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TradingWizard
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I think Nortel has future, just it will take time, they have the technology and with no time they will make up for the losses....
Read on...........

--------------------------------------------

Nortel Networks Expands Cable Voice over IP Media Gateway Portfolio; Enables Cable Customers to Simplify Deployment of PacketCable Networks


RESEARCH TRIANGLE PARK, N.C., May 4, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Furthering its commitment to the cable industry, Nortel Networks (NYSE:NT)(TSX:NT) is expanding its voice over Internet Protocol (VoIP) media gateway portfolio to give cable operators greater deployment options and support for standards-compliant, interoperable cable solutions.

Nortel Networks has signed a strategic agreement under which it will integrate, sell and support VoIP gateways from Nuera Communications, Inc. as part of an integrated PacketCable qualified solution. Both Nortel Networks softswitch and the Nuera media gateway are fully PacketCable qualified.

PacketCable is a CableLabs-led initiative that defines a common platform to deliver advanced, real-time communication services like VoIP. The integrated PacketCable solution announced today will incorporate key technologies from both companies to provide cable operators with support for Trunk Gateway Control Protocol (TGCP), the PacketCable protocol that enables communication between softswitches and media gateways.

Nuera's Orca BTX-21 and BTX-8 PacketCable qualified gateways will give Nortel Networks cable customers even greater cable VoIP deployment flexibility. These gateways will complement Nortel Networks VoIP media gateway portfolio, which includes Nortel Networks Passport Packet Voice Gateway (PVG). Passport PVG, which is currently deployed in four cable VoIP networks around the world, is an optimal solution for cable operators requiring a high density media gateway with support for more traditional protocols like H.248 and user interfaces like Primary Rate Interface (PRI) and V5.2.

"The BTX gateways are purpose-built for cable operators and have additional attributes cable operators are looking for -- support for the TGCP protocol in the PacketCable specifications and the ability to cost effectively address the market entry strategy of many Cable VoIP operators," said Dan Mondor, general manager, Global Cable Solutions, Nortel Networks. "By combining Nortel Networks PacketCable qualified softswitch with the industry's only TGCP PacketCable qualified media gateway, we are simplifying the integration and interoperability process for our cable customers."

The agreement between Nortel Networks and Nuera will uniquely position Nortel Networks as a leading softswitch vendor with demonstrated commitment to deploy the TCGP interface. Combining Nortel Networks Succession Communication Server (CS) 2000 softswitches with the flexibility and economics of Nuera's VoIP gateways will give cable operators a compelling solution for delivering new, revenue-generating cable telephony services over PacketCable architecture.

"CableLabs, through PacketCable qualification, is helping cable operators transform their networks by converging separate networks into one powerful packet architecture that enables innovative cable telephony and multimedia services," said Bill Ingram, chief executive officer, Nuera. "VoIP vendors must embrace interoperability and open standards to deliver on the full value of the PacketCable specifications. Our agreement with Nortel Networks is a huge step toward making that a reality for cable operators."

Cable operators who deploy Nortel Networks Succession Cable VoIP Solution with Succession CS 2000 softswitches and the BTX-21 and BTX-8 media gateways will have the assurance of deploying a fully integrated, tested cable VoIP solution. To further simplify the deployment process, Nortel Networks will also provide cable customers with engineering support, architecture design, and professional services for the combined product offering.

Nortel Networks is in a unique position to help cable operators create new revenue opportunities and reduce operational expenditures through comprehensive integrated cable solutions spanning video and video on demand, voice and multimedia communications, high-speed data services, managed network services for business customers and next generation access. The company continues to execute on three cable commitments: new product development geared specifically to cable applications, commitment to the technology and standards organizations which serve the cable industry, and implementing real-world solutions that address cable operators' fundamental business and networking challenges.

Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com or www.nortelnetworks.com/media_center.

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 outcome of Nortel Networks independent review and planned restatement of its previously announced or filed financial results; the impact of the management changes announced on April 28, 2004; the impact of the inability to meet Nortel Networks filing obligations on credit and support facilities and public debt obligations; the sufficiency of Nortel Networks restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; continued reductions in spending by Nortel Networks customers; fluctuations in Nortel Networks operating results and general industry, economic and market conditions and growth rates; the communication by Nortel Networks auditors of the existence of material weaknesses in internal control; Nortel Networks ability to recruit and retain qualified employees; fluctuations in Nortel Networks cash flow, level of outstanding debt and current debt ratings; Nortel Networks ability to meet the financial covenants in its credit facilities; the use of cash collateral to support Nortel Networks normal course business activities; the dependence on Nortel Networks subsidiaries for funding; the impact of Nortel Networks defined benefit plans and deferred tax assets on results of operations, Nortel Networks cash flows and compliance with financial covenants; Nortel Networks dependence on new product development and its ability to predict market demand for particular products; Nortel Networks ability to integrate the operations and technologies of acquired businesses in an effective manner; the impact of rapid technological and market change; the impact of price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of rationalization in the telecommunications industry; changes in regulation of the Internet; the impact of the credit risks of Nortel Networks customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date or early settlement of Nortel Networks purchase contracts; risks associated with a consolidation of Nortel Networks common shares; the impact of Nortel Networks supply and outsourcing contracts that contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; the future success of Nortel Networks strategic alliances; and the adverse resolution of litigation, investigations, intellectual property disputes and similar matters.

For additional information with respect to certain of these and other factors, see the most recent Form 10-Q/A and Form 10-K/A filed by Nortel Networks with the United States Securities and Exchange Commission. Unless otherwise required by applicable securities laws, 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.

Nortel Networks, the Nortel Networks logo, the Globemark , Business Without Boundaries, Passport and Succession are trademarks of Nortel Networks. PacketCable and CableLabs are trademarks of Cable Television Laboratories, Inc.

Nortel Networks Christie Blake, 978-288-8439 email: christbl@nortelnetworks.com

NEWS RELEASE TRANSMITTED BY CCNMatthews


Copyright (C) 2004, CCNMatthews. All rights reserved.



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GREGDOGG
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Didn't they just get in trouble again for filing with the SEC.?
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TradingWizard
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YES, that is why stock dropped a lot yesterday....the above is today's news.
Eventhough they have the accounting scandal on their backs, their products are ROCKING!!!
It will be next RIM rise.

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GREGDOGG
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Have you looked at the 10 year chart? WOW !!!

