Sorrento Makes Cuts

SAN DIEGO -- Sorrento Networks Corp. (Nasdaq:FIBR - News), a leading provider of metro and regional optical networking solutions, announced today that it expects to report revenues of approximately $6 million for the quarter ended April 30, 2002. "With the severe telecom industry downtrend, Sorrento Networks' revenues are expected to decline by 25 percent from the previous quarter revenues," said Phil Arneson, chairman and chief executive of Sorrento Networks. "Our shareholder responsibility is to ensure that Sorrento remains a fiscally healthy, competitive survivor in this challenging environment. For this purpose, we are taking the actions we believe will bring our spending levels more in line with revenues." The company said that the expense control measures include both personnel and discretionary spending reductions and are expected to yield savings of more than $3 million per quarter. Sorrento will release full financial results for the fiscal 2003 first quarter on June 6, 2002 and will broadcast a live Web cast to discuss the results on that date. Sorrento Networks Corp.