San Francisco, CA (January 27, 2000) Walden International ("WI") is pleased to announce that Nortel Networks Corporation, traded on NYSE under the symbol "NT", has signed a definitive agreement to acquire Promatory Communications, Inc., one of WI's portfolio companies, for US$778 million in a stock merger. The merger is expected to be completed by the end of the first quarter 2000, subject to, among other conditions, regulatory approval.

Headquartered in Fremont, California, Promatory Communications, Inc. is a private company founded in October 1996. It is a leading provider of carrier-class, next generation broadband, multiservice DSL access systems using ATM packet based technology targeted at the emerging telecommunications and CLEC markets. The proposed acquisition is to further strengthening Nortel Networks, the world's largest supplier of broadband telecommunications systems and services to the global telecommunications market, position in delivering full range of broadband product offering.

"My 20 years of experience in the telecommunications industry before becoming a venture capitalist was invaluable in my evaluation and understanding of Promatory's technological strength and its ability to deliver a unique product to serve an emerging and explosive broadband access market," said K.O. Chia, General Partner of WI. "Promatory is very well positioned to take advantage of the full scale deployment of broadband DSL services by CLEC and telecommunication service providers in providing high speed broadband Internet access." Chia noted that "Promatory's unique approach and technology enable CLEC to offer various quality of service (QoS) using different service level offerings, something not achievable using the present generation of DSL product offering."

Established in 1987, WI is an international venture capital firm with over US$950 million in funds under management. WI's international network of investment professionals are located in the United States, Taiwan, Singapore, Hong Kong, Malaysia, the People's Republic of China, the Philippines, Indonesia, India, Australia, and Thailand.