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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Watcher who wrote (11048)	6/24/1999 1:06:00 AM
From: TWICK	Read Replies (1) \| Respond to of 52051

Notice the big move on QNET today ? It caught me off-guard. Found the following news release. Funny how it didn't move until today: Tuesday June 22, 8:00 am Eastern Time Company Press Release Quest Net Corp. Receives Permission for Project Unidad Discussions MIAMI--(BUSINESS WIRE)--June 22, 1999-Quest Net Corp. (OTC BB:QNET), www.questnetcorp.com, has announced that Camilo Pereira, its President, has received a license from the United States Department of the Treasury to travel to Cuba to discuss Project Unidad with Cuban officials. Project Unidad is the Company proposed construction of a 40 Gbps undersea fiber optic cable with capacity of over 530,000 simultaneous connections. The system consists of approximately 180 km of undersea cable and two landing points. The Company believes that ''Project Unidad,'' will open broadband applications with security for educational, scientific and commercial users and will greatly enhance the availability and use of the Internet by Cuban residents. In addition, the Company believes that Project Unidad will make the Internet more readily available to residential users facilitating communication between the average citizen and the world with a primary link with the United States. With the change in the political atmosphere and the emergence of a more open relationship between Cuba and major world powers, the demand for bandwidth and voice capacity is expected to grow sharply as the Cuban economy continues to develop and diversify. The licensed travel is for discussion of the project only. The Company will not be able to conclude any negotiations or begin construction until such time as permission has been secured and the proper licenses have been obtained from both the United States and Cuban governments. Although no assurances can be given, the Company believes that it will be able to comply with all requirements in order to complete this project It is estimated that the overall cost project will be approximately $13,000,000 and will be completed within a year from the date of the approval by the proper governmental agencies and securing financing for the project, of which no assurance can be given. The ''Project Unidad'' system is being designed primarily for data and will only carry Internet and data traffic. Quest Net Corp. therefore will not be involved in settlement of telephone tariffs which is a point of contention between the United States and Cuba. After preliminary contact with the Office of Foreign Asset Control, the Federal Communications Commission, State and Commerce Departments, the management of the Company is confident that there is no violation of the Cuban Democratic Act in its proposal as Internet traffic is already widely available between the United States and Cuba.