Orckit Communications Retires Additional Notes.TEL AVIV, Israel, Oct. 29 /PRNewswire/ --
Orckit Communications, Ltd. (Nasdaq: ORCT) announced today that it has retired approximately $27.6 million principal amount of its convertible subordinated notes. This retirement will result in an extraordinary gain of approximately $17.9 million.
The Company said that the gain is expected to be recorded in the financial results for the quarter ending December 31, 2001. Following the note retirement, the total principal amount outstanding of the convertible subordinated notes due April 2005, is $66.4 million.
About Orckit Communications
Orckit Communications Ltd. (Nasdaq: ORCT) is a leading provider of advanced 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 (DSL) solutions that enable high-speed broadband data transmission over existing copper infrastructure. Orckit's FastInternet(TM) ADSL See DSL.
ADSL - Asymmetric Digital Subscriber Line access multiplexer (DSLAM (DSL Access Multiplexor) A central office (CO) device for ADSL service that intermixes voice traffic and DSL traffic onto a customer's DSL line. It also separates incoming phone and data signals and directs them onto the appropriate carrier's network. See DSL. ), and CopperTrunk(R) HDSL See DSL.
HDSL - High bit-rate Digital Subscriber Line platforms offer telecom operators and service providers a cost-effective solution enabling a variety of revenue-generating services such as voice, data and Internet access.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's United States Securities and Exchange Commission filings.
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