If they get their act together they should see $20. IMO


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northernprophet
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I have to disagree on this one.
NT is a stock only for experienced traders.
First of all, NTs big selling point to investors was their pricing power.
They said they could sell their products cheaper than anyone and make a profit.
(now we know the profits were "enhanced")
They are now going to have to spend money on lawyers and other legal costs.
Also, lots of talk about a rollback, and it WILL happen.
Probably a 10 for 1 rollback, and the law of rollbacks states that stocks generally consolidate back to their pre-rollback price.
Next to being de-listed, rollbacks are the worst things for stocks.
I can't believe the people who still think this has "blue chip" qualities.NT has not been a blue chip since they spun off Bell.
Blue chips do not lose 99.4% of their value.

Massive downside volume on NY last week!
This stock has now lost all credibility with funds and real long term investors, but if you want to trade the swings, fine.

Finally, if there is any value here, the pros will want to take it below $3 US to trigger massive margin calls, maybe below $3 Cdn. as well, since NT is the most widely held stock in Canada.


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GREGDOGG
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Good point NP, I hate R/S's.
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cndboy
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quote:
Originally posted by TradingWizard:
YES, that is why stock dropped a lot yesterday....the above is today's news.
Eventhough they have the accounting scandal on their backs, their products are ROCKING!!!
It will be next RIM rise.


Woooo Next RIM I don't think so altho this will be atleast a 20 dollar stock in the next couple of months. I'm just waitting for all the trouble to end then buy in again.


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northernprophet
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The whole tech dead cat bounce has pretty much run its course.
Look at the action in Inco and Noranda yesterday. A rising interest rate environment is usually good for cyclicals, commodities, and gold.
Also, bear trends are characterized by explosive upside days like NT had on Tuesday.
Gotta load some more people on board, then take it down again.

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northernprophet
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Another thing that I observe now with NT is that there are very few block trades of 100,000 shares or more, considering the volume.
This is a bad sign, it probably means the liquidity has run dry for the funds who own millions of shares, not too many other funds/institutions buying.

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TradingWizard
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northernprophet you are probably / or absolutely right the NT stock may not sound good at all.
Well too late for me to sell....I am just going to take a hit and stay for few years and wait for recovery - hopefully.
Deep down I think they will come out of this mess!
On the other hand I am new to trading and all my strategy is based on the actual products - if the company has a niche product or superior product I will invest and hold.
But lately this has changed...and I am looking into daytrade closer and closer.
I bought HKY at IPO (when I used to be employee) and still have it, but I think I am going to take a loss and reinvest. Again this is me - like to hold on to stuff.
So this is my side of the story...still learning but hey if I hang out a lot here I may pick up good stuff...Cheers

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FedEx Institute of Technology, Nortel Networks to Facilitate `Workplace of the Future'


MEMPHIS, Tenn., May 6, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Deploying Multimedia Services Platform to Support Research on Collaborative Applications

Nortel Networks (NYSE:NT)(TSX:NT) and the FedEx Institute of Technology at the University of Memphis are working together to facilitate the "Workplace of the Future," where advanced collaborative capabilities are expected to make it possible for tomorrow's leaders to reach out virtually 'anytime, anywhere' to tap the resources and expertise they need to succeed.

In a model anticipated to serve as a vanguard for future educational and collaborative research activities, the Institute is deploying Nortel Networks Multimedia Communication Server (MCS) 5100 to connect researchers, academics, students and staff of the Advanced Distributed Learning (ADL) Network of Co-Labs, one of the Institute's in-residence research partners. This includes ADL co-development partners in Florida, Washington, D.C. and Wisconsin.

The FedEx Institute of Technology also expects to use this multimedia and collaborative services platform to support the State of Tennessee's "Workforce of the Future" program, which seeks to prepare today's students for the challenges of a high-tech future. The Institute plans to work with secondary schools in Tennessee to foster collaboration among students and teachers, and to provide students with relevant technology experience.

"Our work with Nortel Networks will enable us to further our goals of creating the 'Workplace of the Future,' where we will showcase ways our students and faculty can collaborate to a much greater degree - not only among themselves, but with our external research partners as well," said James M. Phillips, chairman, FedEx Institute of Technology.

"More importantly, this will provide the infrastructure to enable our research in determining which types of commercially-available applications will drive productivity, allowing researchers on the network to share information anywhere, anytime via whatever device they prefer," Phillips said.

"Nortel Networks is providing the infrastructure that will help the FedEx Institute of Technology to foster a better understanding of how extended teams work and how their effectiveness can be improved," said Malcolm Collins, president, Enterprise Networks, Nortel Networks. "MCS 5100 is designed to promote increased productivity through teamwork enhanced by next generation applications."

"Our focus in providing this leading-edge convergence solution is on enabling people to cooperate regardless of when and where they access the network," Collins said. "Our multimedia services portfolio also enables customers to maximize their converged infrastructure investment by accommodating new technologies as they become available without having to replace the entire network."

MCS 5100 is designed to help customers increase productivity by enabling greater means of collaboration, support for worker mobility, and development of personalized applications in a cooperative environment.

The MCS 5100 collaboration suite provides users with simplicity and flexibility in connecting with each other regardless of distance, device or location. MCS 5100 offers advanced capabilities like presence technology, which allows users to know if colleagues are online and available. MCS 5100 also supports file sharing and transfers, conferencing, electronic whiteboards, video, and instant messaging - all through a simple user interface.

MCS 5100 is based on industry standards, including Session Initiation Protocol (SIP) and H.323. Adherence to industry standards ensures that Nortel Networks solutions can provide a full suite of enterprise applications in a multi-vendor environment.

Nortel Networks MCS 5100 received the Network World 'Blue Ribbon' in December 2003 following rigorous testing that compared teleworking solutions from six leading IP (Internet Protocol) telephony vendors. MCS 5100 was also named 'Best of Show' in the "innovative and visionary product" category at the Internet Telephony Conference & Expo, February 2004 in Miami. For service providers and carriers who want to offer hosted collaboration services, Nortel Networks offers Multimedia Communication Server 5200, which seamlessly integrates voice, video, real-time whiteboarding and presence for more effective communications.

Nortel Networks convergence solutions are designed to provide the greatest flexibility available by ensuring the equipment can be easily upgraded in an evolutionary path to provide future capabilities seamlessly that enhance the performance, security and reliability of the network. In addition, the solutions are designed to accommodate future requirements, like provisioning of voice, wireless, multimedia and data over the same infrastructure.

Nortel Networks relationship with the FedEx Institute of Technology furthers its leadership position in the education market. Nearly 10,000 education customers worldwide have deployed communications infrastructure solutions from Nortel Networks.

Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com or www.nortelnetworks.com/media_center.

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 outcome of Nortel Networks independent review and planned restatement of its previously announced or filed financial results; the impact of the management changes announced on April 28, 2004; the impact of the inability to meet Nortel Networks filing obligations on credit and support facilities and public debt obligations; the sufficiency of Nortel Networks restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; continued reductions in spending by Nortel Networks customers; fluctuations in Nortel Networks operating results and general industry, economic and market conditions and growth rates; the communication by Nortel Networks auditors of the existence of material weaknesses in internal control; Nortel Networks ability to recruit and retain qualified employees; fluctuations in Nortel Networks cash flow, level of outstanding debt and current debt ratings; Nortel Networks ability to meet the financial covenants in its credit facilities; the use of cash collateral to support Nortel Networks normal course business activities; the dependence on Nortel Networks subsidiaries for funding; the impact of Nortel Networks defined benefit plans and deferred tax assets on results of operations, Nortel Networks cash flows and compliance with financial covenants; Nortel Networks dependence on new product development and its ability to predict market demand for particular products; Nortel Networks ability to integrate the operations and technologies of acquired businesses in an effective manner; the impact of rapid technological and market change; the impact of price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of rationalization in the telecommunications industry; changes in regulation of the Internet; the impact of the credit risks of Nortel Networks customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date or early settlement of Nortel Networks purchase contracts; risks associated with a consolidation of Nortel Networks common shares; the impact of Nortel Networks supply and outsourcing contracts that contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; the future success of Nortel Networks strategic alliances; and the adverse resolution of litigation, investigations, intellectual property disputes and similar matters.

For additional information with respect to certain of these and other factors, see the most recent Form 10-Q/A and Form 10-K/A filed by Nortel Networks with the United States Securities and Exchange Commission. Unless otherwise required by applicable securities laws, 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.

Nortel Networks, the Nortel Networks logo, the Globemark and Business Without Boundaries are trademarks of Nortel Networks.



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TradingWizard
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Telenet Selects Nortel Networks to Build PacketCable Voice over IP Network


MECHELEN, Belgium, May 6, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


PacketCable VoIP Solution Expected to Increase Efficiency, Pave Way for Future IP Telephony Services

Telenet, the Belgian cable operator, has selected Nortel Networks (NYSE:NT)(TSX:NT) to provide a cable voice over Internet Protocol (IP) telephony network - based on the PacketCable standard - that will help Telenet to drive reduced operating costs while providing a platform capable of delivering advanced IP services to businesses and consumers in Belgium.

IP-based packet networks allow voice, video and data that traditionally run over separate networks to be combined onto a single, high-speed broadband communications infrastructure. Under an agreement announced today, Nortel Networks will provide a comprehensive PacketCable voice over IP (VoIP) solution that will enable Telenet to offer residential and business IP telephony services and broadband Internet access over a single core data network.

Telenet's PacketCable VoIP solution is built on its DOCSIS 2.0-based ExpressNet network. The PacketCable specification describes how to move the basic functions typically consolidated on a single, expensive Class 5 central office switch onto several, general-purpose servers to create a lower cost, highly flexible, scalable, distributed architecture.

The VoIP network from Nortel Networks will be a hybrid solution integrated with Telenet's existing TDM infrastructure, ensuring the best return on investment and an evolutionary approach to Telenet's infrastructure. The VoIP network is expected to help Telenet drive reduced operating costs, and will be an initial step toward future multimedia services like video calling, unified messaging, and remote collaboration

"The PacketCable VoIP platform from Nortel Networks is the ideal solution for Telenet since it will allow us to continue serving our more than 250,000 TDM telephony customers while enabling us to grow further in this market with a VoIP-based telephony product," said Piet Spiessens, vice president, Network and Application Services, Telenet.

"With Nortel Networks success in deploying voice over IP to service providers and enterprises around the world, it is encouraging to see Telenet taking the lead in deploying PacketCable VoIP to its customers," said Maurice Meesters, general manager, Benelux, Nortel Networks. "We have been working with service providers in Belgium for 25 years, closely aligning with our customers' business objectives to ensure we provide not just the latest technology, but the next generation communications solution that fits their specific needs."

The agreement includes Nortel Networks Succession Communication Server (CS) 2000, a superclass softswitch that provides a comprehensive set of services designed to help service providers economically address new, revenue-generating opportunities in business, residential and transit markets. Also included are Nortel Networks Passport Packet Voice Gateway (PVG), Nortel Networks Preside network management systems, and professional services ranging from network design to network operation and maintenance.

For the entire year and fourth quarter of 2003, Nortel Networks ranked #1 in the global markets for voice over IP ports shipped and in global softswitch revenue, according to Synergy Research Group and In-Stat/MDR. Nortel Networks has a proven portfolio of products and services for packet voice and multimedia services. Nortel Networks is providing Succession VoIP solutions to leading operators, including Cox Communications, Sprint, MCI, TeleCable, Hong Kong Broadband Network, Verizon Communications, Bell Canada, Cable & Wireless Cayman Islands, China Netcom and China Railcom.

Nortel Networks is in a unique position to help cable operators create new revenue opportunities and reduce operational expenditures through comprehensive integrated cable solutions spanning video and video on-demand, voice and multimedia communications, high-speed data services, managed network services for business customers, and next generation access. The Company continues to execute on three cable commitments: new product development geared specifically to cable applications, commitment to the technology and standards organizations which serve the cable industry, and implementing real-world solutions that address cable operators' fundamental business and networking challenges.

Telenet is one of the largest providers of broadband cable services in Belgium. Its business comprises the provision of cable television, high speed internet and telephony services, primarily to residential customers in Flanders. In addition, Telenet offers services to business customers all across Belgium and in Luxembourg under its brand Telenet Solutions.

Telenet offers its residential services through a combination of its cable network, which passes some 1.7 million homes in Flanders and through long term usage rights on cable networks which pass a further 0.7 million homes in Flanders. All the networks through which Telenet offers residential services in Flanders have been upgraded to a two way digital HFC (hybrid fiber coaxial) standard and Telenet has direct relationships with all of its internet and telephony customers. Telenet offers voice, data and internet services to its business customers through its state of the art fiber backbone which covers all Belgium and Luxembourg.

Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com or www.nortelnetworks.com/media_center.

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.



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TradingWizard
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Four Nortel execs on leave were finance chiefs -WSJ


7:11am ET (Reuters)


NEW YORK, May 7 (Reuters) - The four Nortel Networks executives who were put on leave amid the Canadian company's recent accounting problems worked as divisional finance chiefs at the company, the Wall Street Journal said on Friday.

