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Exhibit 99.1 News Release
    
    (NORTEL LOGO)
  www.nortel.comFOR IMMEDIATE RELEASE
    
    November 29, 2004For more information:MediaTina Warren(905) 863-4702tinawarr@nortelnetworks.com
    
    Investors(888) 901-7286(905) 863-6049investor@nortelnetworks.com
  Nortel Provides Update on Annual Shareholders Meeting TORONTO  Nortel Networks* Corporation [NYSE/TSX:NT] today announced it will seek a Court
order extending the time for the holding of the Companys 2004 Annual Shareholders Meeting (the
Meeting), to a date no later than March 31, 2005. As previously announced, the Company was granted an order by the Ontario Superior Court of Justice
extending the time for calling the Meeting to a date no later than December 31, 2004 or such later
date as the Court may further permit. The Company previously indicated that it intended to seek an
order extending the time for calling the Meeting to no later than May 31, 2005 and to hold the
Meeting as soon as practicable after its 2003 audited financial statements were completed and
available for mailing to shareholders. The Company and its Board of Directors remain committed to holding the Meeting as soon as
practicable and believe that it is in the best interests of the Company and its shareholders that
the 2003 audited financial statements are completed and mailed to shareholders in advance of the
Meeting, in accordance with applicable laws. Based on the need to comply with applicable legal
requirements in both Canada and the United States, including allowing for a reasonable time for
the submission and processing of shareholder proposals, and given the Companys experience as to
the time needed to prepare, print and mail the necessary meeting materials to a shareholder base of
approximately 1.7 million registered and beneficial shareholders, the Company expects to hold the
Meeting approximately 85-100 days after it is called. In light of these factors, the Company will
now seek a Court order extending the time for the holding of the Meeting to no later than March 31,
2005, and remains committed to holding the Meeting at the earliest practicable time. ************************ About Nortel Nortel is a recognized leader in delivering communications capabilities that enhance the human
experience, ignite and power global commerce, and secure and protect the worlds most critical
information. Serving both service provider and enterprise customers, Nortel delivers innovative
technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and
applications, and wireless broadband designed to help people solve the worlds greatest challenges.
Nortel does business in more than 150 countries. For more information, visit Nortel on the Web at
www.nortel.com. For the latest Nortel news, visit www.nortel.com/news. Certain information included in this press release is forward-looking and is subject to
important risks and uncertainties. The results or events predicted in these statements may differ
materially from actual results or events. Factors which could cause results or events to differ
from current expectations include, among other things: the outcome of Nortels independent review
and planned restatement or revisions of its previously announced or filed financial results; the
resolution of the accounting issues announced on November 11, 2004, including the outcome of
discussions with the United States Securities and Exchange Commission; the impact of the management
changes announced on April 28, 2004 and August 19, 2004; the impact of the inability to meet
Nortels filing obligations on support




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facilities and public debt obligations; any potential
delisting or suspension of the Companys or NNLs securities; the adverse resolution
of litigation, investigations, intellectual property disputes and similar matters; the sufficiency
of Nortels restructuring activities, including the work plan announced on August 19, 2004 as
updated on September 30, 2004, including the potential for higher actual costs to be incurred in
connection with restructuring actions compared to the estimated costs of such actions; cautious or
reduced spending by Nortels customers; fluctuations in Nortels operating results and general
industry, economic and market conditions and growth rates; the communication by Nortels auditors
of the existence of material weaknesses in internal controls; Nortels ability to recruit and
retain qualified employees; fluctuations in Nortels cash flow, level of outstanding debt and
current debt ratings; the use of cash collateral to support Nortels normal course business
activities; the dependence on Nortels subsidiaries for funding; the impact of Nortels defined
benefit plans and deferred tax assets on results of operations and Nortels cash flows; Nortels
dependence on new product development and its ability to predict market demand for particular
products; Nortels ability to integrate the operations and technologies of acquired businesses in
an effective manner; the impact of rapid technological and market change; the impact of price and
product competition; barriers to international growth and global economic conditions, particularly
in emerging markets and including interest rate and currency exchange rate fluctuations; the impact
of rationalization in the telecommunications industry; changes in regulation of the Internet; the
impact of the credit risks of Nortels customers and the impact of customer financing and
commitments; stock market volatility generally and as a result of acceleration of the settlement
date or early settlement of Nortels purchase contracts; the impact of Nortels supply and
outsourcing contracts that contain delivery and installation provisions, which, if not met, could
result in the payment of substantial penalties or liquidated damages; and the future success of
Nortels strategic alliances. For additional information with respect to certain of these and other
factors, see the most recentForm 10-Q/AandForm 10-K/Afiled by Nortel with the SEC. Unless
otherwise required by applicable securities laws, Nortel disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. -end- * Nortel, the Nortel logo and the Globemark are trademarks of Nortel.  2