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Technology Stocks : Covad Communications - COVD -- Ignore unavailable to you. Want to Upgrade?

To: rrufff who wrote (2750)	12/7/2000 12:33:03 PM
From: Captain James T. Kirk	Read Replies (2) \| Respond to of 10485

COVD tanking on NPNT news: npnt Printer version December 07, 2000 12:18 NorthPoint Communications Announces 19 Percent Workforce Reduction Jump to first matched term Company Moves to Slash Expenses SAN FRANCISCO, Dec. 7 /PRNewswire/ -- NorthPoint Communications (Nasdaq: NPNT) announced today it will reduce its full-time employee workforce by 19 percent, or 248 jobs, to decrease expenses. The majority of the workforce reductions will take place in San Francisco and Emeryville, CA with all levels of the organization being impacted. Employees affected by the job eliminations were informed today. Several factors triggered the need to reduce the workforce, most notably Verizon's startling announcement of its intention to terminate the merger agreement with NorthPoint. "We believe that Verizon's actions are breaches of its agreements with NorthPoint Communications," said NorthPoint Communications President and CEO Liz Fetter. "However, as a result of Verizon's notice of termination, we must make some difficult decisions. Our senior team is committed to do everything necessary to improve efficiencies and reduce spending." At this crucial juncture of NorthPoint Communications' evolution, the company is looking to the future. Senior management continues to work aggressively on molding a strong business model for the streamlined company. Employees are accepting additional responsibilities to make sure NorthPoint Communications' partners and subscribers continue to receive superior service. "This is a very difficult time at NorthPoint Communications," Fetter said. "We had been expending considerable time and effort toward completing the merger with Verizon. Now, however, we must explore all options for reducing expenses, including laying off many valued employees. Despite this setback, the leadership team and employees of NorthPoint Communications are committed to remaining one of the major players in the surging DSL marketplace."