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Posted 24 Feb 2001   For week ended October 13, 2000
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Sent on Mormon-News: 19Oct00

Summarized by Vickie Speek

LDS Billionaire David Huber's Firm, Corvis, Posts Revenue for First Time

COLUMBIA, MARYLAND -- Corvis, the optical networking company, has finally made its first commercial shipment of equipment, marking the company's first real revenues.

Corvis went public last summer with no sales, in what could be called the best example in the industry of a company benefitting from the hype surrounding optical technology.

Despite its lack of sales, however, Corvis at one point reached a market capitalization comparable to the venerable General Motors. There are skeptics, however - many have speculated about the company's real worth.

Corvis is known for releasing few details about its technology, and has gotten into a patent-infringement spat with fellow optical-systems provider Ciena. Corvis' chief executive, David Huber, an LDS Church member and the richest Mormon in the world, was a founder of Ciena.

Corvis shipped its gear last week to Broadwing Communications, which tested andreportedly purchased $200 million worth of equipment. Qwest Communications International and Williams Communications are continuing to test Corvis equipment.

Corvis claims its networking technology is the first true all-optical switch, which can switch data traffic without converting it from light. Executives say that allows data to move faster and to use technology to regenerate, or "boost," a signal over long distances, meaning less gear and lower costs for carriers.

Many analysts believe the market for optical-based networking equipment will reach more than $15 billion by 2003 in North America alone. Others gunning for the same market niche include Sycamore Networks, Cisco Systems, Nortel Networks, and Lucent Technologies.


Corvis reaches milestone: revenues
CNET 9Oct00 B2
By Corey Grice and Ben Heskett: Staff Writers, CNET


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