ANTEC becomes new ARRIS trading under the 'ARRS' symbol
Duluth, Aug 06, 2001 (M2 PRESSWIRE via COMTEX) -- GA ANTEC Corporation (Nasdaq:
ANTC - news) announced today the completion of the transaction to purchase
Nortel Networks' (NYSE: NT; Toronto) interest in Arris Interactive LLC from
Nortel Networks. The common stock of the newly formed holding company, Arris
Group Inc. will begin trading on Monday, August 6, 2001, under the Nasdaq symbol ``ARRS.''
Existing ANTEC shareholders will receive one share of ARRIS for each share of
ANTEC that they owned at the time of closing. ANTEC shareholders own 50.8
percent of the outstanding shares of ARRIS while Nortel Networks owns 49.2
percent. As previously announced, on July 25, 2001, the shareholders of ANTEC
Corporation overwhelmingly approved the acquisition at a special shareholders
meeting.
ANTEC has changed its name to ARRIS to signify that it is a fundamentally
different enterprise and will now be able to focus on the enormous opportunity
of bringing complete broadband transport solutions and next generation services
to the local access market. The addition of the Arris Interactive LLC design and
development resources to the new company will give ARRIS leadership in cable
telephony and Internet solutions as well as a wide range of hybrid fiber coax
infrastructure products for voice, video and data.
``The approval of this transaction and the creation of ARRIS combines the
strengths of two leading companies into a new entity that can uniquely offer a
full range of broadband access technologies to network operators worldwide,''
said Bob Stanzione, President & CEO. ``The need for increased bandwidth in the
local access network coupled with the pressing need for our customers to
generate more revenue per subscriber and the customer demand for competition in
the local access network, makes the ARRIS family of products and complete
solutions extremely well positioned for the future.''
Cahner's In-Stat expects the cable telephony market to surge from an estimated
US$293 million in 1999 to US$7 billion in 2004. The Strategis Group forecasts
that cable telephony equipment revenue will grow at over 40% per year between
2000 and 2005 and at the same time access to the Internet over cable will grow
at a rate of over 50% per year. The Company noted that its complete line of
broadband access products is well positioned to take advantage of this demand.
The Company also announced that ARRIS will hold a conference on August 28, 2001,
at its Duluth, Georgia, headquarters to provide an in-depth financial overview
of the new combined company and to showcase the complete headend-to- home
integrated solutions, products and services that it provides for its broadband
transport customers. The conference will be open to shareholders, analysts and
news media. Complete details regarding the conference and how to participate
will be released via PRNewswire during the week of August 6, 2001.
ANTEC Corporation (http://www.antec.com ) is an international communications
technology company serving the broadband information transport industries. ANTEC
specializes in the manufacturing and distribution of products for hybrid
fiber-coax broadband networks, as well as the design and engineering of these
networks.
Headquartered in Duluth, Georgia, ANTEC has sales offices in Europe,
Asia/Pacific and Latin America; major offices in Duluth, Georgia and Englewood,
Colorado; and manufacturing facilities in Juarez, Mexico, El Paso, Texas, and
Rock Falls, Illinois. After ARRIS begins trading under the new Nasdaq symbol
``ARRS'' on August 6, 2001, the new corporate website will be found at
arrisi.com.
Forward-looking statements:
The information and statements contained in this press release regarding the
Company's market opportunities; the Company's future market position and the
product positioning of the company as well as the third party market growth
forecasts may constitute forward-looking statements. These statements are based
on current expectations, estimates, forecasts, and projections about the markets
in which the Company operates and management's beliefs and assumptions regarding
these markets are forward-looking statements and are not guarantees of future
performance. The forward-looking statements involve risks and uncertainties that
may cause actual results to differ materially from those set forth in or
suggested by these statements. Among other things, the process of integrating an
acquired business into ANTEC's current business is risky and may involve
unforeseen operating difficulties including the diversion or dilution of
management's time from ongoing development of the business; possible decline in
employee morale and retention issues; and the need to integrate various
management information systems.
In addition to the factors set forth elsewhere in this release, other factors
that could cause results to differ from current expectations include: the impact
of rapidly changing technologies; the impact of competition on product
development and pricing; the ability of ANTEC to react to changes in general
industry and market conditions including regulatory developments; rights to
intellectual property, market trends and the adoption of industry standards; and
consolidations within the telecommunications industry of both the customer and
supplier base. These factors are not intended to be an all- encompassing list of
risks and uncertainties that may affect the Company's business. Additional
information regarding these and other factors can be found in ANTEC's reports
filed with Securities and Exchange Commission. In providing forward-looking
statements, the Company expressly disclaims any obligation to update publicly or
otherwise these statements, whether as a result of new information, future
events or otherwise.
CONTACT: Jim Bauer Tel: +1 678 473 2647 e-mail: jim.bauer@antec.com
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