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EXHIBIT 99.1
[TURNSTONE LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
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For Turnstone, For Paragon,
Cathy Palmen Terry Schmid Graham Parkins
Ph: (408) 268-8112 Ph: (408) 907-1638 Ph: +64 4 5703887
[email protected] [email protected] [email protected]
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TURNSTONE SYSTEMS COMPLETES ACQUISITION OF
PARAGON SOLUTIONS LIMITED
Santa Clara, California, August 10, 2000 - Turnstone Systems (NASDAQ: TSTN)
announced today that it has completed the acquisition of Paragon Solutions
Limited. With this acquisition, Paragon Solutions has become a wholly owned
subsidiary of Turnstone, based in New Zealand.
By creating the new subsidiary, Turnstone New Zealand, Turnstone is able to
expand its presence in the Asia-Pacific region and broaden the scope of ongoing
research and development activities. This will enable Turnstone to continue its
leadership position in the loop management space as deregulation continues to
spread throughout the world.
ABOUT TURNSTONE
Turnstone Systems, Inc. (NASDAQ: TSTN) is a leading provider of hardware and
software products that enable local exchange carriers to rapidly deploy and
efficiently maintain DSL services. Turnstone's flagship product, the Copper
CrossConnect(R) CX100, is a loop management platform that is deployed in central
offices to enable automation and remote control of physical layer tasks related
to DSL installation, qualification and maintenance. Turnstone's CrossWorks(TM)
software enables service providers to easily integrate these loop management
functions into back-office Operational Support Systems (OSS), enhancing their
ability to efficiently scale their DSL service offerings to meet ever-increasing
demand. Turnstone is based in Santa Clara, California. For more information
about Turnstone, visit www.turnstone.com, email [email protected] or phone the
toll-free number 877.8.COPPER.
This press release contains forward-looking statements concerning Turnstone's
business. These forward-looking statements involve future events that involve
risks and uncertainties that could affect Turnstone's ability to achieve its
operating results. Further information on potential factors that could affect
Turnstone, its business, and its financial results are detailed in filings with
the Securities and Exchange Commission made from time to time by Turnstone,
including its quarterly report on Form 10-Q for the fiscal quarters ended June
30, 2000 and March 31, 2000, and its Registration Statement on Form S-1.
Turnstone
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undertakes no obligation to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
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