CHARLTON, Mass., Jan. 24 /PRNewswire/ -- FiberCore, Inc. (Nasdaq: FBCE), a
leading manufacturer and global supplier of optical fiber and preform for the
telecommunication and data communications markets, today provided additional
information related to its January 19, 2001 press release and recent Form 144s
filed by its President and CEO Mohd Aslami and its Secretary, Chuck DeLuca.
On November 30, 2000, Dr. Aslami and Mr. DeLuca each gave irrevocable sale
instructions to a broker to sell shares of Common Stock of the Company,
pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Each irrevocable instruction was effective December 1, 2000 and provided for
sales of FiberCore Common Stock in amounts ranging from zero to 10,000 shares
per day, depending on the price of the Common Stock. The irrevocable
instructions expire on the earlier of April 13, 2001 or the date on which
500,000 shares have been sold pursuant to the irrevocable instructions.
On January 11, 2001, Dr. Aslami and Mr. DeLuca's broker transmitted for
filing a Form 144 on behalf of each executive indicating 500,000 shares to be
sold. Upon learning of the filing on January 19 and determining that, based
on recent market prices, sales under the irrevocable instructions could not be
made in amounts that would aggregate to 500,000 shares, Dr. Aslami and Mr.
DeLuca informed the Company that the Form 144 filings would be amended to
25,000 shares, a number that more closely reflected the number of shares
expected to be sold under the irrevocable instructions, over a reasonable time
period. Dr. Aslami and Mr. DeLuca informed the Company that, when and if the
irrevocable instructions indicate a bona fide intention to sell additional
shares, one or more additional Form 144s will be filed in a timely manner.
In addition, the two executives have an agreement with Tyco International
Group S.A. not to sell more than 10% of the shares they own or have the right
to acquire during the twelve month period ending December 26, 2001 or any
subsequent twelve month period during the term of the agreement. Dr. Aslami
and Mr. DeLuca have informed the Company that their sales are being made to
provide for personal liquidity, tax payments and diversification.
FiberCore, Inc. develops, manufactures and markets single-mode and
multimode optical fiber preforms and optical fiber for the telecommunications
and data communications markets. In addition to its standard multimode and
single-mode fiber, FiberCore also offers various grades of fiber for use in
laser-based systems, to help guarantee high bandwidths and to suit the needs
of Feeder Loop, Fiber-to-the Curb, Fiber-to-the Home and Fiber-to-the Desk
applications. Manufacturing facilities are presently located in Jena, Germany
and Campinas, Brazil.
For more information about the company, its products, or shareholder
information please visit our Website at: http://www.FiberCoreUSA.com or contact us
at: Phone - 508-248-3900 or by FAX - 508-248-5588 or E-Mail FiberCore@aol.com
Except for the historical matters discussed above, the statements in this
press release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of
risks and uncertainties. Actual results may differ materially from those
projected as a result of certain general economic and business conditions;
loss of market share through competition; introduction of competing products
by other companies; changes in Industry capacity; pressure on prices from
competition or from purchasers of the Company's products; availability of
qualified personnel; the delivery of an ability to commission new equipment as
scheduled; ability to obtain required financing; dependence on a limited
number of raw material suppliers; the loss of any significant customers; and
other factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
SOURCE FiberCore, Inc.
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Related links:
http://www.FiberCoreUSA.com
CONTACT:
Dr. Mohd A. Aslami, President and CEO, or
Steven Phillips, CFO, both of Fibercore, 508-248-3900; or
General, Alison Ziegler, Analysts, Christie Mazurek, or Media,
Marty Gitlin, all of The Financial Relations Board - BSMG
Worldwide, 212-661-8030
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