Corvis to Change Name to Broadwing

Corvis reorganizes under the Broadwing name; will initiate a reverse stock split and dividend

September 29, 2004

2 Min Read

COLUMBIA, Md. -- Corvis Corporation (NASDAQ: CORV), today announced that it would change its name to Broadwing Corporation effective October 8, 2004, reflecting the company's primary focus as a premier supplier of voice, data and media network services to enterprises, strategic carriers as well as agencies within the United States Government.

The company also said that it would initiate a reverse stock split and subsequent stock dividend to bring its stock price and capital structure more in line with its peers in the telecommunications service provider marketplace and to better reflect the company's business model as a nationwide provider of communication services.

"We believe we have managed a successful and significant evolution of our business with the acquisition of Broadwing Communications and Focal Communications. Our primary business has become selling advanced communications services to enterprises, strategic carriers and government agencies throughout the United States," said Dr. David R. Huber, Corvis Corporation chairman and chief executive officer.

Reorganizing under the Broadwing name provides many advantages, the company said. The company said it found the Broadwing name the most visible brand for the company and one that commands respect in the marketplace. It believes the name is best associated with network quality and innovation, customer service and award-winning solutions such as its expanded "Connect Family of Services", for which the company received Frost & Sullivan's 2004 Product Line Strategy Leadership award earlier this year.

Broadwing Corporation will trade under the (BWNG) ticker symbol on the NASDAQ National market beginning October 8, 2004. Until that time, the company will continue to operate under the Corvis name and will continue to trade under the (CORV) ticker symbol on the NASDAQ National market.

Broadwing Corporation will become the holding company for Broadwing Communications LLC, its service provider division based in Austin, Texas. Broadwing Corporation will continue to operate its advanced optical communications equipment business based in Columbia, Maryland under the Corvis name, selling primarily to the United States Government.

Dr. Huber will serve as chairman and chief executive officer of the new Broadwing Corporation. Mark Spagnolo, former CEO of Broadwing Communications, LLC, has announced he will be leaving the business after a six-month transition period supporting the company in a consulting role.

Corvis Corp.

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