The finance heads include James Kinney at the Wireless Networks unit, Ken Taylor with Enterprise Networks, Craig Johnson at Wireline Networks, and Doug Hamilton with the Optical Networks group, the Journal said, citing people familiar with the situation.

When Nortel fired its top three executives last month and warned accounting problems already under investigation by regulators ran deeper than expected, it also said that four individuals who were "senior line of business finance executives" during the period being examined had been placed on paid leave of absence pending further progress of the review.

The Brampton, Ontario, company also said last month it expected a restatement to halve 2003 earnings.

A Nortel representative was not immediately available to comment to Reuters.


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What: Nortel Networks Multiservice Provider Edge 9000 series
Webcast for Press, Analysts, and Consultants

Who: Scott McFeely, general manager, Wireline Networks

When: 10:00 am ET, Monday, May 10, 2004

Where: To take part in the Webcast, please visit -
http://www.nortelnetworks.com/pressconf051004

To participate in audio teleconference, please call
888-211-4395 (North America ONLY)
212-271-4600 (International)

Please dial in at least 15 minutes prior to the start
of the event.

What you'll need: What You Need To "Attend" the Webcast -

-- A Pentium PC P133 or faster

-- Sound card with speakers or headphones

-- 28.8 Kbps modem or higher

-- RealPlayer G2 required, available at
www.real.com

Archived Files: A replay of webcast will be available at 12:00 pm ET
at http://www.nortelnetworks.com/pressconf051004

A replay of the audioconference will be available at
12:00 pm ET at 800-383-0935 (North America) or
402-530-5545 (International), passcode 21193918#
until 12:00 pm ET, May 24, 2004


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Nortel Networks Ushers in Reliable IP Networking with New Breed of Networking Device; Enables Service Providers to Accelerate Business Transformation, Top Line Growth


MIAMI, May 10, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Nortel Networks (NYSE:NT)(TSX:NT) today announced the cornerstone of its strategy of transforming networks by enabling service providers and cable operators to converge multiple communications networks over IP (Internet Protocol) and achieve substantial cost reduction and top line growth via mission critical IP services.

Unveiled at Carrier Inform 2004, Nortel Networks annual global conference for service provider customers, Nortel Networks Multiservice Provider Edge (MPE) 9000 series is a new breed of networking device, part of the emerging multiservice edge category that addresses the critical shortcomings of today's edge routers -- network reliability, service scalability and traffic prioritization.

The Yankee Group estimates this new category will grow nearly twice as fast as the overall worldwide IP edge market, which it forecasts at a compound annual growth rate (CAGR) of 18.8 percent to US$4.3 billion in 2008.

"Yesterday's edge requirement was for the biggest, fastest router," said Sue Spradley, president, Wireline Networks, Nortel Networks. "Today's requirements are ultra-reliability and the ability to support multiple services with the highest performance and cost efficiency. These play to Nortel Networks key strengths."

"Without new levels of reliability, a carrier business model transformation based on convergence and the expansion in new services can't occur," Spradley said. "We are giving service providers and cable operators the confidence to converge today's high-margin services while laying the foundation for future services and new value creation. With our extensive product portfolio and core IP routing through our relationship with Avici Systems, we offer our service provider customers the industry's most comprehensive solution set for network transformation and convergence."

The MPE 9000 series is designed from the ground up to be the industry's most reliable network edge platform. Its innovative architecture provides a host of technology innovations that bring 'voice-grade' reliability to the IP world, allowing service providers to converge their voice, data, wireless and multimedia services onto a single network using multi-protocol label switching (MPLS).

Equant, a global carrier with one of the largest data networks in the world, has begun trials of Nortel Networks MPE 9000 series in its lab in France. TELUS, one of Canada's leading telecommunications companies, and Infonet, a global communications provider with a data network reaching more than 180 countries, also intend to conduct trials.

"The MPE9000 series is in line with Equant's vision of the converged network," said Didier Duriez, senior vice president, Network, Managed Services and Security, Equant. "The architecture is fundamentally different from other products on the market today and very well suited for the next generation multiservice edge, which would fit our customer requirements in terms of service evolution."

"Nortel Networks MPE 9000 series provides the ability to collapse multiple access infrastructures to not only drive cost out of the network, but also to terminate traditional data services with an MPLS service end point," said Ibrahim Gedeon, chief technology officer, TELUS. "Existing devices cannot be morphed into a multiservice edge device -- for us it is important to design the platform from scratch with carrier-grade characteristics and service requirements in mind. We are looking forward to trialing the MPE 9000 series in our labs."

"A platform that effectively unifies the edge can be a service provider's most valuable network asset, enabling transformation of our business model to achieve new levels of customer value, differentiation, and profitability," said Paul Hibbert, chief technology officer, Infonet. "The MPE 9000 series is being launched at exactly the right time. Infonet and Nortel Networks multiservice edge visions have proven to be very closely aligned as we've worked together over the last couple of years. A lab trial is the next step in our evaluation process."

Nortel Networks MPE 9000 series will be generally available in the fourth quarter of 2004, and is the first product to be announced from a planned family of multiservice IP devices designed around Nortel Networks vision of resilient IP networks.

"As service providers migrate more voice and private data traffic to IP networks, the criteria used for selecting IP infrastructure vendors becomes more rigorous," said Mark Bieberich, program manager, Communications Network Infrastructure, the Yankee Group. "Service providers now require a platform designed specifically for consolidating networks at the IP/MPLS edge. Among other key requirements, this platform must deliver access-agnostic services, feature a scalable IP/MPLS control plane, and provide true carrier-grade reliability. Nortel Networks MPE was designed precisely with these goals in mind."

Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com or www.nortelnetworks.com/media_center.

