EXHIBIT 99.2
Press Release:
Mitel Completes Its Acquisition of Vertex Networks
OTTAWA, CANADA, July 31, 2000 -Mitel Corporation (NYSE/TSE:MLT) has completed
its acquisition of Vertex Networks, Incorporated, a fabless semiconductor
company providing high-performance solutions for the enterprise switching and
WAN access markets.
Vertex is a leader in providing integrated circuits for Layer 3 IP routing
switches and in developing chipsets and software for intelligent packet
switching applications. Its products encompass QoS-enabled IP switching for
enterprise communications, as well as fiber to the home (FTTH) markets. Vertex
is based in Irvine, CA, and has design centers in San Jose, CA, and Taiwan.
On June 6, 2000, Mitel announced its intention to acquire Vertex as part of the
company's drive to provide IP-based Quality of Service (QoS) for converging
networks. This step will allow Mitel to offer its customers a range of circuit-
and packet-based switching technologies with assured system-wide QoS.
About Mitel
Mitel Corporation is a global provider of semiconductors and communications
systems for converging voice and data networks in a rapidly evolving Internet
economy. Mitel has annual revenue of $1.4 billion and employs some 6,000 people
worldwide.
Certain statements in this press release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risk, uncertainties, and
other factors which may cause the actual results, performance or achievements of
the Company, to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking statements. Such
risks, uncertainties and assumptions include, among others, the risks discussed
in documents filed by the Company with the Securities and Exchange Commission.
Investors are encouraged to consider the risks detailed in those filings.
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For more information, contact:
Jacques Guerette Mike McGinn
Mitel Corporation Investor Relations
(613) 592-2122 (613) 592-2122
[email protected] [email protected]
