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Financial

Broadwing Reduces Share of Corvis

CINCINNATI -- Broadwing Inc. (NYSE:BRW - news) during a meeting with investors reported the monetization of a portion of its minority equity position in Corvis Corp. From January 25, 2001 to February 28, 2001, Broadwing sold 2.4 million shares of its almost 8 million-share position. The sale was completed through a pre-paid forward contract that will generate proceeds of approximately $43 million.

"We are very committed to our strategic partnership with Corvis and are big believers in the enabling power of their breakthrough technology," said Kevin Mooney, Broadwing's executive vice president and CFO. "The proceeds of this sale will be used for further investment in our industry leading intelligent, optical network."

http://www.broadwing.com
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