MANHASSET, N.Y. Showing signs of emerging from a year of turmoil, Nortel Networks Corp. signed several telecom agreements Wednesday (June 1) and updated its financial reporting.
Since financial reporting irregularities emerged last year, Nortel (Toronto, Canada) has been fighting an uphill battle, overhauling its management and repeatedly delaying reporting its quarterly financials. Nortel finally reported its 2004 earnings May 2.
Several deals with major telecom providers signal the troubled company is in the early stages of a comeback.
In one deal, Nortel inked a $126-million agreement with Bell Mobility, Canada's leading wireless carrier, to supply equipment for a 1xEV-DO network. Bell Mobility would become the first Canadian wireless carrier to offer wireless services at speeds of 2.4 megabits per second, six times faster than what is currently available.
In a second deal, Nortel said it would supply British Telecom the equipment to deploy a nationwide voice and data communications network to the UK Ministry of Defense (MOD) and the British Armed Forces. The deployment is part of a five-year extension under which British Telecom would manage the UK MOD's telecom infrastructure.
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