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Nortel Networks

Nortel and Export Development Canada Amend Support Facility: Facility Extended

    Toronto (ots/PRNewswire) - Nortel(x) Networks Corporation (NYSE/TSX: NT) announced today that its  principal operating subsidiary, Nortel Networks Limited, has amended its  master facility agreement (the "Facility") with Export Development Canada.  The amendment extends the maturity date of the Facility for an additional year to December 31, 2008.

    The total Facility is maintained at US$750 million, including the existing US$300 million of committed support for performance bonds and  similar instruments.

    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 ", "targets", "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. 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;  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 approval of its proposed class action settlement; 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 restatements 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; (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; the sufficiency of recently announced restructuring actions, including the potential for higher actual costs to  be incurred in connection with these restructuring actions compared to the  estimated costs of such actions and the ability to achieve the targeted  cost savings and reductions of Nortel's unfunded pension liability deficit;  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, including completion of the sale of its UMTS  access business to Alcatel; 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 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 support 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 support facility; 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 the 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 Nortel's Annual Report on Form 10-K /A, Quarterly Reports on Form 10-Q 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: Jay Barta, +1-(972)-685-2381,
jbarta@nortel.com



Weitere Meldungen: Nortel Networks

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