Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (6804)	3/5/2001 10:52:39 AM
From: Tom Hua	Read Replies (2) \| Respond to of 19633

Softechie, here is the complete PR. Regards, Tom CINCINNATI--(BUSINESS WIRE)--March 3, 2001--Broadwing Inc. (NYSE:BRW.N) during a meeting with investors reported the monetization of a portion of its minority equity position in Corvis Corp. From January 25, 2001 to February 28, 2001, Broadwing sold 2.4 million shares of its almost 8 million-share position. The sale was completed through a pre-paid forward contract that will generate proceeds of approximately $43 million. "We are very committed to our strategic partnership with Corvis and are big believers in the enabling power of their breakthrough technology," said Kevin Mooney, Broadwing's executive vice president and CFO. "The proceeds of this sale will be used for further investment in our industry leading intelligent, optical network." Broadwing still holds approximately 5.5 million shares of Corvis Corp. Yesterday Broadwing announced the completion of the eastern ring of their intelligent, optically switched network. This is first of three rings that will comprise the world's first end-to-end, intelligent optical network that Broadwing will deploy, in the first half of this year, on its existing 18,500-mile next-generation fiber network. About Broadwing Broadwing Inc. (NYSE:BRW.N) combines unparalleled customer service with the industry's most advanced and flexible 18,500 mile next-generation fiber optic network and award winning IP backbone, to create data and Internet solutions that are innovative, reliable, and provide businesses a competitive advantage. Broadwing will be the first provider with a fully deployed optical network and sets the standard for customer accountability with the industry's only installation guarantee. Headquartered in Cincinnati, Ohio and Austin, Texas with 6,000 employees in 56 sales and service offices across the country, Broadwing can be found on the Web at www.broadwing.com. Note: Information included in this news release contains forward-looking statements that involve potential risks and uncertainties. Broadwing's future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, Broadwing's ability to maintain its market position in communications services, and it's ability to develop and launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including 1999's Form 10-K for Broadwing Inc. and Broadwing Communications Inc.