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Posted 24 Feb 2001   For week ended June 25, 2000
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News about Mormons, Mormonism,
and the LDS Church
Sent on Mormon-News: 30Jun00

Summarized by Kent Larsen

LDS Entrepreneur's Company To Go Public Next Month
Montreal Canada Gazette 22Jun00 B2
By Andy Georgiades

MONTREAL CANADA -- LDS entrepreneur David Huber's company, Corvis Corp., is expected to go public next month, in one of the most anticipated IPOs of the summer. Recent company filings with the US Securities and Exchange Commission say that the company will offer 27.5 million shares for between $13 and $15 a share, valuing the company at more than $4 billion.

Huber is known as an optical networking guru, who founded Ciena Corp., which is considered an innovator in the field. Huber left Ciena soon after the company went public after a falling-out with the company's board of directors. He then founded Corvis, and says he has developed an all-fiber network that should, he says, cut the cost of running a network by 75%.

Part of the fuel for the interest in Corvis' IPO is a pair of two-year deals it has signed. Both Broadwing Communications and Williams Communications have agreed to pay $200 million each for Corvis products. Like many high-tech start ups, Corvis so far has no revenue.

Evidence of the interest in Corvis can be seen by the recent run-up in the stock of Canadian company Roctest, which following the IPO will own 1.3 million shares of Corvis from the sale of Kromafibre to Corvis in July 1999. Recently, Roctest's stock price has more than quadrupled from $3.50 a share to $15.25, even though its first-quarter earnings were disappointing and the market for its products is slow. Canaccord Capital Corp. analyst Simon Simonian says that Roctest is giving investors a chance to participate in Corvis before the IPO. "People are buying Roctest as a way to have an upside from Corvis," he said.

See also:

LDS Inventor's secretive venture could change the way networks work
Mormon News 15Nov99 B2


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