Newbridge Networks Announces Plan to Reduce Holdings in
CrossKeys Systems Corporation
KANATA, ONTARIO--Newbridge Networks Corporation (NYSE: NN; TSE:
NNC) and CrossKeys Systems Corporation (NASDAQ: CKEY; TSE: CKY)
announced today that Newbridge has filed with the Ontario
Securities Commission and The Toronto Stock Exchange a notice of
its intention to sell a portion of its holdings in CrossKeys,
subject to regulatory approval. Newbridge and CrossKeys have
worked together on this reduction in holdings.
Newbridge currently holds approximately 4.9 million shares, or
about 26.4 percent of the aggregate common shares outstanding in
CrossKeys. Newbridge intends to sell approximately 1.3 million
shares. After the sale, Newbridge will continue to hold
approximately 3.6 million shares, or approximately 19.5 percent of
the outstanding common shares of CrossKeys.
"We support CrossKeys efforts to broaden its shareholder base by
reducing our level of ownership," said Terence Matthews, Chairman
and Chief Executive Officer, Newbridge Networks. "We recognize
CrossKeys success in the multi-vendor marketplace and we are
committed to continuing our strategic relationship with CrossKeys
as a leading supplier of telecommunications software solutions."
CrossKeys Systems Corporation develops and supports carrier-scale
software that enables the world's largest and most demanding
service providers to manage the equipment and traffic on their
telecom networks. CrossKeys multi-vendor and multi-technology
expertise enables service providers to offer business
applications, such as eCommerce and VPNs, with the minimum of
infrastructure investment and the competitive guarantees that
enterprise end-customers require. More information on CrossKeys is
available at www.crosskeys.com.
Newbridge Networks designs, manufactures, markets and services
wide area networking solutions for Internet service providers;
local, long-distance, and wireless communications companies; cable
television carriers; and corporate customers in more than 100
countries. Newbridge leverages its relationship with a family of
Affiliate companies and strategic alliances with numerous other
networking companies to deliver complete, end-to-end solutions.
Newbridge(r) customers include the world's 350 largest
telecommunications service providers and more than 10,000
corporations, government organizations and other institutions.
Founded in 1986, Newbridge employs more than 6000 people on six
continents. News and information are available at
www.newbridge.com.
"Newbridge" and logo are registered trademarks of Newbridge
Networks Corporation. "CrossKeys" and logo are registered
trademarks of CrossKeys Systems Corporation. |
