SAN DIEGO -- Sorrento Networks Corp. (Nasdaq:FIBR), a leading provider of metro and regional optical networking solutions, announced today that it its board of directors approved a 1-for-20 reverse stock split, effective Monday, Oct. 28, 2002. The move is aimed at bringing the company's stock price into compliance with Nasdaq listing requirements. The company also announced that Nasdaq Staff has approved the company's capital restructuring plan for bringing shareholders' equity into compliance with listing requirements. The plan calls for the restructuring of certain financings to equity securities. According to the Nasdaq Staff, "the Company provided a definitive plan evidencing its ability to achieve and sustain compliance with the Rule, and as such, Staff has determined to grant an extension of time." Pursuant to the extension, the company will be required to submit to the Nasdaq Staff, by Dec. 9, 2002, a definitive capital-restructuring plan, and to implement the plan by Jan. 8, 2003. "We are pleased that Nasdaq has granted us the time we need to complete our capital restructuring efforts," said Phil Arneson, Sorrento's chairman and CEO. "When completed, our restructuring efforts will provide the necessary strength to our balance sheet that can position the Company for continued growth and increased shareholder value," he added. Sorrento Networks Corp.