I haven't heard much of Nortel recently they have licensed Amtx technology.
Here is a tidbit on them. Not sure what it means if anything but will assume if it is important it will cause a little stir.
DALLAS--(BUSINESS WIRE)--Jan. 2, 1997--Northern Telecom Limited (Nortel) today announced that it has formed a new company, Entrust Technologies Inc. (Entrust Technologies), to capitalize on opportunities in the growing market for enterprise-wide security products. Entrust Technologies will carry on the business of Nortel's Secure Networks business unit, a leading provider of public key infrastructure software products for the encryption and digital signature of information communicated between client workstations over the Internet and intranets. The new company will have a headquarters in Ottawa, Ontario, and offices in New York, North Carolina, and California.
Entrust Technologies is a majority-owned subsidiary of Nortel. Olympus Partners, acting as lead investor, along with J.P. Morgan Investment Management, Societe Generale, T. Rowe Price Threshold Funds and Donaldson, Lufkin & Jenrette have purchased an aggregate of $26 million of common stock of Entrust Technologies. The agent for the private placement was Donaldson, Lufkin & Jenrette.
"Our objectives for the spin-off are two-fold: first, to increase the return on investment to Nortel and its shareholders; and second, to continue to foster the entrepreneurial spirit and vigor so characteristic of this market," said Peter Currie, senior vice-president and chief financial officer, Nortel.
"The Secure Networks business unit, incubated within Nortel's Enterprise Networks organization, has made major strides in establishing its leadership position in the network security market," said Rick Faletti, president, Enterprise Networks, Nortel. "Entrust Technologies provides cost-effective and scalable products for enterprise security solutions and plays an important role in educating people about the ever-increasing importance of data security, which is being driven in part by the incredible growth of the Internet." Nortel also announced today that John Ryan will serve as Entrust Technologies' interim chief executive officer. Mr. Ryan has been with Nortel for 15 years, most recently as vice president and general manager, Multimedia and Internet Solutions.
"The security market and, in particular, the market for public-key cryptography is growing rapidly as a result of corporate use of the Internet and intranets," said Ryan. "The creation of Entrust Technologies will further the opportunities for the entire Entrust team to extend its leadership position in the enterprise security market." Other senior management team members of the new company include: Brian O'Higgins, executive vice president and chief technology officer; Brad Ross, executive vice president, marketing and product line management; and Dr. Paul Van Oorschot, chief security architect.
Nortel Secure Networks group was founded in 1993 to develop and market data security software for corporate enterprises. Since its inception, the Entrust product family has provided encryption, digital signature and automated key management, gaining recognition as a leading enterprise public-key management solution. The Entrust product family offers ease of use and administration, scalability and the capability to work across multiple applications and platforms. Entrust Technologies is committed to providing public-key infrastructures and technology for corporate networks, intranets and the Internet. The company designs and markets Entrust, Entrust/Lite and Entrust/Web CA security applications and the Entrust/Toolkit family of application programming interfaces.
Entrust products are used throughout the financial, government and high technology industries and has been selected as the security technology of choice by IBM, Tandem, Control Data and Hewlett Packard. Entrust is also the winner of several prestigious awards, including Network Computing Editors' Choice and Editor Refuses To Give it Back Award as well as Infosecurity News Readers' Trust Award for 1996.
Mr. Ryan will present Entrust Technologies' new corporate identity on Thursday, January 30, 1997 at the RSA Security Conference in San Francisco. Nortel works with customers worldwide to design, build, and integrate digital networks P for information, entertainment, education, and business P offering one of the broadest choices of network solutions in the industry. Nortel has shipped and installed more digital lines worldwide than any other company. Nortel's research capabilities around the world include a network of research and development facilities, affiliated joint ventures, and other collaborations fostering innovative product development and advanced design research in 14 countries.
Nortel had 1995 revenues of $US 10.7 billion and has approximately 65,000 employees worldwide. Editors please note: You can participate in a media conference call today at 11:30 a.m., eastern time. To get our 800 conference call number and access code, please call Joanne Marlin at 212-332-7800.
Entrust is a trademark of Entrust Technologies Limited. Note: This news release is a matter of public record and shall not constitute an offer to sell or a solicitation of any offer to buy securities.
CONTACT: Trade Media and Industry Analysts:
Peter Janecek
Corporate Communications
Northern Telecom Limited
905-863-6251
peter.janecek@nt.com
OR
Trade Media and Industry Analysts:
Joanne Marlin
Thomas Associates, Inc.
212-332-7800
joanne@nythomaspr.com
OR
Business and Financial Media
Ashley Blaker
Fleishman-Hillard
214-665-1313
blakera@fleishman.com
OR
Visit Nortel's web-site at nortel.com or
Entrust Technologies web-site at entrust.com
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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Ray |
