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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.

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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