Nortel Networks

Pangia Named Nortel Asia President

    Hong Kong (ots/PRNewswire) -

    - Experienced Nortel Executive to Take Region to Next Level

HONG KONG, May 26 /PRNewswire/ --

    Nortel(x) (NYSE: NT; TSX: NT) announced Michael Pangia as president of  Asia, effective immediately. In this role, Pangia is responsible for  Nortel's overall sales strategy and operations for the Asia region,  including Greater China, Japan, India, Australia, New Zealand, Southeast  Asia Region and Pakistan. The Company also announced Robert Mao, president  of Greater China for Nortel, has left the Company to pursue other interests  and wished him well.

    "The Asia region presents the most exciting yet complex opportunities  in our industry," said Mike Zafirovski, president and CEO, Nortel. "Michael  has a proven track record and extensive experience with the Company in  multiple regions and disciplines, ranging from finance and operations to  sales. I have also been very impressed with his outstanding leadership  capabilities and strong desire to win which are essential ingredients to  our future success. I am very pleased to have such a well-rounded leader as  Michael to head up this strategic region for Nortel."

    "I am very excited about the new challenges as president of Asia," said  Pangia. "Asia is a hotbed for trailblazing technology and I look forward to  bringing Nortel's technology innovation to bear in this region."

    In his 20 years with Nortel, Pangia has held various senior management  positions across different lines of business and has worked in US, Canada,  Europe and the Caribbean and Latin America regions. His previous roles  include vice president for Global Enterprise Operations and Services and  vice president of Finance for Nortel's optical business. Prior to this new  appointment, Pangia was the chief operating officer for Asia Pacific.

    Pangia is Canadian and holds a Bachelor of Commerce degree from the  University of Windsor and an MBA from the University of Toronto in Canada.

    About Nortel

    Nortel is a recognized leader in delivering communications capabilities  that enhance the human experience, ignite and power global commerce, and  secure and protect the world's most critical information. Our next- generation technologies, for both service providers and enterprises, span  access and core networks, support multimedia and business-critical  applications, and help eliminate today's barriers to efficiency, speed and  performance by simplifying networks and connecting people with information.  Nortel does business in more than 150 countries. For more information,  visit Nortel on the Web at www.nortel.com. For the latest Nortel news, visit www.nortel.com/news.

