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Technology Stocks : Corvis Corporation (CORV) -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (1530)	5/16/2002 8:56:12 PM
From: SemiBull	Read Replies (1) \| Respond to of 2772

Corvis Announces the Completion of the Dorsal Networks Merger; Jim Bannantine Appointed President of Corvis COLUMBIA, Md., May 16 /PRNewswire-FirstCall/ -- Corvis Corporation (Nasdaq: CORV - News), a leading provider of intelligent optical networking solutions, today announced the completion of the Dorsal Networks merger and the appointment of James Bannantine as Corvis' new president. This merger positions Corvis as one of the few global end-to-end providers of optical networking systems. The completion of the merger enables Corvis to progress from providing coastal links through the Corvis XF repeaterless systems, to the delivery of complete trans-oceanic routes. At the annual meeting of shareholders held last week in Baltimore, Maryland, Corvis' shareholders approved the Dorsal merger by more than a 4-to-1 margin. With the closing of the merger, James Bannantine, Dorsal chief executive officer and president, has been appointed the new president of Corvis. He succeeds Dr. David Huber, who will remain Chairman and CEO of Corvis. Bannantine is an established global business leader and a licensed professional engineer. "Jim is an excellent addition to the Corvis senior management team. He brings proven global management experience, strong leadership and additional commercial skills to the company," said Dr. David Huber, CEO of Corvis. "I am looking forward to my new role as Corvis' president," said Jim Bannantine. "I believe my experience running expansive, complex infrastructure businesses and my international background will support Corvis' current and continuing leadership in global optical networking." Bannantine brings over 20 years of experience to Corvis. He previously served as CEO of Enron South America, where he developed and led a rapid growth strategy while holding complete profit and loss responsibility for a large division with $3.5 billion in assets, $1.5 billion in revenues and 4,500 employees. During his tenure at Enron, he built a strong record of achievement in business development, marketing, finance, operations and technology. Bannantine left Enron in January 2001 to form Acumen Capital, LLC, a private equity firm focused on international infrastructure. He joined Dorsal Networks as CEO in September 2001. Bannantine graduated in the top one percent of his class at West Point and spent twelve years as an officer in the U.S. Army Corps of Engineers. Additionally, he graduated with distinction from The Wharton Graduate School of Business. Bannantine won an appointment as a Wharton Public Policy Fellow to the Office of the U.S. Trade Representative and taught finance and economics at West Point. About Corvis From point-to-point links to all-optical networks, Corvis Corporation delivers innovative optical network solutions that drive carrier profitability faster than any other vendor. Corvis continues to demonstrate optical leadership with numerous industry firsts, including the first and only commercial all-optical network and integrated all-optical switches, the first to transmit over 6000 km without costly electronic regeneration and first to deploy Raman amplification commercially. Corvis' innovative solutions enable carriers to provision new wavelength-based services rapidly and to tailor dynamic service level agreements for rapid revenue generation. Corvis' future-ready product portfolio solves carrier network challenges with scalable, robust solutions that reduce capital and operating expenditures. With offices across North America and Europe, Corvis operates Research and Development centers of excellence at its global headquarters in Columbia, Maryland, and in Lannion, France. For more information, call Corvis at 443 259-4000 or visit www.corvis.com. Corvis and the Corvis logo are trademarks and/or service marks of the Corvis Corporation. All other trademarks are the property of their respective owners. Note: This announcement contains certain forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially from those currently anticipated as a result of a number of factors, including, but not limited to, the risks and uncertainties discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's filings with the Securities and Exchange Commission. Corvis Public Relations Contact: Corvis Investor Relations Contact: Keira N. Shein Andrew G. Backman (443) 259-4006 (443) 259-4600 Fax: (443) 259-4798 Fax: (301) 310-3134 pr@corvis.com investorinformation@corvis.com SOURCE: Corvis Corporation