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 outcome of Nortel Networks independent review and planned restatement of its previously announced or filed financial results; the impact of the management changes announced on April 28, 2004; the impact of the inability to meet Nortel Networks filing obligations on credit and support facilities and public debt obligations; the sufficiency of Nortel Networks restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; continued reductions in spending by Nortel Networks customers; fluctuations in Nortel Networks operating results and general industry, economic and market conditions and growth rates; the communication by Nortel Networks auditors of the existence of material weaknesses in internal control; Nortel Networks ability to recruit and retain qualified employees; fluctuations in Nortel Networks cash flow, level of outstanding debt and current debt ratings; Nortel Networks ability to meet the financial covenants in its credit facilities; the use of cash collateral to support Nortel Networks normal course business activities; the dependence on Nortel Networks subsidiaries for funding; the impact of Nortel Networks defined benefit plans and deferred tax assets on results of operations, Nortel Networks cash flows and compliance with financial covenants; Nortel Networks dependence on new product development and its ability to predict market demand for particular products; Nortel Networks ability to integrate the operations and technologies of acquired businesses in an effective manner; the impact of rapid technological and market change; the impact of price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of rationalization in the telecommunications industry; changes in regulation of the Internet; the impact of the credit risks of Nortel Networks customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date or early settlement of Nortel Networks purchase contracts; risks associated with a consolidation of Nortel Networks common shares; the impact of Nortel Networks supply and outsourcing contracts that contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; the future success of Nortel Networks strategic alliances; and the adverse resolution of litigation, investigations, intellectual property disputes and similar matters.

For additional information with respect to certain of these and other factors, see the most recent Form 10-Q/A and Form 10-K/A filed by Nortel Networks with the United States Securities and Exchange Commission. Unless otherwise required by applicable securities laws, 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.

Nortel Networks, the Nortel Networks logo, the Globemark and Business Without Boundaries are trademarks of Nortel Networks.

Nortel Networks Bo Gowan, 972-685-8278 email: bogowan@nortelnetworks.com or Carrie Kasten, +44 1628 43 5358 email: ckasten@nortelnetworks.com



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Nortel Networks launches high-end routing product


8:01am ET (Reuters)


By Jeffrey Hodgson

TORONTO, May 10 (Reuters) - Nortel Networks Corp. launched a new high-end routing product on Monday it said would let phone and cable companies deliver a variety of voice, video and data services on a single platform.

The Brampton, Ontario-based firm, North America's largest maker of telecommunications equipment, said its new "multiservice provider edge" product is designed to offer the same reliability as traditional voice-only networks.

Most telecom companies now use different networks that include switches for voice service and routers for Internet traffic.

But Nortel said its new device is designed to take those different types of traffic and put them over one network.

"Customers now can take wireless, their multimedia video, their enterprise (business) data networks, and converge it onto one box and know that it's going to work the same way that trusted voice box works in their networks," said Nortel's president of wireline networks, Sue Spradley.

"I think (buyers will be) wireline, cable operators, wireless, anybody today who is delivering consumer or enterprise-based data services."

Spradley said the product will be used in trials by Equant and Infonet Services Corp. , which provide high-speed communications network services to business customers.

She said it will likely be available to the wider market by the fourth quarter.

One industry analyst said the new product will put Nortel more directly in competition with Cisco Systems Inc. and Juniper Networks Inc. , which make routers used to manage Internet and data traffic.

"It's a very important product announcement for Nortel because their customers are migrating to a common IP/MPLS (Internet protocol multiprotocol label switching) network infrastructure," said Mark Bieberich, a senior analyst at Yankee Group, a research and consulting firm.

"It affords service providers more scalability and more flexibility than what was previously available."

He said telecom companies will likely appreciate the fact the new product can be incorporated into existing networks, rather than forcing them to spend the money needed for a total overhaul.

The product launch comes as Nortel wrestles with the fallout from the firing last month of its top three executives and its admission that accounting problems already under investigation by regulators ran deeper than expected.

The company's shares tumbled 29 percent in one session after it said it expected to restate results for a second time to halve 2003 earnings.

Spradley said that, from what she had seen, the firm's accounting woes had not discouraged customers from working with it.

"We've been through harder times, believe it or not, even than this, although this is very difficult, and the thing that we've shown... we've got employees and engineers than can stay focused," she said.

"Most of our customers are saying let's keep working this thing through and we know you'll be back on top quickly."


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Stock halted - I must be the only one to believe in NT.
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Believe in NT it's a good stock... It will dip more I'm thinking it's gonna hit 2$ or even 1$ again.... But in time it will skyrocket back to around 15-20$ that's what this stock is worth. It's "THE" Cdn company...... You'll see give it some time.....
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quote:
Originally posted by cndboy:
Believe in NT it's a good stock... It will dip more I'm thinking it's gonna hit 2$ or even 1$ again.... But in time it will skyrocket back to around 15-20$ that's what this stock is worth. It's "THE" Cdn company...... You'll see give it some time.....

Thanks for support, I amost thought I was the only one. Looks like they are doing all right things with their management to fix the accounting scandal and their contracts are rolling...

And the latest news:
Nortel adds lawyer, former politician to board


3:28pm ET (Reuters)


OTTAWA, May 26 (Reuters) - Nortel Networks Corp. , reeling from an accounting scandal that will see it restate several quarters of results, has added a former Canadian finance minister to its board of directors, the company said on Wednesday.

Nortel, which last month fired chief executive Frank Dunn in connection with the accounting problems, said former deputy prime minister John Manley was joining the board.

"I am confident in Nortel Networks future," Manley said in a statement released by the company, North America's biggest maker of telecommunications gear.

"I look forward to being part of the team as we work through the company's immediate challenges and build on Nortel's success."

Manley, a lawyer who is known as a keen proponent of technology, served as finance minister, industry minister and headed several other ministries during 15 years in public office, standing down when he failed to win the Liberal Party leadership last year.

Nortel shares inched up 4 Canadian cents to C$4.88 on the Toronto Stock Exchange on Wednesday afternoon, and gained 3 cents to $3.56 in New York.

The stock, which peaked at well over C$120 at the height of tech euphoria, sank below 70 Canadian cents after the bubble burst.

The company is putting out periodic updates on its accounting review to comply with a demand from Canadian regulators, pending the release of restated audited results.


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'Alone we can do so little; together we can do so much.' - Helen Keller


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quote:
Originally posted by TradingWizard:
Thanks for support, I amost thought I was the only one. Looks like they are doing all right things with their management to fix the accounting scandal and their contracts are rolling...

And the latest news:
Nortel adds lawyer, former politician to board


3:28pm ET (Reuters)


OTTAWA, May 26 (Reuters) - Nortel Networks Corp. , reeling from an accounting scandal that will see it restate several quarters of results, has added a former Canadian finance minister to its board of directors, the company said on Wednesday.

Nortel, which last month fired chief executive Frank Dunn in connection with the accounting problems, said former deputy prime minister John Manley was joining the board.

"I am confident in Nortel Networks future," Manley said in a statement released by the company, North America's biggest maker of telecommunications gear.

"I look forward to being part of the team as we work through the company's immediate challenges and build on Nortel's success."

