Covad Safety Net Promotion is Designed to Reduce the Switching Costs to NorthPoint Users Who May Lose Broadband Connections.Business Editors/High-Tech Writers 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)--March 23, 2001 Limited Promotion Offers Free Installation and Modem Trade-In Covad Communications (Nasdaq:COVD COVD College of Optometrists in Vision Development COVD Covad Communications Group (stock symbol) ), the leading national broadband services provider utilizing 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 (Digital Subscriber Line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and ) technology, announced the Covad Safety Net Promotion for NorthPoint Users. The promotion is designed to help most NorthPoint broadband users who may lose their connection on the NorthPoint network get connected to the Covad network with a modem trade-in and without having to pay for installation. "Covad has always stood for choice in broadband services," said Chuck McMinn, chairman of Covad. "This program helps ease the financial burden for end users who wish to choose Covad and provides as fast a path as possible for them to get reconnected to the largest national DSL network so they can get their businesses and lives back on track." The Covad Safety Net Promotion for NorthPoint Users was developed in response to AT&T's purchase of substantially all of NorthPoint's assets that was approved by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. this week. In its press release, NorthPoint indicated "imminent termination of network services to customers" and its web site urges customers to take immediate action to secure alternative services. Details on the Covad Safety Net Promotion for NorthPoint Users The Covad Safety Net Promotion for NorthPoint Users is immediately available to NorthPoint customers on two participation levels. For those who currently have an Internet Service Provider 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. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) that is also a Covad ISP, Covad will waive the installation charge to the ISP. Once the Covad service has been successfully installed, customers also can participate in a modem trade-in program. Customers who are currently with NorthPoint-only ISPs are eligible to participate only in the modem trade-in program and will be switched to a Covad ISP. To participate in the Covad Safety Net Promotion for NorthPoint Users, current NorthPoint customers must contact their ISP and request a transfer to Covad's network by May 1, 2001. They can then go to the Covad Safety Net site located at www.covad.com and follow instructions to make the network switch or find out more details about the promotion. The trade-in program is for customers who have successfully installed Covad services. The customer must return a trade-in package, including the old NorthPoint modem, to Covad's fulfillment center by September 30, 2001. Upon verification of eligibility, the customer will receive a check equal to the cost of the modem provided by Covad. About Covad Communications Covad is the leading national broadband services provider of high-speed Internet See broadband. and network access utilizing Digital Subscriber Line (DSL) technology. It offers DSL, IP and dial-up services An information service on demand. The term was popular when analog modems were the only way to connect to a remote system. See dial-up. through Internet Service Providers, telecommunications carriers, enterprises, affinity groups, PC OEMs and ASPs to small and medium-sized businesses and home users. Covad services are currently available across the United States in 109 of the top Metropolitan Statistical Areas (MSAs). Covad's network currently covers more than 40 million homes and business and reaches approximately 40 to 45 percent of all US homes and businesses. Corporate headquarters is located at 4250 Burton Drive, Santa Clara, CA 95054. Telephone: 1-888-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 press release that are not historical facts are "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. ," including statements concerning Covad's plans to expand its network, market opportunities, the cost, timing and scope of the deployment of Covad's network and launching of its services, implementation of line sharing and self-installation, anticipated capital expenditures, expense reductions and other operating results, success of strategic relationships, and the statements made by the chairman in this release. Actual events or results may differ materially as a result of risks facing Covad or actual results differing from the assumptions underlying such statements. Such risks and assumptions include, but are not limited to, Covad's ability to successfully market its services to current and new customers, the consolidation of sales to a fewer number of wholesale customers, Covad's ability to generate customer demand, to achieve acceptable pricing, to respond to increasing competition, to manage growth, to receive timely payment from our Internet service providers and other customers, to access regions and negotiate suitable interconnection agreements, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as regulatory, legislative, and judicial developments. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in Covad's SEC filings. |
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