Corvis Offers Clarification Statement on Insider's Sale.Business Editors/Hi-Tech Writers COLUMBIA, Md.--(BUSINESS WIRE)--June 19, 2001 Corvis 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 :CORV) today issued a statement correcting erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. news reports concerning the ownership of Corvis stock by Dr. David Huber, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Dr. Huber continues to own 87.1 million shares of Corvis stock, not 7 million as incorrectly reported by several news services. During the month of May 2001, Dr. Huber was correctly attributed with the sale of approximately 3.2 million shares of Corvis stock, or 3.5 percent of his holdings. These sales were made by a blind trust and an independent business entity in which he holds an interest. Dr. Huber had no ability to exercise any investment discretion or decision making authority in the execution of the trades made by either of these entities. "Corvis is executing on the vision we established several years ago. We have delivered the industry's first all-optical network A communications network that works completely in the optical domain. It uses optical switches connected by optical fibers. See optical switch and optical computer. , which was recently deployed by Broadwing Communications," said Dr. Huber. "My confidence in the company has never been greater and we remain focused on executing our business strategy to deliver superior products and services to our customers." About Corvis Corvis Corporation is a leading provider of next-generation optical services networks founded by Dr. David Huber, a pioneer in the field of optical communications Optical communications The transmission of speech, data, video, and other information by means of the visible and the infrared portion of the electromagnetic spectrum. . By deploying the industry's first all-optical network, Corvis has revolutionized the way communications traffic is moved in the new Internet-driven economy. Corvis products and services deliver all-optical network intelligence and mesh network A communications network in which there are at least two pathways to each node. If one of the paths fails, the other is still available. A "fully meshed" network means that every node has a direct connection to every other node, which is a very elaborate and expensive architecture. capabilities providing telecom service providers with end-to-end core networking solutions, which make them more competitive in the market. Corvis' next-generation products enable these carriers to offer their customers a vast array of advanced wavelength services that dramatically lower capital and operational costs, while generating increased revenue. For more information, call Corvis at 443-259-4000 or visit the Corvis web site at www.corvis.com. Corvis, CorWave and the Corvis logo are trademarks and/or service marks of the Corvis Corporation. All other trademarks are the property of their respective owners. Note: This announcement contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties. Actual results could differ materially from those currently anticipated as a result of a number of factors, including, but not limited to, the risks and uncertainties discussed under "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in the Company's filings with the Securities and Exchange Commission. |
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