Manley, a lawyer who is known as a keen proponent of technology, served as finance minister, industry minister and headed several other ministries during 15 years in public office, standing down when he failed to win the Liberal Party leadership last year.

Nortel shares inched up 4 Canadian cents to C$4.88 on the Toronto Stock Exchange on Wednesday afternoon, and gained 3 cents to $3.56 in New York.

The stock, which peaked at well over C$120 at the height of tech euphoria, sank below 70 Canadian cents after the bubble burst.

The company is putting out periodic updates on its accounting review to comply with a demand from Canadian regulators, pending the release of restated audited results.



The Cdn Govt can't afford to make this company go belly up.... Plus I heard good news on the way..... Give it some time.


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Thanks....

And here is some DIVIDENT news....

Nortel Networks Declares Preferred Share Dividends


OTTAWA, May 27, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


The board of directors of Nortel Networks Limited today declared a dividend on each of the outstanding Cumulative Redeemable Class A Preferred Shares Series 5 (TSX:NTL.PR.F) and the outstanding Non-cumulative Redeemable Class A Preferred Shares Series 7 (TSX:NTL.PR.G). The dividend amount for each series is calculated in accordance with the terms and conditions applicable to each respective series, as set out in the Company's articles. The annual dividend rate for each series floats in relation to changes in the average of the prime rate of Royal Bank of Canada and The Toronto-Dominion Bank during the preceding month ("Prime") and is adjusted upwards or downwards on a monthly basis by an adjustment factor which is based on the weighted average daily trading price of each of the series for the preceding month, respectively. The maximum monthly adjustment for changes in the weighted average daily trading price of each of the series will be plus or minus 4.0% of Prime. The annual floating dividend rate applicable for a month will in no event be less than 50% of Prime or greater than Prime. The dividend on each series is payable on July 12, 2004 to shareholders of record of such series at the close of business on June 30, 2004.


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'Alone we can do so little; together we can do so much.' - Helen Keller


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Nortel reporting update expected by Wednesday


11:43am ET (Reuters)


TORONTO, May 31 (Reuters) - Canada's top securities regulator said on Monday it expects Nortel Networks Corp. to provide by Wednesday the first of what could become a series of bi-weekly updates on its reporting problems.

An Ontario Securities Commission spokeswoman said the regulator had been in contact with Nortel and had received assurances about the update.

"We fully expect it by Wednesday for sure," said Ontario Securities Commission spokeswoman Wendy Dey told reporters.

Dey made the comments following a hearing that extended a trading ban on directors, officers and insiders of North America's largest maker of telecommunications equipment.

As a result of the order, Nortel is required to provide bi-weekly updates "on the affairs of the company".

Nortel shocked financial markets last month by firing three top executives and warning that accounting problems already under investigation by regulators ran deeper than expected.

The Brampton, Ontario-based company said at the time it expected to restate results to halve 2003 earnings, and any results filed after 2000 "should not be relied upon".

($1=$1.36 Canadian)


------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


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Survey: Convergence Momentum Continues Dramatic Increase for Enterprises; Nortel Networks Introduces New Blueprint to Enable Deployment of Converged Network


LOS ANGELES, Jun 1, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Nortel Networks (NYSE:NT) (TSX:NT) today announced survey results that show businesses that are deploying or planning to deploy converged networks are at unprecedented levels.

The comprehensive survey, conducted by Mindwave Research this spring, featured 430 members of the International Nortel Networks Users Association (INNUA) attending the upcoming Global Connect 2004 conference on June 6-10. Key results show that more than 27 percent of respondents have already deployed a converged networking infrastructure and a full 79 percent of businesses have converged or plan to converge the disparate elements of their communications networks within five years.

"Converged networks are being implemented at an aggressive pace for businesses of all sizes in all economic sectors. Put simply, companies recognize the emerging applications, cost savings and productivity enhancements enabled by a single networking infrastructure and are poised to realize these benefits," said Malcolm Collins, president, Enterprise Networks, Nortel Networks.

The top three cited benefits are the ability to deploy integrated applications with greater ease (42 percent); minimizing costs and complexity associated with moves, adds and changes (35 percent); and the ability to deploy enhanced voice functions (34 percent). The most pressing challenges are that the cost benefits are not perceived as being compelling enough at this time (48 percent), lack of budget (47 percent) and the requirement of systems to manage and troubleshoot IP voice quality (42 percent).

For Wireless local area networks (WLAN), only ten percent of respondents have rolled out a WLAN infrastructure enterprise-wide; but a substantial 55 percent have deployed a limited WLAN or plan to within the year. Increasing employee productivity through mobility was the top reason cited for deploying WLANs and the biggest challenge was weakened security. From a security perspective, network and data security was the most significant challenge for 20 percent of respondents.

To meet the emerging customer needs as defined in the INNUA user study, Nortel Networks will formally unveil at Global Connect 2004 its new Architecture for the Converged Enterprise (ACE). ACE will provide customers with the building blocks to implement a converged infrastructure that is easy to manage, secure and efficient.

"Realizing the true potential of a converged network requires up-front planning and a realistic assessment of the existing infrastructure. Simplifying an organization's communications isn't simple and these capabilities cannot be switched on by deploying a few boxes here and there. ACE will provide the means for companies to determine how to get from where they are now to where they need to be to take full advantage of convergence, regardless of which network equipment suppliers they choose," said Aziz Khadbai, general manager, Local Premise Solutions.

ACE will provide the means for companies to increase the productivity of their workforce or constituent community, change their business infrastructure dynamically to respond to market changes and most importantly, to effect these changes in a secure manner. The attributes of security in ACE reach beyond industry standards, providing the foundation to help industries such as healthcare, government and financial services ensure compliance with federal regulations and standards. Complementing ACE is a step-by-step blueprint that allows customers to adopt convergence at their own pace, utilizing their existing networking equipment where possible.

"Across the globe we have shipped more than 50 million enterprise telephony lines and more than 50 million Ethernet ports. It is from this unique vantage point that we will establish the industry's blueprint to enable convergence and help enterprises leverage emerging technologies such as SIP, WLAN, SSL-VPN and more," said Collins.


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'Alone we can do so little; together we can do so much.' - Helen Keller


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Nortel CEO looks to grow cash, cut costs 9:09 am ET
OTTAWA, June 2 (Reuters) - Nortel Networks Corp. chief executive officer William Owens said on Wednesday that North America's largest telecom equipment maker will cut costs, though not necessarily jobs, and focus on cash.

