TyCom and Global Crossing Agree to Settle All Outstanding Disputes
PEMBROKE, Bermuda, Oct. 16 /CNW/ -- TyCom Ltd. (NYSE: TCM; BSX: TCM) and Global Crossing Ltd. (NYSE: GX - news) today announced an amicable settlement of all outstanding claims against each other. The claims, which had been brought in both Federal Court and arbitration proceedings, related to agreements between the parties for the construction and operation of Global Crossing's Atlantic Crossing-1 and South American Crossing fiber-optic cable systems.
"TyCom is very pleased to have reached a mutually satisfactory resolution of these issues with one of our key customers," said Neil Garvey, President and CEO of TyCom. "During the course of these proceedings we have continued to work together to provide system upgrades and support, which is a testament to the professionalism of both companies. With these matters now settled, we look forward to a stronger and more productive relationship with Global Crossing."
"We are very happy with this win-win agreement with TyCom, a supplier who has built many of our systems and with whom we have continued to work closely and productively, even in the face of these disputes. With this settlement behind us, we will be better able to move forward quickly to focus on the business of achieving operational excellence and serving our customers and we will have an even better relationship with a valued partner," said John Legere, CEO of Global Crossing.
About TyCom Ltd.
TyCom Ltd. (NYSE: TCM; BSX: TCM), with fiscal 2000 revenues of $2.54 billion, is one of the world's largest providers of advanced broadband communications capacity, systems and services. TyCom is a leading fully integrated supplier of transoceanic optical networks, is the recognized world leader in undersea technology development and application, and operates one of the world's largest fleets of cable ships. The company is also deploying and selling capacity on the TyCom Global Network. TyCom's parent company is Tyco International Ltd. (NYSE: TYC; LSE: TYI; BSX: TYC). For more information on TyCom, visit www.tycomltd.com.
About Tyco International Ltd.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services, and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in disposable medical products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 revenues of $28.9 billion.
FORWARD LOOKING STATEMENT
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the timing of construction and the successful operation of the TyCom Global Network, changes in telecommunications technology, changes in demand for bandwidth capacity, receipt of necessary licenses and regulatory approvals, competitive factors in the undersea fiber optic cable industry and in the telecommunications industry generally, overall economic and business conditions, the buy-back of TyCom common shares, changes in the regulatory environment, the outcome of litigation, risks associated with conducting business in international markets, and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2000, filed with the U.S. Securities and Exchange Commission. TyCom is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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