***NEWS..
Company Press Release
Southland signs Agreements with Project OXYGEN International Limited
Secures Fiber Optic Cable Capacity and Landing Party Rights for Hong Kong.
NEW YORK--(BUSINESS WIRE)--May 24, 1999-- Southland Financial, Inc. (OTC BB Trading Symbol:SINC) announced today that it has in conjunction with its subsidiary operating company in Hong Kong, United Telecom International Limited (United) finalised contracts with Project OXYGEN International Limited. The contracts provide United with the Landing Party Rights to the Project OXYGEN Network in Hong Kong. In addition, United signed a substantial capacity purchase agreement for access to the Project OXYGEN Network.
Project OXYGEN Network is a planned global undersea optical fiber network. Estimated to cost more than U.S. $10 billion, the first phase comprises approximately 168,000 kilometers of optical fiber cable, with 96 landing points in 75 countries and locations and with a capacity of 2.560 Gbits/s (2.56Terabits/s) on trans-oceanic segments. Cable installation is scheduled to begin in late 1999, with the major trans-Atlantic and trans-Pacific links operational in 2001. The Project OXYGEN Network is targeted to be fully operational in Hong Kong, by December 2001.
In January, 1999 Project OXYGEN Limited announced that they had appointed Lehman Brothers, Inc as its financial advisor for the development of its network. At that time, Mr Ed Zughaft, Senior Vice President in Lehman Brothers' Global Media and Telecommunications Group, commenting upon the size and scope of the project said, ''We're pleased to be part of this ambitious undertaking. We believe that Project OXYGEN will change the face of global telecommunications in the years to come.''
Commenting upon the new contract signing, Mr. David A. Turik, Chairman of Southland, said that the timing of the proposed Project OXYGEN network fits well with Southland's plans in Hong Kong. ''It is very exciting to be part of this truly visionary project. We recognise how important it is for Southland to be at the forefront of the telecommunication developments in the region and we believe that our association with the Project OXYGEN will greatly assist us in those endeavours,'' he said.
In addition, Marston Webb International, of New York, have been retained by Southland to provide media and investor relations for a fee of US $6,000/month. Marston Webb specializes in product, corporate, business, financial and investor relations. The agency also advises a number of foreign government, trade and investment agencies. President of Marston Webb, Mr Victor Webb has had a long association with the Asia Pacific region having been instrumental in the development of the Asian Wall Street Journal and International Director of Dow Jones & Co. Inc. He was founding Director of Nikkei International Ltd. Tokyo and an alternate Director of the Far Eastern Economic Review, the Straits Times of Singapore and The South China Morning Post.
Southland regrets to announce that Mr Kevin O'Connor, located in Toronto, has submitted his resignation as Manager of Investor Relations. Mr O'Connor will be continuing his work in an advisory capacity for the Company, as he continues to expand his new business. Mr. Peter Matusik has accepted the responsibility of Shareholders Liaison and will continue to be contacted on 1 877 330-3321. Mr. Matusik's expanded role with the Company carries a one year contract, commencing immediately.
Southland Financial, Inc., through its joint venture partners and subsidiary companies aims to be the premier, independent communications ''carrier's carrier'' in South East Asia. Southland intends to provide cost effective, high quality, value added, ''last mile'' solutions to its customers.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1996. Forward looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Southland's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For further information visit our website at www.sincsfi.com
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Contact:
Southland Financial, Inc.
Investor Relations, Mr. Victor Webb, 212/684-6627
Shareholder Liaison, Mr. Peter Matusik, 877/330-3321 |
