Global Crossing Completes Core Worldwide Network
HAMILTON, Bermuda--(BUSINESS WIRE)--June 21, 2001--Global Crossing Ltd. (NYSE: GX - news):
Core Network Spans 200+ Cities In Europe, North America, South America and Asia
Unique Network is One of Most Extensive Global Infrastructure Projects Ever Completed
Global Crossing's Business Plan is 100% Funded
Global Crossing Ltd. (NYSE: GX - news), which provides integrated telecommunications solutions over the world's most extensive global IP-based fiber optic network, today announced it has completed its core network linking 27 countries and over 200 major cities in Europe, North America, South America and Asia. The final connection was between Lima, Peru and South American Crossing, which is already operational in major markets throughout the region, including Mexico, Argentina, Brazil, Chile, Venezuela and Panama.
``This is one of the most extensive infrastructure projects ever completed, and we have done it in less than four years. Amid difficult market conditions, Global Crossing has built a unique network on budget and on time -- and we can now provide seamless end-to-end connections to both carriers and commercial customers from Europe to North and South America to Asia,'' said CEO Tom Casey. ``We are particularly proud of achieving this milestone at a time when many competitors have had to cut back their network builds due to capital constraints. In today's environment, nobody else will be able to build a network of this scope for years to come.''
Casey continued, ``Global Crossing's business plan is fully funded, including receipt of over $3 billion in after-tax proceeds from the ILEC sale closing on June 29. In addition, we have already recouped more than half of our construction costs through existing sales contracts. Our network -- which we designed, built and operate as one seamless system to be the best-performing, most secure and lowest-cost network in the world -- enables us to offer managed broadband services on a global basis to leading enterprises. We are focused on exploiting our first-mover advantage to generate revenues from this unique asset while providing a level of service not available anywhere else.''
Current customers include carriers such as Deutsche Telekom, British Telecom, Telecom Italia and Qwest; institutions such as SWIFT, the British Government and the U.S. Navy; and corporations such as JP Morgan Chase, Goldman Sachs, Procter & Gamble, Merck, Sony, Pfizer, Microsoft, NEC, American Express, Yahoo! BB, CNBC Europe, Fujitsu and Direct TV.
Beyond its core network, Global Crossing is currently building a previously announced Asian extension that will connect Singapore, Malaysia and the Philippines to the global network. This fully funded extension is expected to be complete in the first quarter of next year. Global Crossing is also extending fiber directly into customer premises in many major markets.
About Global Crossing
Global Crossing Ltd. (NYSE: GX - news) provides telecommunications solutions over the world's first integrated global IP-based network, which will have approximately 100,000 route miles, reaching 27 countries and more than 200 major cities. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas, Europe, and the Asia/Pacific region, and provides services in Asia through its subsidiary, Asia Global Crossing (Nasdaq: AGCX - news). Global Crossing Solutions provides integrated telecommunications solutions, including network outsourcing, to large global enterprises. Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. |
