Ciena Corporation (ticker: CIEN, exchange: NASDAQ Global Select Market (.O))
News Release -
Ciena Receives Investment Canada Act Approval of Proposed Acquisition of Nortel's Optical and Carrier Ethernet AssetsLINTHICUM, Md., Dec 30, 2009 (BUSINESS WIRE) -- Ciena(R)
Corporation (NASDAQ: CIEN), the network specialist, today announced that
it has received regulatory approval under the Investment Canada Act in
connection with Ciena's acquisition of the optical networking and
carrier Ethernet assets of Nortel's Metro Ethernet Networks (MEN)
"Today's regulatory approval confirms that the Minister of Industry is
satisfied that our acquisition will be of net benefit to Canada," said
Gary Smith, Ciena's CEO and president. "In addition to the positive
benefits we expect for stockholders, employees, customers and suppliers,
we have always believed that our transaction provided a substantial
benefit to Canada and the Canadian marketplace and we are pleased with
today's important milestone."
Ciena has now completed applicable regulatory reviews in the United
States and Canada, and expects to close the transaction in the first
quarter of calendar 2010.
Additional information about this proposed transaction is available on
Ciena's website at www.ciena.com.
Ciena specializes in practical network transition. We offer leading
network infrastructure solutions, intelligent software and a
comprehensive services practice to help our customers use their networks
to fundamentally change the way they compete. With a global presence,
Ciena leverages its heritage of practical innovation to deliver maximum
performance and economic value in communications networks worldwide. We
routinely post recent news, financial results and other important
announcements and information about Ciena on our website. For more
information, visit www.ciena.com.
Note to Investors
Forward-looking statements. This press release contains
certain forward-looking statements based on current expectations,
forecasts and assumptions that involve risks and uncertainties.
Forward-looking statements include statements regarding Ciena's
expectations, beliefs, intentions or strategies regarding the future and
can be identified by forward-looking words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "should,"
"will," and "would" or similar words. Forward-looking statements
relating to the transaction described herein include, but are not
limited to, statements about the benefits of the transaction, including
future financial and operating results, accretion to earnings per share
arising from the transaction, integration costs, the expected amount and
timing of cost savings and operating synergies, whether and when the
transaction contemplated will be consummated, and the combined company's
plans, expectations, objectives, and intentions. These statements are
based on information available to Ciena as of the date hereof and actual
results could differ materially from those stated or implied. These
statements are subject to risks and uncertainties associated with
Ciena's business, which include the risk factors disclosed in Ciena's
Form 10-K filed with the SEC on December 22, 2009. Risks relating to the
proposed transaction include, but are not limited to: the anticipated
benefits and synergies of the proposed transaction may not be realized;
the integration could be materially delayed or may be more costly or
difficult than expected; and the proposed transaction may not be
consummated. Ciena assumes no obligation to update the information
included in this press release, whether as a result of new information,
future events or otherwise.
SOURCE: Ciena Corporation