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Technology Stocks : Nortel Networks (NT)

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To: larry pollock who wrote (10929)	6/25/2001 3:34:33 PM
From: larry pollock	Read Replies (1) of 14638

Nortel Replaced In Australian Contract RELATED SYMBOLS: (NT) CANBERRA, Jun 25, 2001 (Newsbytes via COMTEX) -- Australian broadband network provider TransAct has severed an equipment contract with Nortel [NYSE:NT] worth 21 million in Australian dollars ($10.87 million), newsletter Communications Day reports. TransAct says the pact was killed because Nortel abruptly decided to pull out of the narrowband product market. TransAct is building an ambitious broadband network serving up to 95,000 homes in Canberra. It aims to deliver telephony, broadband Internet, free-to-air and pay-TV, video on demand and interactive TV at up to 36 megabits per second. The company had awarded Nortel an equipment contract in May last year and was said to be well down the track in its rollout of the UE9000 narrowband access product. TransAct claims disruption to rollout and subsequent reinstallation of new equipment has delayed plans by several weeks. Nortel last week said it is dumping a number of its product lines after reporting a $19 billion loss in the most recent quarter. TransAct is the biggest Nortel customer in Australia hit by this decision. The carrier has chosen Marconi [NASDAQ:MONI] as a replacement supplier. Marconi is a shareholder in TransAct and is also supplier of broadband access equipment for the network. By John Stackhouse Reported by Newsbytes.com, newsbytes.com Copyright 2001 The Washington Post Company -0- KEYWORD: CANBERRA SUBJECT CODE: WIRES TELECOM (Public Company & Wall Street & Business & International & High Tech) A service of the Financial Data Cast Network (FDCN) and Window On WallStreet Inc.

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