|By Marketwired .||
|January 1, 2013 03:24 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/01/13 -- Nortel(i) Networks Corporation (NNC) (OTCBB:NRTLQ) and Nortel Networks Limited (NNL) announced today that, further to their announcement of December 13, 2012, a permanent cease trade order (the "CTO") has been issued on December 27, 2012 by l'Autorite des marches financiers (the AMF). Other than being issued on a permanent basis, the CTO is substantially similar to the temporary cease trade order issued by the AMF on December 12, 2012.
The CTO prohibits all trading in securities of both NNC and NNL, effective immediately on December 27, 2012, other than for: (i) trades made for nominal consideration for the purpose of permitting a security holder to crystallize a tax loss (a "tax loss trade"); or (ii) trades in notes of either NNC or NNL to an entity that qualifies as an "accredited investor" as that term is defined under applicable Canadian securities laws (an "accredited investor trade"). The aforementioned exceptions are subject to the further qualifications that: (1) in the case of a tax loss trade, a copy of the CTO is provided to the purchaser and the seller receives a written acknowledgement from the purchaser that the securities acquired remain subject to the CTO; and (2) in the case of an accredited investor trade in notes of NNC or NNL, the purchaser will be deemed (by reason of the issuance of this news release and the posting of the CTO on the Restructuring Document Centre of Ernst & Young Inc., as monitor, at http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1) to have received notification of the terms of the CTO and deemed to have acknowledged to the seller that the notes acquired remain subject to the CTO.
The full text of the CTO accompanies this news release marked as Annex A.
For more information, visit Nortel on the Web at www.nortel-canada.com.
Certain statements in this press release may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forwardwww.nortel-canada.com News Release looking statements or information under applicable securities laws. These statements are based on Nortel's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Nortel operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. Nortel's assumptions, although considered reasonable by Nortel at the date of this press release, may prove to be inaccurate and consequently Nortel's actual results could differ materially from the expectations set out herein.
Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) risks and uncertainties relating to the Creditor Protection Proceedings including: (a) risks associated with Nortel's ability to: obtain required approvals and successfully consummate remaining divestitures; successfully conclude ongoing discussions for the sale of Nortel's remaining assets; develop, obtain required approvals for, and implement a court approved plan; allocation of the sale proceeds of our businesses and assets among the various Nortel entities participating in these sales may take considerable time to resolve; resolve ongoing issues with creditors and other third parties whose interests may differ from Nortel's; maintain adequate cash on hand in each of its jurisdictions to fund remaining work within the jurisdiction during the Creditor Protection Proceedings; obtain any further required approvals from the Canadian Monitor, the U.K. Administrators, the U.S. Principal Officer, the U.S. Creditors' Committee, or other third parties; utilize net operating loss carryforwards and certain other tax attributes in the future; avoid the substantive consolidation of NNI's assets and liabilities with those of one or more other U.S. Debtors; operate effectively, and in consultation with the Canadian Monitor, the Canadian creditors' committee, the U.S. Creditors' Committee, the U.S. Principal Officer, and work effectively with the U.K. Administrators and French Administrator in their respective administration of the EMEA businesses subject to the Creditor Protection Proceedings; continue as a going concern; actively and adequately communicate on and respond to events, media and rumors associated with the Creditor Protection Proceedings; retain and incentivize key employees as may be needed; retain, or if necessary, obtain court orders or approvals with respect to motions filed from time to time; resolve claims made against Nortel in connection with the Creditor Protection Proceedings for amounts not exceeding Nortel's recorded liabilities subject to compromise; prevent third parties from obtaining court orders or approvals that are contrary to Nortel's interests;
and (b) risks and uncertainties associated with: limitations on actions against any Debtor during the Creditor Protection Proceedings; the values, if any, that will be prescribed pursuant to any court approved plan to outstanding Nortel securities and, in particular, that Nortel does not expect that any value will be prescribed to the NNC common shares or the NNL preferred shares in any such plan; the delisting of NNC common shares from the NYSE; the delisting of NNC common shares and NNL preferred shares from the TSX and; any cease trade orders that are expected to be issued by Canadian Securities Administers to prohibit trading in securities of NNC and NNL following the third quarter filing deadlines applicable to NNC and NNL's quarterly reporting obligations under Canadian securities laws; and (ii) risks and uncertainties relating to Nortel's remaining restructuring work including fluctuations in foreign currency exchange rates; the sufficiency of workforce and cost reduction initiatives; any adverse legal judgments, fines, penalties or settlements related to any significant pending or future litigation actions; failure to maintain integrity of Nortel's information systems; and Nortel's potential inability to maintain an effective risk management strategy.
For additional information with respect to certain of these and other factors, see Nortel's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC. Unless otherwise required by applicable securities laws, Nortel disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(i)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.
