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Nx Networks Sells Its Business Products and Services to nsgdata.com

HERNDON, VA - (INTERNET WIRE) - 3/12/2002 - Nx Networks (NXWXQ), announced that nsgdata.com was the highest bidder in the auction that Nx recently conducted for its business products and services. The nsgdata.com bid was accepted by the U.S. Bankruptcy Court and the sale closed on March 8, 2002. On November 1, 2001 Nx filed for protection under Chapter 11 of the U. S. Bankruptcy Code, and subsequently announced the sale of its business products and services through the bankruptcy auction process. nsgdata.com has committed to making this transition as seamless as possible to both Nx's customers and its employees.

RCW Mirus, a Boston investment bank with experience in representing technology companies operating under Chapter 11, was retained as Nx Networks'investment banker. RCW Mirus was successful in generating interest in the auction process.

Nx's objective was to maximize the value of the company for its stakeholders.

Nx is pleased that nsgdata.com plans to continue to support the products and services that Nx currently provides to its customers

About Nx Networks
Nx Networks provides Internet telephony solutions, including toll bypass, voice VPN, Internet access, and packet data solutions. Headquartered in Herndon, Virginia, USA, Nx Networks provides solutions to service providers, carriers, and enterprises worldwide. Additional information about Nx Networks can be found online at www.nxnetworks.com.

NSG is a privately owned telecommunications company that manufactures, sells and supports a wide range of industry leading voice and data communications products for access, concentration, routing and switching in critical carrier and enterprise applications. NSG completed the acquisition of the products and intellectual property of Nx Networks and Advanced Switching Communications in March 2002 and July 2002, respectively. NSG products are deployed in over 100 countries worldwide. Customers include corporate, financial, government and overseas telephone company networks. Additional information about NSG can be found online at www.nsgdata.com or by calling 1 703 793 2002.


 
 
 
last updated: 13-October-14