    Certain statements in this press release may contain words such as " could", "expects", "may", "anticipates", "believes", "intends", "estimates",  "plans", "envisions", "seeks" and other similar language and are  considered forward-looking statements or information under applicable  securities legislation. These statements are based on Nortel's current  expectations, estimates, forecasts and projections about the operating  environment, economies and markets in which Nortel operates. These  statements are subject to important assumptions, risks and uncertainties,  which are difficult to predict and the actual outcome may be materially different. Although Nortel believes expectations reflected in such forward- looking statements are reasonable based upon certain assumptions, they may  prove to be inaccurate and consequently Nortel's actual results or events  could differ materially from its expectations set out in this press release . Further, actual results or events could differ materially from those  contemplated in forward-looking statements as a result of the following (i)  risks and uncertainties relating to Nortel's restatements and related matters including: Nortel's most recent restatement and two previous restatements of its financial statements and related events; the negative  impact on Nortel and NNL of their most recent restatement and delay in  filing their financial statements and related periodic reports (including  the anticipated delay in filing the Quarterly Reports on Form 10-Q for the  first quarter of 2006) causing them to breach their public debt indentures  and, if the delay extends beyond June 15, 2006, their obligations under  their credit facilities, with the possibility that the holders of their  public debt or NNL's lenders would seek to accelerate the maturity of that  debt, and causing, if the delay extends beyond June 15, 2006, a breach of NNL's support facility with EDC with the possibility that EDC would refuse  to issue additional support under the facility, terminate its commitments  under the facility or require NNL to cash collateralize all existing  support; legal judgments, fines, penalties or settlements, or any  substantial regulatory fines or other penalties or sanctions, related to  the ongoing regulatory and criminal investigations of Nortel in the U.S.  and Canada; any significant pending civil litigation actions not  encompassed by Nortel's proposed class action settlement; any substantial  cash payment and/or significant dilution of Nortel's existing equity  positions resulting from the finalization and approval of its proposed  class action settlement, or if such proposed class action settlement is not finalized, any larger settlements or awards of damages in respect of such  class actions; any unsuccessful remediation of Nortel's material weaknesses  in internal control over financial reporting resulting in an inability to  report Nortel's results of operations and financial condition accurately  and in a timely manner; the time required to implement Nortel's remedial  measures; Nortel's inability to access, in its current form, its shelf  registration filed with the United States Securities and Exchange  Commission (SEC), and Nortel's below investment grade credit rating and any  further adverse effect on its credit rating due to Nortel's restatement of its financial statements; any adverse affect on Nortel's business and market price of its publicly traded securities arising from continuing  negative publicity related to Nortel's restatements; Nortel's potential  inability to attract or retain the personnel necessary to achieve its  business objectives; any breach by Nortel of the continued listing  requirements of the NYSE or TSX causing the NYSE and/or the TSX to commence  suspension or delisting procedures; any default in Nortel's filing  obligations extending beyond July 15, 2006 for the 2006 First Quarter Form  10-Qs, causing any Canadian securities regulatory authority to impose an  order to cease all trading in Nortel's securities within the applicable  jurisdiction or to impose such an order sooner if Nortel fails to comply  with the alternate information guidelines of such regulatory authorities; (ii) risks and uncertainties relating to Nortel's business including: yearly  and quarterly fluctuations of Nortel's operating results; reduced demand  and pricing pressures for its products due to global economic conditions,  significant competition, competitive pricing practice, cautious capital  spending by customers, increased industry consolidation, rapidly changing  technologies, evolving industry standards, frequent new product  introductions and short product life cycles, and other trends and industry  characteristics affecting the telecommunications industry; any material and  adverse affects on Nortel's performance if its expectations regarding  market demand for particular products prove to be wrong or because of  certain barriers in its efforts to expand internationally; any reduction in  Nortel's operating results and any related volatility in the market price  of its publicly traded securities arising from any decline in its gross margin, or fluctuations in foreign currency exchange rates; any negative  developments associated with Nortel's supply contract and contract  manufacturing agreements including as a result of using a sole supplier for  key optical networking solutions components, and any defects or errors in  Nortel's current or planned products; any negative impact to Nortel of its  failure to achieve its business transformation objectives; additional  valuation allowances for all or a portion of its deferred tax assets;  Nortel's failure to protect its intellectual property rights, or any  adverse judgments or settlements arising out of disputes regarding  intellectual property; changes in regulation of the Internet and/or other  aspects of the industry; Nortel's failure to successfully operate or  integrate its strategic acquisitions, or failure to consummate or succeed  with its strategic alliances; any negative effect of Nortel's failure to evolve adequately its financial and managerial control and reporting systems and processes, manage and grow its business, or create an effective  risk management strategy; and (iii) risks and uncertainties relating to  Nortel's liquidity, financing arrangements and capital including: the  impact of Nortel's most recent restatement and two previous restatements of  its financial statements; any acceleration under their public debt  indentures and credit facilities, which may result in Nortel and NNL being  unable to meet their respective payment obligations; any inability of Nortel to manage cash flow fluctuations to fund working capital requirements or achieve its business objectives in a timely manner or obtain additional sources of funding; high levels of debt, limitations on  Nortel capitalizing on business opportunities because of credit facility  covenants, or on obtaining additional secured debt pursuant to the  provisions of indentures governing certain of Nortel's public debt issues  and the provisions of its credit facilities; any increase of restricted  cash requirements for Nortel if it is unable to secure alternative support  for obligations arising from certain normal course business activities, or  any inability of Nortel's subsidiaries to provide it with sufficient funding; any negative effect to Nortel of the need to make larger defined  benefit plans contributions in the future or exposure to customer credit  risks or inability of customers to fulfill payment obligations under  customer financing arrangements; any negative impact on Nortel's ability to  make future acquisitions, raise capital, issue debt and retain employees  arising from stock price volatility and further declines in the market  price of Nortel's publicly traded securities, or any future share  consolidation resulting in a lower total market capitalization or adverse  effect on the liquidity of Nortel's common shares. For additional information with respect to certain of these and other factors, see the  Company's Annual Report on Form 10-K/A and NNL's Annual Report on Form 10-K  and other securities filings with the SEC. Unless otherwise required by  applicable securities laws, Nortel disclaims any intention or obligation to  update or revise any forward-looking statements, whether as a result of new  information, future events or otherwise.

    (x)Nortel, the Nortel logo and the Globemark are trademarks of Nortel  Networks.

ots Originaltext: Nortel Networks
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: Patricia Vernon, +1-905-863-1035,
patricve@nortel.com; Jolia Kua, +852-2100-2198, joliakua@nortel.com



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