Telecom Corp. of New Zealand Ltd. (NZT, TEL.NZ) said Friday an independent review of its new third-generation XT mobile network showed serious errors were made but the network is fundamentally sound.

Analysys Mason was commissioned by Telecom to conduct an independent review of the design, build and operation of the network after it experienced a series of crashes since it was established in mid-2009.

"Clearly some serious errors were made but the report shows that XT is fundamentally sound, that Telecom and our partner Alcatel Lucent (ALU, ALU.FR) are now on the right track. Significant progress in improving the robustness and reliability of XT has been made," said Telecom Chief Executive Paul Reynolds.

By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com
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