Covad Announces Strategic Partnership and Investment in iBEAM Broadcasting.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Oct. 14, 1999-- Covad Communications (Nasdaq:COVD COVD College of Optometrists in Vision Development COVD Covad Communications Group (stock symbol) ), the leading national DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary broadband services provider, today announced a strategic partnership and investment in iBEAM Broadcasting, the leading streaming media See streaming audio, streaming video and digital media hub. distributed network. Covad, along with industry leaders Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking and Microsoft Corp., participated in a preferred equity round of financing for iBEAM. Covad also signed a strategic distribution agreement to deploy iBEAM's servers within Covad's network and to re-sell iBEAM's advanced streaming delivery solution on a wholesale basis. Through the partnership, Covad and iBEAM will work together to deliver compelling multi-media content and applications to consumers and businesses nationwide. The combination of iBEAM's intelligent content distribution capabilities and Covad's always-on, last mile broadband connectivity will provide content providers, channel partners and end-users with a superior quality streaming audio and video experience. "Covad is committed to making strategic investments in industry leading companies aligned with Covad's goal to expand the rapidly growing market for broadband services, content and applications," said Robert Davenport, Covad's executive vice president of Corporate Development. "Our partnership with iBEAM will help speed development of rich broadband content while accelerating adoption for Covad's services nationwide." About Covad Covad Communications is a leading broadband access and services provider of high-speed Internet and network access. It offers DSL services through Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. to small and medium-sized businesses and home users. Covad services are currently available across the United States in 51 of the top Metropolitan Statistical Areas (MSAs) and expect to be in 100 MSAs by the end of 2000. At this time, Covad's network will reach more than 40 percent of all US homes and 45 percent of all US businesses. Covad Communications and its affiliates, doing business as Covad Communications Company, are wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Covad Communications Group, Inc. (Nasdaq:COVD). Corporate headquarters is located at 2330 Central Expressway, Santa Clara, CA, 95050. Telephone: 888/GO-COVAD. Web Site: www.covad.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release, which are not historical facts may be deemed to contain forward-looking statements, including, but not limited to, deployment, scalability and integration of the Company's network in new and existing regions and the timing and breadth of coverage in each region. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the Company's dependence on strategic third parties to market and resell its services, intense competition for the Company's service offerings, dependence on growth in demand for DSL-based services, availability of collocation space, telephone wires and telecommunications facilities, ability to manage and scale operations, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings. The Company disclaims any obligation to update information contained in any forward-looking statement. |
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