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

To: Apex who wrote (7900)	10/30/2000 12:40:57 AM
From: Apex	Read Replies (1) \| Respond to of 14638

news...looks like nt will bounce up in the morning ===== Sunday October 29, 9:29 pm Eastern Time Press Release SOURCE: Nortel Networks Corporation Nortel Networks to Bring High-Performance Internet to India To Expand Internet Workforce, Launch New Professional Services Capabilities, Internet Knowledge Centres and Education Initiatives - Unveils Work Plan Targeting Wealth Creation, Internet Inclusion and Plentiful Bandwidth NEW DELHI, India, Oct. 29 /PRNewswire/ - Nortel Networks (NYSE/TSE: NT) today unveiled a Work Plan that will bring the power of the high-performance Internet to the people and businesses of India. Reflecting its commitment to the plan and to its customers in India, Nortel Networks said it will spend up to US$350 million over the next three years in India. ``Nortel Networks is committed to unleashing India's businesses, Internet Service Providers and government organizations to develop a world-class Optical Internet and Wireless Internet infrastructure capable of making a significant contribution to the country's economic and social progress,'' said Clarence Chandran, chief operating officer, Nortel Networks ``We're putting our money where our mouth is when it comes to India'', Chandran said. ``Working with our customers, we will invest in India's Internet infrastructure, grow its Internet workforce, stimulate technology exports, and allocate a percentage of network bandwidth to educational and social initiatives.'' Chandran is visiting India to meet with top government officials and business leaders. He is also the keynote speaker at Bangalore IT.COM 2000 and will address the Economic Times (ET) SuperAchiever Forum in Mumbai. Nortel Networks planned three-year, US$350 million spending in India spans the following initiatives: - Leapfrog and create high-performance Internet infrastructure - Nortel Networks plans to play a leadership role in building next generation Internet infrastructure linking major commerce centres. Nortel Networks will work with local operators and allies to build next generation 10- gigabit optical networks that will bring the high-performance Internet to India and double today's backbone bandwidth with the potential to increase it 160 fold in the future. At present, Nortel Networks optical backbones carry 75 percent of North America's Internet traffic and 50 percent of Europe's, according to leading market analysts. Nortel Networks ranks number one among major vendors for its next generation wireless telecommunications infrastructure strategy, according to Herschel Shosteck Associates. - Invest in people, ideas and entrepreneurs - As part of its investment in building India's Internet knowledge base, Nortel Networks plans to hire an additional 500 research and development (R&D) scientists and engineers over the next three years; to expand software development activities with its allies; and to establish a Centre of Excellence with leading Indian universities to advance R&D and training, and to attract new students to next generation communications disciplines. Nortel Networks also plans to open an Internet Knowledge Centre for developing Internet expertise in technologies, applications and professional services. - Enhance India's profile and connectivity in the global Internet economy - A portion of Nortel Networks' US$350 million spend will be committed to improving India's export profile and performance. This includes expansion of Nortel Networks R&D facilities, expansion of existing development activities with current allies and establishment of a professional services centre. - Address the opportunity for total 'Internet Inclusion' - by contributing to India's social evolution and economic future. Nortel Networks will invite service providers and potential allies to dedicate a percentage of the backbone capacity to make the high-performance Internet accessible at no cost for e-governance and education initiatives. Nortel Networks will also contribute technology and skills to such initiatives. By 2005, the number of Internet users in India is expected to grow from 6.16 million this year to over 62 million, cellular subscribers are forecast to reach 5.8 million, and India's Internet economy is expected to soar from US$30 million in 2000 to more than US$9.3 billion. ``The time is ripe for the high-performance Internet to come to India, both optical and wireless,'' Chandran said. ``If India is to play a leading role in the global Internet economy, the time to build tomorrow's Internet infrastructure is now.'' In India, Nortel Networks markets its networking equipment and systems nationally and has offices in New Delhi, Mumbai and Bangalore. Nortel Networks is also one of the largest buyers of Indian technology and works with leading Indian software houses - BPL, Infosys, SAS, TCS and WIPRO - in advanced software development. Nortel Networks draws on the skills and expertise of 1,500 professionals to carry out research and development activities in India. Nortel Networks is a global Internet and communications leader with capabilities spanning Optical, Wireless, Local Internet and eBusiness. The Company had 1999 U.S. GAAP revenues of US$21.3 billion and serves carrier, service provider and enterprise customers globally. Today, Nortel Networks is creating a high-performance Internet that is more reliable and faster than ever before. It is redefining the economics and quality of networking and the Internet, promising a new era of collaboration, communications and commerce. Visit us at www.nortelnetworks.com. Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price and product competition; the dependence on new product development; the impact of rapid technological and market change; the ability of Nortel Networks to make acquisitions and/or integrate the operations and technologies of acquired businesses in an effective manner; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of consolidations in the telecommunications industry, the uncertainties of the Internet; stock market volatility; the ability of Nortel Networks to recruit and retain qualified employees; and the impact of increased provision of customer financing by Nortel Networks. For additional information with respect to certain of these and other factors, see the reports filed by Nortel Networks with the United States Securities and Exchange Commission. Nortel Networks disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE: Nortel Networks Corporation