Corvis Announces the Completion of the Dorsal Networks Merger
Jim Bannantine Appointed President of Corvis
COLUMBIA, MD May 16, 2002 - Corvis Corporation (NASDAQ: CORV), a leading provider of intelligent optical networking solutions, today announced the completion of the Dorsal Networks merger and the appointment of James Bannantine as Corvis' new president.
This merger positions Corvis as one of the few global end-to-end providers of optical networking systems. The completion of the merger enables Corvis to progress from providing coastal links through the Corvis XF repeaterless systems, to the delivery of complete trans-oceanic routes. At the annual meeting of shareholders held last week in Baltimore, Maryland, Corvis' shareholders approved the Dorsál merger by more than a 4-to-1 margin.
With the closing of the merger, James Bannantine, Dorsál chief executive officer and president, has been appointed the new president of Corvis. He succeeds Dr. David Huber, who will remain Chairman and CEO of Corvis. Bannantine is an established global business leader and a licensed professional engineer.
''Jim is an excellent addition to the Corvis senior management team. He brings proven global management experience, strong leadership and additional commercial skills to the company,'' said Dr. David Huber, CEO of Corvis.
''I am looking forward to my new role as Corvis' president,'' said Jim Bannantine. ''I believe my experience running expansive, complex infrastructure businesses and my international background will support Corvis' current and continuing leadership in global optical networking.''
Bannantine brings over 20 years of experience to Corvis. He previously served as CEO of Enron South America, where he developed and led a rapid growth strategy while holding complete profit and loss responsibility for a large division with $3.5 billion in assets, $1.5 billion in revenues and 4,500 employees. During his tenure at Enron, he built a strong record of achievement in business development, marketing, finance, operations and technology. Bannantine left Enron in January 2001 to form Acumen Capital, LLC, a private equity firm focused on international infrastructure. He joined Dorsal Networks as CEO in September 2001.
Bannantine graduated in the top one percent of his class at West Point and spent twelve years as an officer in the U.S. Army Corps of Engineers. Additionally, he graduated with distinction from The Wharton Graduate School of Business. Bannantine won an appointment as a Wharton Public Policy Fellow to the Office of the U.S. Trade Representative and taught finance and economics at West Point.
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. 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 optical network intelligence and mesh network 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 Public Relations Contact:
Keira N. Shein
(443) 259-4006
Fax: (443) 259-4798
Corvis Investor Relations Contact:
Andrew G. Backman
(443) 259-4600
Fax: (301) 310-3134