Again Great news for XYLN:
MetroNet Acquires Inter-City Fibre for Nationwide IP Network Acquisition Creates Canada's Premier Facilities Based Local and Long Haul Fibre Telecommunications Company
MetroNet Communications Corp. (Nasdaq: METNF and Toronto, Montreal: MNC.B), Canada's largest facilities based national competitive local telecommunications services provider, today announced that it is acquiring a state-of-the-art nationwide long haul fibre optic network from Ledcor Industries Limited, Worldwide Fiber Inc., and in part from Call-Net/fONOROLA. The all cash transactions, valued in aggregate at approximately C$200 million, includes dedicated strands of fibre optic cable along more than ninety-five hundred route kilometres in Canada and along key border crossings into the United States. The inter-city fibre network will connect major metropolitan cities across Canada. MetroNet intends to fund this acquisition, as well as its continued growth and expansion, from its unrestricted cash balances, which totaled over $680 million at September 30, 1998.
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