Extreme Networks' CEO Selected as Ernst & Young Entrepreneur of the Year In Northern California
Gordon Stitt Recognized for Vision, Growth and Creation of an Innovative Culture
SANTA CLARA, Calif., June 25 /PRNewswire/ -- Gordon Stitt, founder and CEO of Extreme Networks, Inc. (Nasdaq: EXTR - news) has been named Ernst & Young's Entrepreneur of the Year for 2001 for Technology and Communication, Northern California. Ernst & Young's panel of judges selected Stitt for this prestigious award based on his innovative vision, the company's rapid growth, and charitable endeavors.
``This award recognizes the dynamic entrepreneurial spirit behind the success of Extreme Networks,'' said Stitt. ``It's been the outstanding contributions of our employees, along with the support of our customers, that has enabled us to become a market leader in the highly competitive data communications arena.''
Under Stitt's leadership, Extreme Networks has ascended as a leader in best-of-breed broadband networking solutions. Today, with more than 1,000 employees and a global operation with offices in 25 countries, the Company is executing on Stitt's vision of simplified and powerful Ethernet networks. While building a market leader, Stitt and his management team have instilled an innovative corporate culture that spurs the inventiveness, flair, and drive of a company that has grown its business from $18 million for the quarter ended Dec. 1999 to $112 million for the quarter ended March 2001.
Stitt founded Extreme Networks in 1996 along with industry veterans Stephen Haddock, the Company's CTO, and Herb Schneider, vice president of engineering, to deliver a simplified approach to networking. Today, Extreme Networks is assisting large enterprises and service providers around the world build high-performance networks that help maximize the return on technology investments.
Extreme Networks, Inc. delivers a simplified approach for building networks based on its corporate vision of Ethernet Everywhere® networks. The Company's family of BlackDiamond, Alpine(TM), and Summit® switching solutions incorporate a unique combination of ExtremeWare® management software and an ASIC-based common architecture to provide Global 2000 enterprises, telecommunications companies, Internet Service Providers and content providers with the ability to increase the flow of information and accommodate future network growth.
Headquartered in Santa Clara, Calif., Extreme Networks was listed as the ``Fastest Growing Company in Silicon Valley'' based on three-year revenue growth by the San Jose and Silicon Valley Business Journal in 2000. The Company's Ethernet technology was listed as one of the ``Top 10 Tech Trends To Bet On'' within Fortune Magazine, March 26, 2001. For more information, visit www.extremenetworks.com.
This announcement contains forward-looking statements that involve risks and uncertainties, Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: (i) our limited history of profitability; (ii) possible delays in the development of new technology and products; (iii) a highly competitive business environment for network switching equipment; and (iv) economic trends in worldwide geographic markets. More information about potential factors that could affect our business and financial results is included in our Annual Report on Form 10-K for the year ended June 30, 2000, and the Quarterly Report on Form 10-Q for the period ended December 31, 2000, including (without limitation) under the captions, ``Management's Discussion and Analysis of Financial Condition and Results of Operations,'' and ``Risk Factors,'' which are on file with the Securities and Exchange Commission ( sec.gov ).
NOTE: Extreme Networks, Ethernet Everywhere, ExtremeWare, BlackDiamond, and Summit are registered trademarks of Extreme Networks, Inc. Alpine is a trademark of Extreme Networks in the United States and other countries.
SOURCE: Extreme Networks, Inc.
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