EXHIBIT 99.1
Accelerated OCCAM
Networks NETWORKS
Accelerated Networks and Occam Networks Announce
the Results of Special Stockholders Meeting
MOORPARK and SANTA BARBARA, Calif. - May 14, 2002 - Accelerated Networks, Inc.
(Nasdaq: ACCL) and Occam Networks Inc. today announced that the respective
stockholders of each company approved the merger of a wholly-owned subsidiary of
Accelerated Networks with and into Occam Networks Inc. The stockholders voted to
approve the merger at special meetings held by each company yesterday. The
stockholders of Accelerated Networks also approved an amendment to the company's
certificate of incorporation which will change the name of Accelerated Networks
to "Occam Networks, Inc." effective upon completion of the merger. The parties
expect to close this transaction later today.
About Accelerated Networks, Inc.
Accelerated Networks, headquartered in Moorpark, California, designs and
develops multi service broadband access (MSBA) products that enable
telecommunications service providers to bundle voice and data services over a
single broadband access network. For additional information, please visit
www.acceleratednetworks.com.
About Occam Networks Inc.
Occam Networks Inc. develops and markets a suite of Broadband Loop
Carriers, innovative Ethernet and IP-based loop carrier platforms that enable
incumbent local exchange carriers to profitably deliver a variety of traditional
and packet voice, broadband and IP services from a single, converged all-packet
access network. Occam is headquartered in Santa Barbara, California. Additional
information about the company can be found at www.occamnetworks.com.
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Accelerated Networks and Occam Announce the Results of
Special Shareholders Meeting - Page 2
Accelerated Networks has filed a registration statement on Form S-4 in
connection with the proposed merger between Accelerated Networks and Occam. In
addition to this registration statement, Accelerated Networks files annual,
quarterly and special reports, proxy and information statements, and other
information with the SEC. Investors may read and copy any of these reports,
statements and other information at the SEC's public reference room located at
450 5th Street, N.W., Washington, D.C., 20549. Investors should call the SEC at
1-800-SEC-0330 for further information on this public reference room. The
reports, statements and other information filed by Accelerated Networks with the
SEC are also available for free at the SEC's web site at www.sec.gov. A free
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copy of these reports, statements and other information may also be obtained
from Accelerated Networks.
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Portions of this press release contain forward-looking statements regarding
future events or the future performance of Accelerated Networks, Occam or the
combined organization. Forward-looking statements involve risks and
uncertainties, which could cause actual results to differ materially from any
future performance suggested in such statements. These factors include, but are
not limited to, general market conditions affecting communications service
providers purchase of equipment, in particular, DSL-related equipment, changes
in service providers' business models, the rate our customers deploy their
networks, our customers' ability to secure financing, the timing of order and
shipments of products, mix of products sold, changes in the prices of
components, ability to maintain production volumes and secure key components,
the ability of Accelerated Networks, Occam or the combined organization to
develop new products to meet market demand, and the effects of natural
disasters, international conflicts and other events beyond our control. Neither
Accelerated Networks nor Occam undertake any obligation to publicly update any
forward-looking statements as a result of new information, future events or
otherwise. Please refer to Accelerated Networks' most recent quarterly report on
Form 10-Q, annual report on Form 10-K and other filings with the SEC, including
the proxy statement/prospectus, which contain and identify other important
factors that could cause actual results to differ materially from those
contained in any forward-looking statements.
Accelerated Networks and Occam Announce the Results of
Special Shareholders Meeting - Page 3
Contact:
Press and Trade Analysts Investors and Financial Analysts
Daphne Page Jill Fukuhara
Director, Corporate Communications FRB for Occam
Occam Networks Inc. +1 301 407 6539
+1 805 692 2919 jfukuhara@webershandwick.com
dpage@occamnetworks.com
Trudy Self
Accelerated Networks, Inc.
805-553-9680 x409
investorrelations@acceleratednetworks.com