DECISION No : 2012-FIIC-0275
DOSSIERS No : 17622 et 2226
Objet: Corporation Nortel Networks et Corporation Nortel Networks Limitee (les "emetteurs") Interdiction d'operations sur valeurs
Vu la decision 2012-FIIC-0256, prononcee le 12 decembre 2012, interdisant aux emetteurs, a leurs porteurs de titres, a tous les courtiers et a leurs representants, ainsi qu'a toute autre personne, toute activite reliee a des operations sur les valeurs des emetteurs;
Vu que les emetteurs n'ont pas depose aupres de l'Autorite des marches financiers leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et 5.1 du Reglement 51-102 sur les obligations d'information continue (le "Reglement 51-102") et par l'article 5.1 du Reglement 52-109 sur l'attestation de l'information presentee dans les documents annuels et intermediaires des emetteurs (le "Reglement 52-109");
Vu que les emetteurs sont sous la protection de la Loi sur les arrangements avec les creanciers des compagnies (la "LACC") depuis le 14 janvier 2009 et que, dans son ordonnance initiale, la Cour superieure de justice de l'Ontario (la "Cour") a nomme Ernst & Young Inc. a titre de controleur pour assister les emetteurs dans leur processus de restructuration en vertu de la LACC;
Vu que les emetteurs avaient publie un communique le 9 aout 2012 annoncant que le controleur avait determine que les depenses et les ressources necessaires pour se conformer aux exigences de divulgation publique pourraient ne plus etre justifiees et que, par consequent, les emetteurs ne pourront plus etre en mesure de se conformer aux exigences d'information periodique et pourront cesser de preparer et de deposer des etats financiers trimestriels et annuels ainsi que d'autres documents d'information periodique en vertu de la legislation canadienne applicable, et ce, a compter de la date d'echeance pour le depot de leurs etats financiers du troisieme trimestre;
Vu que la Cour a ordonne le 23 novembre 2012 de lever la suspension de procedures a l'egard des emetteurs en vigueur depuis l'ordonnance initiale pour permettre aux autorites en valeurs mobilieres concernees de prononcer une interdiction d'operations sur valeurs a l'egard des emetteurs;
Vu les articles 265, 267 et 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1 (la "Loi");
Vu les pouvoirs delegues conformement a l'article 24 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2;
En consequence, l'Autorite des marches financiers :
interdit a Corporation Nortel Networks et Corporation Nortel Networks Limitee, a leurs porteurs de titres, a tous les courtiers et a leurs representants, ainsi qu'a toute autre personne, toute activite reliee a des operations sur les valeurs des emetteurs parce que ceux-ci ne se sont pas conformes aux obligations de depot de leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 prevues au Reglement 51-102 et au Reglement 52-109.
La presente decision ne s'applique pas aux operations suivantes :
a. une operation visee realisee par une personne pour une valeur symbolique sur les titres des emetteurs afin de permettre aux porteurs de titres des emetteurs de materialiser des pertes fiscales, pourvu que, avant l'operation visee, la personne: i. recoive une copie de la presente decision; ii. remette au vendeur une reconnaissance ecrite que les titres des emetteurs demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee;
b. une operation visee realisee par une personne qui est un "investisseur qualifie" au sens du Reglement 45-106 sur les dispenses de prospectus et d'inscription sur : i) les deux billets de Corporation Nortel Networks de 575 000 000 $ US de premier rang convertibles a 1,75 % et 2,125 % echeant respectivement en 2012 et en 2014 (les "billets de CNN"); et ii) les billets de Corporation Nortel Networks Limitee de 1 000 000 000 $ US de premier rang a taux variable echeant en 2011, de 550 000 000 $ US de premier rang a 10,125 % echeant en 2013, de 1 125 000 000 $ US de premier rang a 10,750 % echeant en 2016, et de 200 000 000 $ US a 6,875 % echeant en 2023 (les "billets de CNNL"), pourvu que, avant l'operation visee : A. la personne recoive une copie de la presente decision et remette au vendeur une reconnaissance ecrite que les billets de CNN ou les billets de CNNL (le cas echeant) demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee; B. les emetteurs publient un communique divulguant les conditions de la presente decision et que le controleur depose une copie de la presente decision sur son site Web, de sorte que chaque personne est reputee avoir ete informee des conditions de la presente decision et le vendeur est repute avoir ete informe que les billets de CNN ou les billets de CNNL (le cas echeant) demeurent soumis a l'interdiction et aux conditions prevues dans la presente decision apres l'operation visee.
L'interdiction est prononcee le 27 decembre 2012.
Josee Deslauriers Directrice principale des fonds d'investissement et de l'information continue
Vous pouvez demander, dans un delai de 30 jours, la revision de la presente decision aupres du Bureau de decision et de revision institue en vertu de l'article 92 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2 conformement a l'article 322 de la Loi.
L'Autorite des marches financiers peut egalement revoquer la presente decision en vertu de l'article 318 de la Loi.
Corporation Nortel Networks et Corporation Nortel Networks Limitee Ernst & Young Inc., a titre de controleur 222 Bay Street P.O. Box 251 Toronto, Ontario M5K 1J7
c.c. : Societe de fiducie Computershare du Canada
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 3, 2015 06:45 PM EDT Reads: 557
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 374
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 351
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,437
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 163
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,096
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,183
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,311
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,219
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,781
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,056
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,057
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 340
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,917
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,600
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 408
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,982
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 490
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,567
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,510