Corvis is changing its name to Broadwing Corporation and will trade under the (BWNG) ticker symbol on the NASDAQ National market beginning October 8, 2004. The company also said that it would initiate a reverse stock split and subsequent stock dividend to bring its stock price and capital structure more in line with its peers in the telecommunications service provider marketplace. The company’s primary focus is as an all-optical service provider of voice, data and media. Broadwing Corporation will also continue to operate its advanced optical communications equipment business based in Columbia, Maryland under the Corvis name, selling primarily to the U.S. government. http://www.corvis.com/
- Ealier this month, Broadwing Communications (a division of Corvis Corp.) completed its acquisition of Focal Communications , a Chicago-based CLEC. Broadwing will gain approximately 4,000 enterprise and wholesale customers in 23 Tier-One markets throughout the U.S. The company estimates cost savings in the range of $20 million to $30 million dollars, net of integration costs, over the next 12 to 18 months.