Jeff Reedy Named Ernst & Young Entrepreneur of the Year® 2008 Award Finalist in the Carolinas

Date: 
May 20, 2008

RESEARCH TRIANGLE PARK, NC, May 20, 2008 – Overture Networks today announced that CEO Jeff Reedy is a finalist for the Ernst & Young Entrepreneur Of The Year® 2008 Award in the Carolinas. According to Ernst & Young LLP, the awards program recognizes entrepreneurs who demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities. Award winners will be announced at a special gala event on June 12, 2008 at the Westin Charlotte.

"We are thrilled to be a finalist for the Ernst & Young Entrepreneur of The Year award which recognizes our success in providing Carrier Ethernet systems to telecommunications carriers” said Jeff Reedy, president and CEO of Overture Networks. ”This is another milestone for the Overture Networks’ team as we continue to build a significant network equipment business based in North Carolina with global impact.

The Ernst & Young Entrepreneur of The Year awards program celebrates its 22nd anniversary this year. The program has expanded to recognize business leaders in over 135 cities in 50 countries throughout the world. Regional award winners are eligible for consideration for the Ernst & Young Entrepreneur of The Year national program. Award winners in several national categories, as well as the overall national Ernst & Young Entrepreneur of The Year award winner, will be announced at the annual awards gala in Palm Springs, California on November 15, 2008. The awards are the culminating event of the Ernst & Young Strategic Growth Forum, the nation’s most prestigious gathering of high-growth, market-leading companies.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur of The Year awards are pleased to have the Ewing Marion Kauffman Foundation and SAP America as national sponsors.

In The Carolinas, sponsors include King & Spalding, Bowne and Business Leader Media.

About Overture Networks Inc.
Headquartered in the high-tech center of Research Triangle Park, North Carolina, Overture Networks is relentlessly focused on providing solutions at the ever-expanding edge of the access network. The company enables network service providers and enterprises to stretch the edge of their networks to increase revenues, decrease costs and ensure a smooth migration to next generation networking. With its patent protected and award winning ISG family of products, Overture Networks uniquely combines the packet-switched and circuit-switched worlds into a single architecture—at cost points that make it extremely attractive for offering Carrier Ethernet Services to any size location—over copper, fiber or optical transport. For more information, visit www.overturenetworks.com

About Ernst & Young’s Entrepreneur Of The Year
Ernst & Young’s Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The award makes a difference through the unique way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve potential.

For more information, please visit www.ey.com.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. This news release has been issued by Ernst & Young LLP, a member firm of Ernst & Young Global Limited.