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Zhone Technologies' Common Stock to Begin Trading on Adjusted Basis on March 12 Following One-for-Five Reverse Stock Split

Oakland, CA — March 11, 2010 — Zhone Technologies, Inc. (NASDAQ: ZHNE), a global leader in network access solutions, today announced that the previously announced one-for-five reverse stock split of Zhone's common stock will become effective as of 11:59 p.m. EST on March 11, 2010 and that Zhone shares will trade on a post-split basis beginning on March 12, 2010. The new CUSIP number for Zhone's common stock will be 98950P884.

The reverse split will automatically combine every five shares of Zhone's common stock into one issued and outstanding share without any change in the par value of the shares. Following the reverse split, the number of shares of outstanding common stock of Zhone will be proportionally reduced from approximately 151.4 million to 30.3 million.

No fractional shares of common stock will be issued in connection with the reverse stock split. Shareholders that would otherwise hold a fractional share of Zhone's common stock will receive a cash payment in lieu of fractional shares.
For a 20 trading day period beginning on March 12, 2010, Zhone's common stock will trade on a post-split basis under the trading symbol "ZHNED" as an interim symbol to denote the reverse split. After this 20 trading day period, Zhone's common stock will resume trading 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.