Nortel, which reaffirmed the changes it expects from earnings restatements stretching back over the last three years, also said it continues to expect it will outpace growth in the telecom equipment sector, which it sees in the low single digit percentages


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'Alone we can do so little; together we can do so much.' - Helen Keller


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UPDATE 1-Nortel reaffirms likely accounting changes


9:05am ET (Reuters)


(Adds details, background. In U.S. dollars unless noted)

OTTAWA, June 2 (Reuters) - Nortel Networks Corp on Wednesday reaffirmed the changes it expects from earnings restatements stretching back over the last three years, but said it could not yet give a date when it would release restated results.

The company, North America's largest maker of telecommunications equipment, said it sees "good business momentum going forward and it expected to grow faster than the overall telecommunications market.

But it would not complete its accounting review and restatements in the second quarter and could not say when it expects to file those statements.

Canadian regulators have told the company, which is based in Brampton, Ontario, to issue bi-weekly status reports while the accounting work is underway.

Nortel has hired Ernst & Young to assist in the accounting work. It repeated that it sees a reduction of about 50 percent in 2003 net earnings and reductions in its net losses previously reported for 2002 and 2001.

It also sees a net loss for the first half of 2003 -- it previously reported a profit in the period -- with reductions in net income making a "substantial" impact on continuing operations, rather than on discontinued operations.

Nortel said there is no material impact to prior revenue periods or the company's cash balance.

The stock slipped before the market opened, down 2.7 percent, or 11 cents at $3.97 on Instinet.

Investors, provided with scant information since the accounting debacle began to unravel last October, have been anxiously awaiting news on Nortel's accounting investigation and regulatory probes. There are also questions on when results will be filed and why senior executives were fired.


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'Alone we can do so little; together we can do so much.' - Helen Keller


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Nortel Networks Enables `Future-Proof' SIP Capabilities with Preferred Software Membership


LOS ANGELES, Jun 7, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Strengthens Leadership Position by Providing Choice in How, Where Customers Communicate

Nortel Networks (NYSE:NT)(TSX:NT) has introduced a Preferred Software Membership program that will give customers access to future software releases to enable powerful SIP (session initiation protocol)-based applications for 'anytime, anywhere' communications while helping to protect existing investments in multimedia and telephony platforms. The Preferred Software Membership program is designed to help keep customers current and to simplify management of software upgrade purchase decisions as they move to SIP-based applications.

Nortel Networks is a worldwide leader in delivering SIP innovation with customers and partners like Bell Canada, Charter Communications, Dacom, Erlanger Health System, the FedEx Institute of Technology at the University of Memphis, the University of Michigan, Monster, OneConnect, SBC, SaskTel, Sungard, TeliaSonera, Texas A&M University and Verizon Communications.


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'Alone we can do so little; together we can do so much.' - Helen Keller


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More good news:


Latest Market Commentary - Canadian Back


June 17, 2004 Canadian | US | Briefing.com



UPDATE 2-Cisco CEO says "would love" Nortel partnership 11:14 am ET
(Adds Nortel reaction, analysts comments, updates shares)

By Sue Thomas and Susan Taylor

TORONTO/OTTAWA, June 17 (Reuters) - Cisco Systems Inc. chief executive John Chambers said on Thursday the world's largest router maker would relish teaming up with Nortel Networks Corp. , North America's biggest telecoms equipment supplier.

"I believe in strategic partnerships. I would love to have Nortel as a partner," Chambers told a question and answer session after a speech in Toronto. "I believe going to market together is the way of the future."

But he poured cold water on suggestions that San Jose, California-based Cisco, which makes machines that direct Internet traffic, would buy the beleaguered Canadian telecoms equipment maker, which is mired in accounting troubles.

"I don't know how to do large acquisitions," he said, adding that his company focuses on small buys with talent. But he also said: "Never say never."

Nortel chief executive William Owens told Reuters on Wednesday that Nortel expected "a lot more emphasis on partners" going forward.

"I personally have had associations with a number of them (potential partners) and this is a great opportunity for us to provide bundled solutions that make real sense for our customers and can do a lot for our business," Owens said.

"I'm doing a number of things right now...I've met with several CEOs."

Brampton, Ontario-based Nortel said on Thursday it was not focused on a particular partner, sector or company. "On partnerships, Nortel is open to possibilities and always looking at opportunities," said spokeswoman Tina Warren.

Shares in Nortel surged more than 7 percent early on Thursday to a high of C$6.03 on the Toronto Stock Exchange, before paring gains to C$5.92. They climbed 21 cents to $4.30 on the New York Stock Exchange.

Cisco's shares slipped 2.55 percent or 61 cents to $23.27 in New York.

Nortel, a former market darling that's now wrestling with a much publicized accounting mess, is reviewing its financial statements for a period stretching between 2001 and 2003, and has said it will need to restate results for a second time.

It has fired several senior executives, including former CEO Frank Dunn.

Analysts welcomed any move by Cisco and Nortel to team up.

"Cisco is pursuing those types of partnerships," said Blaylock & Partners analyst Gabriel Lowy. "Any type of partnership of that ilk, where Nortel can get Cisco in the door, or further penetrated in the service provider market, would be very valuable to both companies."

"People are shifting their focus from the accounting issues to the underlying business and to us that's always been two very distinct issues."

Another analyst, who asked not to be named, said a partnership "could be huge because it essentially puts the leading data guy and one of the biggest telecom (equipment) guys together without officially making a merger."

Nortel is also seen winning a portion of at least two major wireless contracts that have yet to be announced, analysts said.

The company is widely expected to win the bulk of a GSM wireless contract in India, which Lehman Brothers believes could be worth around $500 million in revenues to Nortel over the next two years.

There are also expectations that Nortel will take a share of a Sprint upgrade. "We believe Sprint PCS will make an announcement regarding its plans for a 3G network upgrade in the coming weeks," wrote Prudential Securities analyst Inder Singh in a note on Thursday.



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'Alone we can do so little; together we can do so much.' - Helen Keller


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Looks like NT is moving on. Closed today at 6.68 (5.36%)

I guess latest news had the effect on today's pps:

Nortel exits manufacturing in Flextronics deal


12:47pm ET (Reuters)


(Adds analyst comments, updates stock prices. In U.S. dollars unless noted)

By Susan Taylor

OTTAWA, June 29 (Reuters) - Nortel Networks Corp. will no longer make the telecommunications equipment it sells, announcing a deal on Tuesday to contract out its manufacturing work to Singapore-based Flextronics International Ltd.

