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Nortel Networks

Nortel, Flextronics Reschedule Calgary Manufacturing Transfer

Toronto, Canada (ots/PRNewswire)

Nortel(x) (NYSE: NT; TSX: NT)
and Flextronics(x) (NASDAQ: FLEX) have agreed to reschedule the
transfer to Flextronics of Nortel's manufacturing  operations and
related activities in Calgary, Alberta from the first to the  second
quarter of 2006.
The schedule was revised to allow completion of several major
information systems changes that are expected to simplify and improve
the  quality of operations during and after the transition. Nortel
and  Flextronics anticipate no change in cash proceeds to Nortel of
approximately US$575 million to US$625 million, of which the
remaining US$ 200 million to US$240 million is expected to be
received in 2006.
Nortel transferred manufacturing operations and related activities
in  Montreal, Quebec and in Châteaudun, France to Flextronics in
2005.
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. Serving both  service provider and enterprise customers,
Nortel delivers innovative  technology solutions encompassing
end-to-end broadband, Voice over IP,  multimedia services and
applications, and wireless broadband designed to  help people solve
the world's greatest challenges. 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 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 regulatory and  criminal investigations
and civil litigation actions related to Nortel's  restatements and
the impact any resulting legal judgments, settlements,  penalties and
expenses could have on Nortel's results of operations,  financial
condition and liquidity, and any related potential dilution of
Nortel's common shares; the findings of Nortel's independent review
and  implementation of recommended remedial measures; the outcome of
the ongoing  independent review with respect to revenues for specific
identified  transactions, which review will have a particular
emphasis on the  underlying conduct that led to the initial
recognition of these revenues;  the restatement or revisions of
Nortel's previously announced or filed  financial results and
resulting negative publicity; the existence of  material weaknesses
in Nortel's internal control over financial reporting  and the
conclusion of Nortel's management and independent auditor that
Nortel's internal control over financial reporting is ineffective,
which  could continue to impact Nortel's ability to report its
results of  operations and financial condition accurately and in a
timely manner; the  impact of Nortel's and NNL's failure to timely
file their financial  statements and related periodic reports,
including Nortel's inability to  access its shelf registration
statement filed with the United States  Securities and Exchange
Commission (SEC); the impact of management changes,  including the
termination for cause of Nortel's former CEO, CFO and  Controller in
April 2004; the sufficiency of Nortel's restructuring  activities,
including the work plan announced on August 19, 2004 as updated  on
September 30, 2004 and December 14, 2004, including the potential for
higher actual costs to be incurred in connection with restructuring
actions  compared to the estimated costs of such actions; cautious or
reduced  spending by Nortel's customers; increased consolidation
among Nortel's  customers and the loss of customers in certain
markets; fluctuations in  Nortel's operating results and general
industry, economic and market  conditions and growth rates;
fluctuations in Nortel's cash flow, level of  outstanding debt and
current debt ratings; Nortel's monitoring of the  capital markets for
opportunities to improve its capital structure and  financial
flexibility; Nortel's ability to recruit and retain qualified
employees; the use of cash collateral to support Nortel's normal
course  business activities; the dependence on Nortel's subsidiaries
for funding;  the impact of Nortel's defined benefit plans and
deferred tax assets on  results of operations and Nortel's cash flow;
the adverse resolution of  class actions, litigation in the ordinary
course of business, intellectual  property disputes and similar
matters; Nortel's dependence on new product  development and its
ability to predict market demand for particular  products; Nortel's
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
and  consolidation in the telecommunications industry; changes in
regulation of  the Internet; the impact of the credit risks of
Nortel's customers and the  impact of customer financing and
commitments; general stock market  volatility; negative developments
associated with Nortel's supply contracts  and contract manufacturing
agreements, including as a result of using a  sole supplier for a key
component of certain optical networks solutions;  the impact of
Nortel's 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; any
undetected  product defects, errors or failures; the future success
of Nortel's  strategic alliances; and certain restrictions on how
Nortel and its  president and chief executive officer conduct
business. For additional  information with respect to certain of
these and other factors, see the  most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q  filed by Nortel 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. Flextronics is a registered service mark of
Flextronics International, Ltd.

Contact:

For further information: Media: Patti Vernon, +1-(905)-863-1035,
patricve@nortel.com; Investors: (888)-901-7286, +1-(905)-863-6049,
investor@nortel.com, www.nortel.com

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