Avici Systems Appoints New CFO, SVP of Finance and Administration
N. Billerica, MA, August 29, 2006 — Avici Systems Inc. (NASDAQ: AVCI), today announced the appointment of William J. Stuart to the position of chief financial officer (CFO) and senior vice president, finance and administration. Effective immediately, Mr. Stuart will have responsibility for finance, human resources, and investor relations.
Mr. Stuart joins Avici with a two-decade record of achievement and broad-based financial experience in the telecommunications equipment and software industries. Prior to joining Avici, Mr. Stuart served as a general partner at Still River Funds, a venture capital organization focused on investments in the information technology, communications and life sciences industries.
We're very excited to welcome Bill to the Avici team," commented Bill Leighton, Chief Executive Officer, Avici Systems. "With his financial acumen and strategic insight, Bill is exceptionally well suited to guide Avici's strategic direction going forward."
Mr. Stuart had previously held the position of vice president of business development for ADC Telecommunications. From 1999 to 2000, Mr. Stuart was CFO of Broadband Access Systems, Inc., a privately-held manufacturer of cable modem termination systems, and led the negotiations in the acquisition of the company by ADC in September 2000.
Prior to that Mr. Stuart held CFO and VP level positions at NetCore Systems, Telco Systems, AccessLine Technologies and AT&T Paradyne.
Bill received an MBA from Northeastern University and a BA from Boston College.
Avici is a trademark of Avici Systems Inc.
This release contains information about Avici's future expectations, plans, and prospects, including Avici's expectations for annual gross revenues that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Statements made with regard to interim results are not necessarily indicative of results that may be expected for future interim periods or for the full year. When used in this press release, the word "will", "expected" and other similar expressions are intended to identify such forward looking statements. Such risks and uncertainties include, but are not limited to, the impact of restructuring and realignment, the amount and timing of the occurrence of related charges, risks associated with focusing on a core set of features and functionalities, market acceptance of Avici products, services and enhancements, dependence on our major customer, customer purchasing patterns and commitments, development of the market place, product development and enhancement, intensity of competition of other vendors, technological changes, reliance on distribution partners, risks associated with international expansion, and other risks set forth in Avici's filings with the Securities and Exchange Commission. Avici does not undertake any duty to update forward-looking statements.
| For more information contact: |
| Inna Vyadro Director of Investor Relations Avici Systems 978-964-2000 ivyadro@avici.com |