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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?


To: Z268 who wrote (3127)7/29/1999 5:03:00 PM
From: Paul Lee  Respond to of 14638
 
Nortel Networks Announces One-for-One Stock Dividend

Number of outstanding common shares to double

BRAMPTON, Ontario, July 29 /PRNewswire/ - The board of directors of Nortel Networks Corporation (NYSE/TSE: NT) today declared a stock dividend of one common share on each of the issued and outstanding common shares of Nortel Networks as of August 17, 1999. The effect of this one-for-one stock dividend will be substantially the same as a two-for-one common share split.

Our strategy focusing on the new era of networking is receiving strong market and customer support. Since the beginning of 1999, we have experienced strong business momentum and an approximate 75 percent increase in our share price'' said John Roth, vice-chairman and chief executive officer, Nortel Networks. ''We expect that this one-for-one stock dividend will make our common shares more accessible to retail investors and will be beneficial to the Corporation''.

Nortel Networks' common shares are expected to commence trading on a post-dividend basis on August 13, 1999 on the Canadian stock exchanges and on August 20, 1999 on the New York and London stock exchanges.

On or about August 19, 1999, Nortel Networks' registrar and transfer agent, Montreal Trust Company of Canada, will mail a new share certificate representing one additional common share for each common share held on August 17, 1999 to each registered holder of Nortel Networks' common shares as at the close of business on August 17, 1999. Currently issued share certificates should be retained by the holders and should not be sent to Nortel Networks or to Montreal Trust Company of Canada.

The stock dividend will increase the number of outstanding Nortel Networks' common shares from approximately 679 million to approximately 1.36 billion effective August 17, 1999.

Nortel Networks' common shares are listed on the New York, Toronto, Montreal, Vancouver, and London stock exchanges. Nortel Networks had 1998 revenues of US$17.6 billion and has approximately 76,000 employees worldwide.



To: Z268 who wrote (3127)7/29/1999 5:05:00 PM
From: Paul Lee  Read Replies (1) | Respond to of 14638
 
Nortel Networks Business Units Come Together

- Combines Wireless & Wireline Capabilities To Deliver Enhanced

Customer Value & Extend Leadership In New Era Of Networking

- CEO to Re-Assume Presidency

- First Chief Marketing Officer Appointed

BRAMPTON, Ontario, July 29 /PRNewswire/ - Furthering its leadership as voice and data, and wireline and wireless networks converge, Nortel Networks (NYSE/TSE: NT) today announced the coming together of its wireless and wireline businesses. The result is a unified global business unit, Nortel Networks Wireless and Carrier Solutions.

Service providers are redefining their business as voice and data, and wireline and wireless services converge'', said John Roth, vice chairman and chief executive officer, Nortel Networks. ''We established first-mover advantage with them in the transition from circuit to packet technologies. Now we're doing the same as the worlds of wireless and wireline come together to create the Wireless Internet and a new generation of service providers.''

In a related announcement, Nortel Networks said that John Roth will re-assume the office of president following the departure of Dave House. House was appointed president of Nortel Networks following the acquisition of Bay Networks, Inc. last year. At the time of the acquisition, House was chairman, president and chief executive officer of Bay Networks. Roth is assuming House's operational and management responsibilities following the announcement on June 14, 1999 of House's intention to resign as president.

We've built terrific momentum in a dynamic industry. I'm excited about leading Nortel Networks into the new millennium by continuing as its president and CEO'', added Roth. Roth was president and chief executive officer of Nortel Networks prior to House joining the company.

Wireline & Wireless Business Units Come Together

In combining the two business units, Nortel Networks creates a networking powerhouse that will deliver a new generation of Unified Networks and the Wireless Internet to service providers globally. The company also announced, effective August 1, 1999, the following key management appointments in support of the new business unit:

- Ian Craig is appointed executive vice president (EVP) and president,

Wireless and Carrier Solutions, responsible for wireless mobility

offerings, central office switching and Succession Networks. Craig

was previously president of Carrier Solutions.

- Matt Desch, previously head of Wireless Solutions, is appointed EVP

and president, Service Provider Solutions, responsible for sales to

carrier customers throughout Europe, Asia, Africa and the Middle East.

- Gary Donahee, previously head of Nortel Networks Europe, is

appointed EVP and president, Service Provider Solutions, responsible

for sales to carrier customers throughout the Americas (USA, Canada,

Caribbean, and Central and Latin America).

- Clarence Chandran will continue as EVP and president, Carrier Packet

Solutions. His role is being expanded to focus on developing new and

fast-growth market segments.

Appoints Company's First CMO

In addition, the company announced the appointment of F. William (Bill) Conner as EVP and chief marketing officer, Nortel Networks. Conner will oversee the development and integration of Nortel Networks marketing strategy with its business objectives and operational priorities.

Marketing has come of age in the networking industry and the appointment of Bill to this post reflects the importance of our brand and the alignment of marketing and business priorities to maintain differentiation in the Internet era'', said Roth. Prior to his appointment as head of corporate marketing last year, Conner was president of Nortel Networks Enterprise Data line of business.

Delivering Enhanced Customer Value

Today's announcements reflect Nortel Networks responsiveness to meeting changing customer and market requirements and its shift to providing end-to-end networking solutions.

As networks of all kinds converge, Nortel Networks is one of the few companies with the breadth of portfolio and depth in IP to build the new generation of networks increasingly being asked for by service providers,'' said Roth. ''Many of our carrier customers are moving to provide customers with a single source for long distance, wireless and local calls, for cable TV, mobility, email and web browsing. All on one bill and one network, with one phone number, IP address and voicemail box. We will provide the Unified Networks that make this a reality. In the next decade, millions of people will be able to connect to the Wireless Internet anytime, anywhere from any device.''

With today's announcement, Nortel Networks is strengthening its customer focus by creating unified account teams that provide a single point of accountability and contact for our carrier customers. Service provider customers will have seamless access to Nortel Networks entire range of Carrier and Enterprise networking capabilities and its industry leading Unified Networks solutions spanning Optical Internet, Internet Telephony, Wireless Internet, and Internet Services. In addition, Nortel Networks will be able to increase its focus on the specific and evolving needs of customers, be they voice or data, wireless or wireline, IP, ATM or TDM.