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Nortel Gets $50 Million Contract From GiantLoop Network

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received a $50 million contract from

GiantLoop Network

, an enterprise optical networking services provider, to supply metropolitan dense wavelength division multiplexing access systems.

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GiantLoop, a privately held company based in Waltham, Mass., signed a one-year agreement to purchase metropolitan optical networking equipment from Nortel, including the OPTera Metro 5200 multiservice platform.

Shares of Nortel were recently trading at $31.88, down $1.50, or 4.5% in

New York Stock Exchange