Thursday, March 24, 2011

Correction: Infinera Has Fourth Broadband Stimulus Funded Sales Win

Optical Transport Equipment Maker Announces Fourth Win, Has More in the Works 03/24/2011 San Francisco - Infinera Corporation (NASDAQ: INFN) on Tuesday of this week announced what is the firm's fourth sales win with a broadband stimulus-funded project. This publication was in error, based on our misreading of an earlier Infinera announcement, when we stated the company's award by North Georgia Network (NGN) was its third stimulus supported win.

Following a review by Infinera triggered by our inquiry of yesterday, and a cycle of communications between this publication and the company's media relations staff, We were  mistaken in issuing an undercount of the company's stimulus wins.

We did so as a result of our incorrect interpretation of Infinera's press statement of September 7, 2010. In that release the equipment manufacturer based in Sunnyvale, CA announced the formation of a partnership with the large national research and educational network (REN), the United States Unified Community Anchor Network (U.S. UCAN). 

UCAN is the recipient of a $62.540 million broadband stimulus grant under the BTOP program of the National Information and Telecommunications Administration (NTIA). The award was one of almost 70 such projects jointly announced by President Obama on July 2, 2010. UCAN is an affiliate of the national Internet2 non-profit consortium of inter-networked RENs. 

Additionally, Ms. Anna Vue, authorized spokesperson for the company, told us that the firm's sales team continues to work the opportunity presented by the large expenditure of federal funds under the broadband stimulus program of the Obama Administration. In describing the NGN sales win to us she wrote, "There are several others we are working to announce this year," 

Our misinterpretation arose as we incorrectly discounted the meaning of the announced partnership as not being an immediate sales situation. Infinera reported to us otherwise, confirming that for all reporting purposes the UCAN announcement described equipment orders no less that the three other announced sales wins. Those three sales successes were described in our story of Tuesday.

As per the common practice of the industry in such cases, Infinera did not disclose the specific number of sales contracts nor the dollar amount of such contracts.

Infinera Corporation is a publicly traded firm closely watched by analysts and investors. The information given to us is highly credible. We regret the error.
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