ATHENS, Greece - Unisystems [ATHEX: USYST] and Nortel [NYSE/TSX: NT] have signed a shareholders agreement to establish a joint venture, named Uni-Nortel, for sales, marketing and support of Nortel's high-quality, leading-edge telecommunications equipment and networking solutions in Greece and Cyprus.

Dimitris Liaroutsos, president, Unisystems and Pierfrancesco Di Giuseppe, president, Southern Europe, Nortel announced the agreement today in Athens.

The joint venture, where Unisystems will be the majority partner, will be the sole vehicle for sales of Nortel carrier packet, wireless network and enterprise solutions into Greece and Cyprus. The new company is expected to build and develop strong technical capabilities to support Nortel products both in pre-sales and post-sales, while continuing to service existing enterprise customers and channels already taking advantage of Nortel's wide product portfolio.

'This joint venture will be focused on enhancing the communications experience and capabilities available in Greece,' Liaroutsos said. "By combining Unisystems' market presence and understanding with Nortel's leading carrier and enterprise solutions, we hope to make a significant impact in the Greek telecommunications market.'

'By partnering with one of the leading technology solutions providers in Greece, Nortel is aiming to target both Greece's wireless and fixed carrier networks, as well as to increase market penetration in the enterprise space,' Di Giuseppe said. 'We believe Unisystems' established relationships with the Greek market will enhance Nortel's position within the communications systems of this country.'

'This joint venture demonstrates Nortel's commitment to the global communications market through a strategy of partnering where appropriate to improve our market penetration," said Steve Pusey, president, EMEA (Europe, Middle East, Africa) and Asia, Nortel. "Nortel has already been successful in Greece and we believe that this new joint venture will improve and reinforce our presence and business in this key market.'

The companies expect to complete this transaction in the third quarter of 2005. Once the transaction is completed, they will appoint a chief executive officer for the joint venture.