Representatives of Nortel Networks announced on Wednesday that Chief Executive Officer Frank Dunn, Chief Financial Officer Douglas Beatty and Controller Michael Gollogly were fired. The Toronto-based communications company, with its United States headquarters in Richardson, Texas, announcement included work that the first-quarter financial results would be delayed until an internal investigation of its accounting problems is complete.

William Owens, a Nortel director, has been appointed president and CEO of the company. He serviced as chairman and CEO of Teledesic LLC, a satellite communications company.

The appointments of William Kerr and MaryAnn Pahapill, who had been serving as CFO and controller respectively, since Beatty and Gollogly were placed on leave of absence on March 15, have become permanent.

Trouble surfaced for Nortel in November, when the company restated its financial results from the start of 2000 through June 2003. In March, Nortel representatives announced that further restatements might be needed, which led to the U.S. Security and Exchange Commission and the Ontario Securities Commission launching formal probes into Nortel's financial restatements. Nortel announced that it will have to revise its 2003 financial results and will need to restate the financial results reported in each of its quarterly periods for 2003 and for earlier periods including 2001 and 2002.

Representatives of Encore Acquisition Company announced the company has agreed to acquire natural gas properties in Overton Field located in Smith County, Texas, for $82 million from a group of private sellers.

Encore's internal reservoir engineers have identified total reserve potential of approximately 111 billion cubic feet of gas equivalent (Bcfe) with 46 Bcfe in the proved category at the end of 2004. Encore plans to allocate $63 million to the 46 Bcfe of proved reserves, $17 million to the 66 Bcfe of upside potential and $2 million to the gathering system. Encore has identified over 100 undrilled locations in the Travis Peak and Cotton Valley formations on the acreage in Overton Field. The properties currently produce approximately 7 MMcfe per day, primarily from multiple tight sandstone reservoirs in the Travis Peak and Cotton Valley formations at depths ranging between 8,000 and 11,500 feet. The production is 94% natural gas and will be operated by Encore. Encore has identified additional upside in the shallower Pettit and Rodessa formations. Development costs for the proved undeveloped reserves are estimated to be $1.06 per thousand cubic feet of gas equivalent (Mcfe).

Lease operation expenses are expected to average $0.50 per Mcfe, and production taxes are estimated to be $0.35 per Mcfe. The differential to NYMEX is negative $0.15 per Mcfe. Encore has hedged approximately 60% of expected production at NYMEX-equivalent prices of $5.96 per MMBtu for the second half of 2004 and $5.22 per MMBtu for January 2005 through December 2007. Subject to due diligence and other customary closing conditions, Encore expects to close the transaction in June 2004 with an effective date of June 1, 2004. Encore plans to initially fund the acquisition with bank debt from its existing credit facility.

Organized in 1998, Encore is a growing independent energy company engaged in the acquisition, development and exploitation of North American oil and natural gas reserves. Encore's oil and natural gas reserves are in four core areas: the Cedar Creek Anticline of Montana and North Dakota; the Permian Basin of West Texas and Southeastern New Mexico; the Mid Continent area, which includes the Arkoma and Anadarko Basins of Oklahoma, the North Salt Basin of Louisiana and the Barnett Shale near Fort Worth, Texas; and the Rocky Mountains.

Raytheon Company has been awarded a $36.8 million contract modification by the Naval Air Systems Command, Patuxent River, Md.

Raytheon will provide modifications to its Tactical Control System (TCS) software and product support for the Navy Fire Scout helicopter, an unmanned aerial vehicle (UAV), to achieve the following:
- simultaneous control of multiple UAVs;
- compliance with NATO's Standardization Agreement 4586
- integration of plug and play payloads;
- the weaponization of the Fire Scout and Fire Scout operational evaluations.

Work will be performed in Falls Church, Va., and State College, Pa.

TCS successfully completed its first flight of the Fire Scout in August 2003. Since this event, TCS has flown the Fire Scout from a ground control station on the USS Denver and a control system aboard the P-3C AIP aircraft. The full Level 5 command and control of the Fire Scout from the P-3C in December 2003 was a first in the UAV industry.

As a risk reduction for future integration on the Littoral Combat Ship, plans are in place for the TCS to demonstrate its control of the Fire Scout from the High Speed Vehicle (HSV) in the fall of this year. HSV is an automated vehicle that operates at speeds up to 55 mph in a variety of environments.

Lockheed Martin received a $32 million order from the U.S. Air Force for Sniper XRTM (eXtended Range) advanced targeting pods. The seven-year firm-fixed price contract provides options for the Air Force to procure Sniper XR pods, associated equipment and spares. The Sniper XR has potential domestic and international sales of up to several billion dollars over the life of the program.

This order, which also includes spares and training, marks the fourth buy (Lot IV) of Sniper XR for the U.S. Air Force. A second increment of the Lot IV buy is expected this year.

Qualification Tests and Evaluation (QT&E) is on target for completion in May and the operational phase is on schedule to begin this summer.

