The board of directors of Nortel AS (OB:NTEL) has resolved to conduct a strategic review of its business. The review is the result of inquiries Nortel has received from both Norwegian and international companies with an interest to buy the company. Nortel has appointed SpareBank 1 Markets and AGP Advokater as advisors.

Based on received inquires, the board has asked the management to carry out an accelerated and structured process to determine the best path forward for the company, said Arild Hustad, Chairman of Nortel's board. There is no guarantee that the strategic review will result in a transaction, but the process will provide important clarifications concerning the company's future development. Nortel's development has been noticed, and the interest in the company validates our position as a player with potential for future and profitable growth.

Nortel has a strong and wide-ranging distribution through solid agents, a strong organization and a well-established brand. We have proven since the inception, that the company has succeeded with its entrant in the market as a challenger, says Christian Pritchard, Chief Executive Officer. The results of the strategic review are expected by the end of the second quarter.