Hi Tom, this is no hype thread, no one here will try to convince you do to anything.
Global Crossing Building Network to Link Americas (Update1)
Bloomberg News
March 11, 1999, 8:56 a.m. PT
Global Crossing Building Network to Link Americas (Update1)
(Adds comment from CEO. Updates share activity.)
Hamilton, Bermuda, March 11 (Bloomberg) -- Global Crossing
Ltd. said it's building a phone network to connect North and
South America for about $1 billion, adding most of South
America's major cities to its worldwide system.
Hamilton, Bermuda-based Global Crossing, which sells
capacity on its undersea fiber-optic network to other phone
companies, expects to begin offering services over the 18,000-
kilometer link next year. The company's shares rose 6 to 44 5/8
in midday trading, after touching a record 46 1/2 earlier.
The South American network will extend Global Crossing's
reach to 80 of the world's largest cities, one step closer to its
goal of connecting the top 100. The company is looking to attract
more phone companies and business by building the capacity they
need to handle mushrooming Internet and data traffic.
''The system is scheduled for completion just in time for
the triple-digit growth in Internet, voice and video and data
transmission demand that we are seeing through the area,'' said
Bob Annunziata, Global Crossing's Chief Executive, who left AT&T
Corp. two weeks ago to join the company.
The company is already building links between North America
and Europe and Asia.
The first phase of construction will link Argentina and
Brazil to Global Crossing's worldwide network, the company said. |
