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Zhone Technologies to Ring NASDAQ Stock Market Closing Bell

Oakland, CA — May 23, 2006 — Zhone Technologies, Inc.(NASDAQ: ZHNE), a worldwide leading supplier of VoIP and IPTV equipment for Copper and Fiber access networks, today announced that Mory Ejabat, Chairman and Chief Executive Officer, will ring the ceremonial NASDAQ Stock Market Closing Bell on Wednesday, May 24, 2006 at 4:00 p.m. (Eastern), at the NASDAQ MarketSite in New York City. Zhone is celebrating the four year anniversary of the introduction of it’s market leading Multi-Access Line Concentrator (MALC), the company's flagship product for delivering multiple services over a single access line.

In the four years since Zhone pioneered this new category of products, now commonly referred to as Broadband Loop Carriers (BLCs), these types of products have consistently been among the fastest growing segments of the multi-billion dollar DSL market. Zhone has established leading market share in this BLC category and Zhone’s products were recently awarded top ranking among BLCs.

“Zhone’s market leading MALC product has become the standard for delivery of communication services over packet networks," said Mr. Ejabat. "I am honored to participate in the NASDAQ opening ceremony to celebrate Zhone's execution on excellence in advancing the next generation of telecommunication networks."

By utilizing Ethernet and IP technology, Zhone’s products simplify network operations by consolidating multiple services onto a single access line. This convergence of services and networks simplifies provisioning and operations, provides quality and reliability, and opens the door for delivering exciting new services.

To view the NASDAQ Market Close "live" on May 24, 2006 at 4:00 p.m., visit http://www.nasdaq.com/reference/marketsite_about.stm. Scroll to the bottom of the page to access the MarketSite Live Web cam link. Windows Media Player is required to view the web cam.

Zhone is traded on The NASDAQ Stock Market under the symbol ZHNE.

About Zhone Technologies

Zhone Technologies, Inc. (NASDAQ: ZHNE) is a global leader in all IP multi-service access solutions, serving more than 750 of the world's most innovative network operators.

The IP Zhone is the only solution that enables service providers to build the network of the future…today, supporting end-to-end Voice, Data, Entertainment Social Media, Business, Mobile Backhaul and Mobility service.

Zhone is committed to building the fastest and highest quality All IP Multi-Service solution for its customers.

Zhone is headquartered in California and its products are manufactured in the USA in a facility that is emission, waste-water and CFC free.

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Zhone, the Zhone logo, and all Zhone product names are trademarks of Zhone Technologies, Inc. Other brand and product names are trademarks of their respective holders. Specifications, products, and/or product names are all subject to change without notice.