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October 17, 2002
Paragon Networks Named One of Connecticut's Fastest
Growing Technology Companies in Deloitte & Touche's
Fast 50 Program for Two Consecutive Years
Brookfield, CT, - For the second consecutive year,
Paragon Networks has been named to Deloitte & Touche's
prestigious "Technology Fast 50" Program for Connecticut,
a ranking of the 50 fastest growing technology companies
in the area. Rankings are based on the percentage of
growth in fiscal year revenues from 1997 to 2001 (a
five year period). Paragon's increase in revenues between
1997 and 2001 resulted in a ranking of 6 overall in
the Fast 50 for Connecticut. The average increase in
revenues among companies who made the Fast 50 in Connecticut
was 794 percent.
Paragon Networks' CEO & President, Russ Hawkins, attributes
the company's success over the past five years to the
company's continued focus on customer needs. He explained,
"Our growth continues to be exciting, and has been built
on the basic concepts of listening to customers and
delivering high quality products."
According to David Carver, Technology, Media & Telecommunications
Managing Partner (Connecticut) of Deloitte & Touche,
"To rank on the Deloitte & Touche Technology Fast 50,
companies must have phenomenal revenue growth in a five-year
period. Paragon Networks has proven to be one of the
fast-growth success stories in Connecticut, and we applaud
their success and vision."
To qualify for the Fast 50, companies must have had
operating revenues of at least $50,000 in 1997 and $1,000,000
in 2001, must be public or private companies headquartered
in Connecticut, and be technology companies, defined
as companies who own proprietary technology that contributes
to a significant portion of the company's operating
revenues, or companies who devote a high percentage
of effort to research and development of technology.
Winners of the 20 regional Technology Fast 50 programs
in the United States and Canada are automatically entered
in the Deloitte & Touche Technology Fast 500 program,
which ranks North America's top 500 fastest growing
technology companies. For more information on the Deloitte
& Touche Fast 50 or Fast 500 programs, visit www.fast500.com.
The Connecticut Technology Fast 50 program is hosted
by Deloitte & Touche, in association with the Connecticut
Technology Council. The program is sponsored by ImageWorks;
The Litchfield Insurance Group; NASDAQ; Pullman & Comley,
LLC; and Royal & SunAlliance Insurance.
About Paragon Networks
Paragon Networks manufactures products that, using either
wireline, wireless, or optical transmission facilities,
provide voice and data service connectivity, performance
monitoring, compression, aggregation, layer 3 routing,
quality of service filtering, and protection switching
of both client and operations support systems traffic.
Leading global wireless service providers such as Verizon,
Cingular, Sprint PCS, Telcel, Nextel, and others around
the world utilize Paragon Networks' products and technologies.
Designed specifically for wireless service providers
(WSP), Paragon Networks' suite of backhaul solutions
enable the rapid deployment of voice and data services
and provide a migration path to 3rd Generation networks.
Paragon Networks is a privately held company with ownership
shared between leading venture capital companies and
its employees. Headquartered in Brookfield, Connecticut,
Paragon Networks distributes its products worldwide
through a network of both direct and indirect channels.
For more information, visit Paragon Networks' web
site at www.paragon-networks.com
or contact:
Lisa DeVoto
Marketing Communications Manager
Paragon Networks
Telephone: (203) 740-3650
ldevoto@paragon-networks.com
Mark Agovino
Product Marketing Director
Paragon Networks
Telephone: (203) 740-3650
magovino@paragon-networks.com
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