Netro Corp. Slated to Join Russell 3000 Index
BusinessWire, Tuesday, June 20, 2000 at 08:02
SAN JOSE, Calif.--(BUSINESS WIRE)--June 20, 2000--Netro Corp. (NASDAQ:NTRO), a market leader in broadband wireless access systems, will join the Russell 3000 Index(R) when the broad-market index is rebalanced on June 30, according to a preliminary list of additions issued June 9 by Frank Russell Co.
Index membership will go into effect July 1 and remain in place for one year.
"The broadband wireless market is poised to explode over the next few years," said James Mendelson, broadband wireless analyst with The Strategis Group.
"In fact, as indicated in a study of the broadband wireless access market which we recently published, we estimate this market will grow to $16.3 billion in 2004. It is especially significant that the Russell Index is recognizing the importance of leading companies, such as Netro, which are meeting the rapidly growing needs of this market segment."
Membership in Russell's 21 U.S. equity indexes -- widely used by investment managers as benchmarks for both passive and active investment strategies -- is determined strictly by market capitalization rankings and style attributes, rather than by subjective opinion or committee decisions.
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking make up the Russell 1000(R) Index, while the remaining 2,000 companies become the widely used Russell 2000(R) Index.
"We are very pleased to be slated to join the Russell 3000 Index as a global leader in the broadband wireless access market addressing the IP and voice application market," said Gideon Ben-Efraim, president and chief executive officer of Netro.
"This recognition comes less than one year after Netro became a publicly traded company. Working with our industry-leading OEM partners -- Lucent, Motorola, Nokia and Siemens -- we look forward to continuing our worldwide expansion into this explosive new market with our gold-standard AirStar(TM) technology."
About the Frank Russell Co.
Frank Russell Co., one of the world's leading investment management and advisory firms, provides investment advice, analytic tools and funds to institutional and individual investors in 35 countries.
Russell's investment management business employs a manager-of- managers approach with $60 billion in assets under management. The company has retainer consulting relationships with clients representing more than US$1 trillion worldwide.
Frank Russell became a subsidiary of The Northwestern Mutual Life Insurance Co. in January 1999. Founded in 1936, Russell has headquarters in Tacoma, Wash., and offices in New York; Toronto; London; Paris; Sydney, Australia; Auckland, New Zealand; Singapore; and Tokyo.
About Netro
Netro (NASDAQ:NTRO) is a leading provider of intelligent broadband wireless access solutions for Internet and telecom service providers worldwide.
Netro's broadband wireless access AirStar system derives its price performance benefit from its proprietary packet-based technology that maximizes spectrum usage through dynamic bandwidth allocation. The AirStar system is one of the first commercially available broadband wireless access systems, carrying IP and voice traffic using a point- to-multipoint architecture.
Netro technology presently offers broadband wireless solutions for the 10 GHz, 26 GHz, 28 GHz and 38 GHz spectrums. For more information, contact Netro Corp., 3860 N. First St., San Jose, Calif. 95134-1702; 408/216-1500; netro-corp.com.
CONTACT: Netro Corp., San Jose
Laurie Hallwyler, 408/216-1630
laurieh@netro-corp.com
or
Leavitt Bell Group, Pasadena, Calif.
Tiffany Massey or Linda Bell
626/564-9500, ext. 224 or 221
tmassey@lbgcomm.com
lbell@lbgcomm.com |