The deal will see Nortel, North America's biggest telecoms-equipment provider, net between $475 million and $525 million in cash, while Flextronics will oversee manufacturing work that is valued at $2.5 billion annually. The deal extends an existing agreement between the companies.

Flextronics, which has been in talks on the deal with Brampton, Ontario-based Nortel since January 2004, will take over Nortel's manufacturing plants in Canada and Brazil, and has made an offer to buy plants in France and Northern Ireland.

"In general, we view the transaction with Flextronics to be encouraging, but largely immaterial for Nortel as it does not materially change profitability," said Lehman Brothers analyst Steve Levy in a research note.

"The net cash inflow is largely what we had previously expected ($475 million - $525 million), however the timing is more spread out as the payments are staged over five quarters versus a lump payment as we had previously thought."

Shares in Nortel, whose stock has been hit by an accounting mess that will see it restate results, gained 14 Canadian cents to C$6.48 on the Toronto Stock Exchange on Tuesday morning and 8 cents to $4.82 in New York.

Flextronics shares jumped 4.5 percent, or 69 cents, to $16.06 on Nasdaq.

The companies have struck a four-year deal for manufacturing services and a three-year contract for design services.

Nortel expects to receive cash payments in the fourth quarter of 2005, of $475 million to $525 million for inventory and equipment and about $200 million for intangible assets. The payments will be offset by transaction costs of about $200 million.

"It liberates Nortel to really focus on system design work and sales and marketing," said Gabriel Lowy, analyst at Blaylock & Partners, who has a "buy" on the stock and owns Nortel shares.

"They don't need to have this manufacturing, so there's obviously cost savings."

By the fourth year of the deal, Nortel said it expects to see an annual benefit of $75 million to $100 million from the deal.

Flextronics, which expects to hire 2,500 Nortel employees under the arrangement, will acquire almost all of Nortel's remaining manufacturing operations, including product integration, testing, and repair.

Nortel said it will create centers to oversee its supply chains, including customer service, order management, quality assurance and new product introduction.

Nortel also said on Tuesday it will issue an update on the impact of restated financial results in mid to late-July and announce preliminary results for the first and second quarters of 2004 in mid-August.

Nortel has previously said it expects the restatements to halve 2003 earnings, but reduce losses for previous years.

----------------------------------------

Nortel helps lift Toronto stocks higher


4:23pm ET (Reuters)


TORONTO, June 29 (Reuters) - News that Nortel Networks Corp. will exit the manufacturing business helped boost Toronto stocks on Tuesday. But nervousness ahead of Wednesday's U.S. interest rate decision tempered further gains.

The Toronto Stock Exchange's S&P/TSX composite index rose 29.65 points, or 0.35 percent, to close at 8,498.52. Volume was 181 million shares worth C$2.6 billion.

"There's a little bit of trepidation ahead of the (U.S. Federal Reserve) announcement," said Patti Croft, chief economist with Phillips, Hager & North.

Eight of the TSX index's 10 subgroups gained ground with technology issues rising 1.3 percent.

Nortel, which makes up about 3 percent of the exchange, rose 34 Canadian cents, or 5 percent, to C$6.68 after it said it will exit the manufacturing business.

Monday's election gave Canada's Liberal Party another term in power, but left it looking to a left-leaning partner to hand it the backing it needs to govern effectively. This in turn has clouded the future for mergers among Canadian banks.

"With the election finally over and done with, the market now believes that the agenda for bank mergers will be put on hold for some period of time," said Croft.

Financial issues closed flat after spending most of the day in negative territory.

-------------------------------------

WRAPUP 1-Nortel exits manufacturing, promises accounting news


5:13pm ET (Reuters)


(Refiles to fix headline to say WRAPUP 1, instead of WRAPUP, to conform to style)

(In U.S. dollars unless noted)

By Susan Taylor

OTTAWA, June 29 (Reuters) - Nortel Networks Corp. will no longer make the telecommunications equipment it sells, announcing a deal on Tuesday to exit its remaining manufacturing work and contract it out to Singapore-based Flextronics International Ltd.

The deal will see Nortel, North America's biggest telecoms-equipment provider, net between $475 million and $525 million in cash, while Flextronics will oversee manufacturing work that is valued at $2.5 billion annually.

Nortel also promised on Tuesday to throw some light next month on the financial impact of an accounting debacle that cost its former chief executive, Frank Dunn, his job earlier this year.

In a biweekly accounting update required by regulators, it also said it will announce "limited preliminary" unaudited results for the first and second quarters of 2004 in mid-August.

Analysts said the developments helped ease some of the uncertainty hanging over shares of Brampton, Ontario-based Nortel.

Nortel stock surged more than 5 percent on Tuesday, up 36 Canadian cents, to close at C$6.70 on the Toronto Stock Exchange and was up 25 cents at $4.99 in New York.

Several analysts were favorable to the Flextronics deal.

"It liberates Nortel to really focus on system design work and sales and marketing," said Gabriel Lowy, analyst at Blaylock & Partners, who has a "buy" on the stock and owns Nortel shares. "They don't need to have this manufacturing, so there's obviously cost savings."

The deal, extending an existing agreement, will see Flextronics take over plants in Canada and Brazil. Flextronics, in talks with Nortel since January 2004, has also made an offer to buy plants in France and Northern Ireland.

The deal includes a four-year contract for manufacturing services and a three-year agreement for design services.

Nortel expects cash payments in the fourth quarter of 2005, of $475 million to $525 million for inventory and equipment and about $200 million for intangible assets. The payments will be offset by transaction costs of about $200 million.

By the fourth year of the deal, Nortel expects savings to add $75 million to $80 million to before-tax annual earnings.

On the accounting front, Nortel said it plans to issue restatements of financial results for fiscal 2003 in the third quarter of this year, and restatements of results for earlier periods soon thereafter.

The company is completing an audit that will see it restate results between 2001 and 2003. It has said it expects the restatements to halve 2003 earnings, but reduce losses in previous years.

"We still do not know what the impacts of these restatements are and how profitable Nortel really was during the last six quarters," said Lehman Brothers analyst Steve Levy in a note. "This remains the key question that needs to be answered."

Regulators in Canada and the United States are investigating Nortel's accounting. Canadian police are conducting a review to see if there is need for a criminal investigation, such as one already under way in Texas.

Nortel, which last week won court approval to delay its annual meeting, also said that if it files its 2003 results and first quarter 2004 results after Aug. 30, Export Development Canada could terminate its $750 million credit facility.


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