CIENA Announces Repricing of Employee Options.LINTHICUM, Md.--(BUSINESS WIRE)--Sept. 17, 1998--CIENA Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CIEN CIEN Ciena Corporation (stock symbol) ) announced today that its Board of Directors has approved the repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of stock options held by the Company's employees to an exercise price of $12.375 per share, CIENA's closing price as of September 16, 1998. The repricing is effective today, and applies to all employee stock options which had an exercise price above $12.375. "The Company has recently experienced first-hand a number of the risks we've regularly discussed as being inherent in growing a dynamic business in an industry dominated by large competitors, and the stock market's reaction has been very adverse," said Patrick Nettles net·tle n. 1. Any of numerous plants of the genus Urtica, having toothed leaves, unisexual apetalous flowers, and stinging hairs that cause skin irritation on contact. 2. Any of various hairy, stinging, or prickly plants. , CIENA's president and chief executive officer. "But our employees are doing everything they can to assure the Company's success in the face of these risks. Our Board of Directors believes strongly that we need our employees' continued energy, focus and determination. We think the option repricing is a critical element in helping us retain and re-incentivize our team, which is an important step toward maintaining and enhancing shareholder value over the long term." Mr. Nettles further noted that the decision to reprice was made by a Board that consists almost entirely of independent directors. Options held by the Company's executive officers, all of which were granted prior to the Company's initial public offering in February, 1997, were not affected by the repricing action. ABOUT CIENA Based in Linthicum, Maryland Linthicum is a census-designated place (CDP) and an unincorporated community in Anne Arundel County, Maryland, United States. The population was 7,539 at the 2000 census. It is the approximate location of Baltimore-Washington International Thurgood Marshall Airport (BWI). , CIENA Corporation Ciena Corporation NASDAQ: CIEN develops and markets communications network platforms and software, and offers professional services. The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom is a worldwide market leader of open architecture, dense wave length division multiplexing (DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing ) systems for long-distance and local exchange carriers. CIENA's DWDM solutions include the MultiWave(R) 1600 long-haul transport system, WaveWatcher(R) network management software, the MultiWave Optical Add/Drop Multiplexer, the MultiWave Sentry(tm) enhanced long-distance transport system and the new MultiWave(R) Firefly and MultiWave Metro(tm) short-haul systems. Through its Alta subsidiary, based in Norcross, GA, CIENA provides a range of engineering, furnishing and installation (EF&I) services for telecommunications service providers in the areas of transport, switching and wireless communications. Additional information about CIENA can be found on its World Wide Website: http://www.ciena.com. |
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