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To: SpinCity1 who wrote (47773)	5/21/2001 4:15:51 PM
From: SpinCity1	Respond to of 49816

RBAK maybe good buying opp as it drops SAN JOSE, Calif.--(BUSINESS WIRE)--May 21, 2001--Redback Networks Inc. (Nasdaq:RBAK.O), a leading provider of next-generation equipment for metro access networks, today announced that President and Chief Executive Officer Vivek Ragavan has resigned to pursue other opportunities. "Vivek was an important contributor to the company's transition after the merger of Siara and Redback. He oversaw the integration and helped set the product direction for the combined company. We thank him for his contribution over the last year and wish him well in his new endeavors," said Pierre Lamond, Redback's chairman. The company has begun a search for a new President and Chief Executive Officer. During the interim, Pierre Lamond will act as Chief Executive Officer and an operating committee has been established to manage the day-to-day operations. The committee consists of Richard Bibb, Senior Vice President of World Wide Sales, Pankaj Patel, Senior Vice President of Research and Development, Kevin Q. Smith, Senior Vice President of Operations, and Dennis P. Wolf, Senior Vice President and Chief Financial Officer. Lamond added, "The current business and the product schedules continue to be on track with the guidance that we have previously given. Of course we continue to operate in a very uncertain business environment as do all of our competitors." Redback will discuss its management changes in an investor conference call today at 2:00 pm PST. The conference telephone number is 719/457-2637. A replay of the conference call will be available at 5:00 pm PST. Replay information will be available at 719/457-0820, access code 789783. Information on this call can also be found on Redback's Web site, www.redback.com, under Investor Center. About Redback Networks Inc. Founded in 1996 and headquartered in San Jose, Calif., Redback Networks Inc., is a leading provider of innovative networking solutions for metro optical and broadband networks. The Company's Subscriber Management Systems(TM) (SMS) connect and manage large numbers of broadband subscribers, and is widely deployed around the world. To deliver next generation services for metropolitan optical networks, the Redback(R) SmartEdge(TM) multi-service platforms leverage powerful advances in application-specific integrated circuit, IP, and optical technology. The Company's Network and Service Management family of products enable rapid provisioning and faster time to market for new services, while reducing operational expenses. With this product portfolio, Redback Networks is the first equipment supplier focused exclusively on developing integrated solutions for the New Access Network. Note to Editors: Redback is a U.S. Registered Trademark; Subscriber Management System and SmartEdge are Trademarks of Redback Networks Inc. Other trademarks, service marks, and trade names belong to their respective owners. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Redback Networks' expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements include statements regarding future sales, product deployment and network configurations. All forward-looking statements included in this document are based upon information available to Redback Networks as of the date hereof, and Redback Networks assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to Redback Networks' business are set forth in the documents filed by Redback Networks with the Securities and Exchange Commission, specifically the most recent report on Form 10-Q, and the other reports filed from time to time with the Securities and Exchange Commission. --30--pw/sf* CONTACT: Redback Networks Anne Smith, 408/571-5044 (Media) asmith@redback.com Dennis P. Wolf, 408/571-5155 (Financial) dwolf@redback.com KEYWORD: CALIFORNIA INDUSTRY KEYWORD: NETWORKING INTERNET TELECOMMUNICATIONS MANAGEMENT CHANGES CONFERENCE CALLS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 2001, Business Wire