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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 73.11+0.3%Oct 31 9:30 AM EST
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To: RetiredNow who wrote (23041)2/24/1999 8:15:00 AM
From: Zoltan!  Read Replies (1) of 77397
 
Last resort? Newbridge wants WIC to buy equipment it doesn't want. WIC wants Cisco:


Cisco Systems Inc. Dow Jones Newswires -- February 23, 1999

WIC Western To Defend Itself Against Newbridge Claims


VANCOUVER (Dow Jones)--WIC Western International Communications Ltd. (WIC.B) said it plans to "vigorously" defend itself against a Newbridge Networks Corp. (NN) lawsuit.
In a news release, WIC Western said it has received a copy of a statement of claim issued Monday in the Ontario Court (General Division) by Newbridge in which Newbridge alleges that WIC Connexus agreed, among other things, to purchase certain products and services from Newbridge and that WIC Connexus is in breach of that alleged agreement.
Further details concerning the action weren't provided. Newspaper reports Tuesday say Newbridge is claiming WIC was in breach of a contract when it shifted a supply agreement from Newbridge to rival Cisco Systems Inc. (CSCO).
Earlier Tuesday, a Newbridge spokesman told Dow Jones the suit is valued at just under C$1 billion.
WIC said its lawyers are preparing a formal response to the claims that will be filed in court in due course.
"On counsel's advice, we have no further comment at this time," it said.
Newbridge, Kanata, Ont., makes networking products.
WIC Connexus is a subsidiary of WIC Western, a broadcasting and communications company.
wsj.com
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