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Exhibit 99.1 (NORTEL LOGO) News Release www.nortel.com FOR IMMEDIATE RELEASE
    
    November 19, 2004For more information:Media
    
    InvestorsTina Warren
    
    (888) 901-7286(905) 863-4702
    
    (905) 863-6049tinawarr@nortelnetworks.com
    
    investor@nortelnetworks.com
 Nortel Networks Announces New Waiver from Export Development Canada TORONTO  Nortel* Networks Corporation [NYSE/TSX: NT] today announced that its
principal operating subsidiary, Nortel Networks Limited (NNL), has obtained a
new waiver from Export Development Canada (EDC) under the EDC
performance-related support facility (the EDC Support Facility) of certain
defaults related to the delay by the Company and NNL in filing their respective
2003 Annual Reports on Form 10-K, Q1 2004 Quarterly Reports on Form 10-Q and Q2
2004 Quarterly Reports on Form 10-Q (collectively, the Delayed Reports) and
the expected delay in filing their respective Q3 2004 Quarterly Reports on Form
10-Q (the Third Quarter Reports) beyond November 24, 2004, in each case with
the U.S. Securities and Exchange Commission (the SEC), the trustees under the
Companys and NNLs public debt indentures and EDC. The waiver also applies to
certain additional breaches under the EDC Support Facility relating to the
delayed filings and the planned restatements and revisions to the Companys and
NNLs prior financial results (the Related Breaches). The new waiver from EDC will remain in effect until the earlier of certain
events including:  
    
    the date on which the Delayed Reports and the Third Quarter Reports have been filed with the SEC; or
    
    December 10, 2004. NNLs prior waiver from EDC, previously announced on October 29, 2004, was set
to expire on November 19, 2004. As previously announced, the Company and NNL are targeting a filing date for
the Delayed Reports within 30 to 60 days of November 11, 2004. The Company
expects that it and NNL will file the Third Quarter Reports as soon as
practicable thereafter. There can be no assurance that the Company will be able
to file the Delayed Reports and Third Quarter Reports by December 10, 2004. If
the Company and NNL fail to file the Delayed Reports and the Third Quarter
Reports by December 10, 2004, EDC will have the right, on such date, unless EDC
has granted a further waiver in relation to the delayed filings and the Related
Breaches, to terminate the EDC Support Facility, exercise certain rights
against collateral or require NNL to cash collaterize all existing support. If
the Company and NNL fail to file the Delayed Reports and the Third Quarter
Reports by December 10, 2004, there can be no assurance that NNL would receive
any further waivers or any extensions of the waiver beyond its scheduled expiry
date. In addition, the Related Breaches will continue beyond the filing of the
Delayed Reports and the Third Quarter Reports. Accordingly, EDC will have the
right (absent a further waiver of the Related Breaches) beginning on




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Page 2 the earlier of the date upon which the Delayed Reports and Third Quarter
Reports are filed and December 10, 2004 to terminate or suspend the EDC Support
Facility notwithstanding the filing of the Delayed Reports and the Third
Quarter Reports. While NNL expects to seek a permanent waiver from EDC in
connection with the Related Breaches, there can be no assurance that NNL will
receive a permanent waiver, or any waiver or as to the terms of any such
waiver. The EDC Support Facility provides up to US$750 million in support, all
presently on an uncommitted basis. The US$300 million revolving small bond
sub-facility of the EDC Support Facility will not become committed support
until the Delayed Reports and the Third Quarter Reports are filed with the SEC
and NNL obtains a permanent waiver of the Related Breaches. As of November 18,
2004, there was approximately US$286 million of outstanding support utilized
under the EDC Support Facility, approximately US$202 million of which was
outstanding under the small bond sub-facility. ************************ 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 (SEC); 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 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 recent Form 10-Q/A and Form
10-K/A filed 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.