Sniper XR pods will initially equip the U.S. Air Force F-16 Block 50 and the Air National Guard's F-16 Block 30 aircraft. Follow-on procurements are expected to outfit the F-16 Block 40, F-15E and A-10 fleets. The U.S. Air Force is evaluating Sniper XR to fulfill targeting requirements for the B-1 and B-52 aircraft.

Sniper XR incorporates a high-resolution, mid-wave third generation Forward Looking Infrared (FLIR), a dual-mode laser and a CCD-TV along with a laser spot tracker, a laser marker and a sophisticated data-link. Designed as an affordable precision targeting system in a single, lightweight pod, Sniper XR is fully compatible with the latest J-series munitions and precision guided weaponry.

In a move designed to create a world-class nanoaluminum supplier, two nanopowder companies, Nanotechnologies, Inc. located in Austin, Texas and Technanogy Materials Development, located in Santa Ana, California, have agreed to merge assets. Under the terms of the agreement, Nanotechnologies, Inc. will manage the combined resources and will continue and support the commercial activities for nano-aluminum enabled applications.

Nano-aluminum can be engineered for applications that require either enhanced energetic properties, such as primers and propellants, or enhanced mechanical and electrical properties, such as plastic additives.

Representatives of ACS, a provider of business process and information technology outsourcing solutions, announced that the company has been awarded a contract to provide comprehensive workforce services for the Polk County Workforce Development Board Inc., or Polk Works. ACS was awarded the annual contract with two, one-year extension options. The projected value of the contract is $7.8 million over the next three years.

ACS has been providing workforce services in Polk County, Florida since 1997.
ACS manages and operates 81 welfare-to-workforce contracts through 250 offices in 18 states and the District of Columbia.

Melendy Lovett has been named senior vice president of Texas Instruments and President of the company's Educational & Productivity Solutions (E&PS) business. She also will join TI's senior management team. Previously, Lovett was a vice president in the company's human resources organization.

Lovett will direct the worldwide E&PS business, which focuses on market-leading educational technology to improve the teaching and learning of math and science.

In addition to strong strategic skills, Lovett also brings a long-standing personal commitment and passion for math and science education. Among other things, she has established and leads an initiative of TI women who are working to improve math and science education for girls in elementary through high school.

Lovett's experience spans multiple areas including accounting, information technology and human resources. Prior to TI, she was a senior manager with consulting firm Coopers & Lybrand. In that capacity, she built a track record of bringing bottom-line value to her clients through strategic analysis and targeted implementation. She counseled business leaders in areas such as manufacturing, distribution, communications and publishing.

Lovett holds a Bachelor's degree in Management and Management Information Systems from Texas A&M, and a Masters degree in Accounting from the University of Texas-Dallas. She is also a Certified Public Accountant.

Representatives of Austin Ventures, a venture capital firm, announced the addition of Jim Janicki as Entrepreneur-in-Residence (EIR). Jim, formerly the co-founder and CEO of MetaSolv Software brings to his new role deep general management experience and a reputation as a talented entrepreneur. Jim will transition from his current role at MetaSolv over the next 90 days.

As an EIR, Janicki's primary focus will be to identify and evaluate investment opportunities in software and communications companies. Through Austin Ventures' EIR program, Janicki will search for the next company to lead as a Chief Executive Officer.

Janicki co-founded MetaSolv Software, a leading provider of customer relationship, order management, and service fulfillment solutions. While at MetaSolv, he developed and launched an operational support system for the telecommunications industry prior to the finalization of the 1996 Telecom Act which deregulated the industry and created a ready-market for MetaSolv's software. Most of the new telecommunications startups, next generation communication companies, and many of the incumbents adopted the company's solution. MetaSolv Software grew from 3 employees to over 600 and went public in 1999 with revenues reaching $130 million in 2001. During this period, Janicki was named Ernst & Young Entrepreneur of the Year. Before co-founding MetaSolv, Janicki spent more than a decade in various positions at Texas Instruments.

Janicki will be based in Dallas and work closely with Austin Ventures' software and communications investment professionals.

Representatives of EDS announced a multi-year information technology (IT) agreement with DaimlerChrysler Corporation, further extending its leadership in the automotive industry. Financial terms were not disclosed.

Under the agreement, EDS will manage the migration of servers and services to a consolidated managed services environment for DaimlerChrysler's Michigan facilities.

DaimlerChrysler, one of the world's leading automotive companies, will use EDS' automated services to support their business strategy and standardize processes and procedures. EDS will oversee management of DaimlerChrysler's hardware operations and server-based software.

Representatives of Alibre Inc. announced its new Graduation Gift program through which graduating engineers can obtain a full commercial license of Alibre Design Basic at no charge. This unique educational program differs from others in the industry in that the software license runs indefinitely and is not limited to educational use. Under this program, recent graduates enter the workforce with their own professional 3D solid modeling application. Employers benefit because these new employees come already trained to use a modern 3D parametric CAD system, and they save money on CAD software since the new hire can use Alibre Design Basic on the job.

The program is only available to engineering students graduating from an accredited institution in North America in Spring 2004 and after. Students must apply within one month of their successful completion of the required coursework for an engineering degree and provide proof thereof.