimum of $55 million. Approximately 70% of these contracts are
under "take or pay" arrangements and have been added to backlog, which at March
31, 2001 was a record $260 million.
The contracts are for FiberCore's single-mode and multimode fiber, including
high performance GigaGrade(TM) fiber for use in Premises, LAN, and MAN
applications. Product is scheduled to be shipped from 2001 through 2004.
In addition, the contracts contain provisions to supply additional product
valued at between $30 million and $100 million, contingent upon the successful
completion of pending customer projects.
Commenting on the contracts, Bob Sebesto, Vice President of Global Sales and
Marketing said, "Despite the recent softness in the North American market, we
continue to experience strong product demand. This is primarily because we are
not dependent on the telecom long haul sector, which is experiencing most of the
slowdown. As the only independent fiber supplier in North America, many of our
customers continue to rely on FiberCore as a stable long-term source of supply."
FiberCore, Inc. develops, manufactures and markets single-mode and multimode
optical fiber preforms and optical fiber for the telecommunications and data
communications markets. In addition to its standard multimode and single-mode
fiber, FiberCore also offers various grades of fiber for use in laser-based
systems, to help guarantee high bandwidths and to suit the needs of Feeder Loop
also know as Metropolitan Area Network, Fiber-to-the Curb, Fiber-to-the Home and
Fiber-to-the Desk applications. Manufacturing facilities are presently located
in Jena, Germany and Campinas, Brazil.
For more information about the company, its products, or shareholder information
please visit our Website at: www.FiberCoreUSA.com or contact us at: Phone -
(508) 248-3900 or by FAX - (508) 248-5588 or E-Mail: sales@FiberCoreUSA.com ;
investor_relations@FiberCoreUSA.com .
Except for the historical matters discussed above, the statements in this press
release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of risks
and uncertainties. Actual results may differ materially from those projected as
a result of certain general economic and business conditions; loss of market
share through competition; introduction of competing products by other
companies; changes in Industry capacity; pressure on prices from competition or
from purchasers of the Company's products; availability of qualified personnel;
the delivery of an ability to commission new equipment as scheduled; ability to
obtain required financing; dependence on a limited number of raw material
suppliers; the loss of any significant customers; and other factors detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.
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SOURCE FiberCore, Inc.
CONTACT: Dr. Mohd A. Aslami, President and CEO, or Steven Phillips, CFO,
of FiberCore, Inc., 508-248-3900; General, Alison Ziegler, Analysts, Peter
Seltzberg, or Media, David Closs, of The Financial Relations Board BSMG,
212-661-8030
URL: fibercoreusa.com
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(C) 2001 PR Newswire. All rights reserved.
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