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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: Frank A. Coluccio who wrote (1288)	7/5/1999 2:28:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 15615

[Global Crossing Receives $80 Million Capacity Purchase From Irish Government; Will Build Advanced Undersea Cable System for Ireland] * Irish government to be system's anchor customer under $80 million contract * New independent cable system will dramatically lower international communication costs for Ireland * Global Marine Systems will provide marine installation and maintenance under long-term agreement. DUBLIN, Ireland, July 5 /PRNewswire/ -- Global Crossing Ireland, a wholly owned subsidiary of Global Crossing Ltd., announced today that it has reached agreement with the Irish government to build an undersea fiber optic cable system that will link Ireland's leading companies and multinationals to the major cities of Europe and the world. Global Crossing will develop and own the system. This state-of-the-art undersea system will link two of Global Crossing's Irish telehouses, via two diverse fiber cables, connecting Ireland to the world's largest cities through the Global Crossing Network. The Irish Government will be the system's anchor customer under an $80-million agreement. Global Marine Systems Ltd., a wholly owned subsidiary of Global Crossing, will provide installation and maintenance for the undersea portion of the Irish system. "Ireland is moving very fast to take a commanding lead in the global e-commerce economy," said Global Crossing Chief Executive Officer Bob Annunziata. "We are very pleased to be asked to build such an important part of the advanced electronic infrastructure needed by Digital Ireland. The world is now calling Ireland the Celtic Tiger, and with good reason. The Irish Ring will dramatically lower communication costs for Ireland and add huge capacity and state-of-the-art connectivity to continue the astonishing growth in the Irish economy." Under the terms of the agreement, IDA (Industrial Development Authority) Ireland will transfer the capacity to Ireland-based telecommunication carriers and service providers, thereby establishing a Public Private Partnership. Furthermore, Global Crossing will co-operate with IDA Ireland to assist in that resell effort. "We are committed to promoting the growth of strong, indigenous Irish companies that are full participants in the digital age," said Ireland's Minister for Public Enterprise, Mary O'Rourke. "Ireland must be and will be an attractive location for internationally mobile investment. High-quality, competitive Internet access is vital to that future." "We estimate that Ireland's 'e-commerce,' the contribution of Irish web-based and data-based businesses, will grow 100 fold by 2002," added Minister O'Rourke, "but only if competitive broadband capacity and international connectivity are in place. Global Crossing's confidence in the Irish economic bloom and its commitment to the Irish Ring as manifested through this agreement is an important factor to ensure that projection come true."

To: Frank A. Coluccio who wrote (1288)	7/5/1999 2:30:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 15615

[Global Crossing Completes $850 Million Acquisition Of Cable & Wireless Global Marine] * Top independent global fiber optic network is joined by largest submarine cable installer and maintainer, servicing a third of the world's undersea cable kilometers with world's largest flotilla of cable-laying and maintenance vessels. * Long-term contracts cover cables built for 100-plus carriers, including AT&T, NTT, Deutsche Telekom, MCI Worldcom, British Telecom, Cable & Wireless, Telstra, and Singapore Telecom. * Global Crossing's new unit will operate autonomously with 1,200 people in 10 countries and will now be known as "Global Marine Systems Limited." HAMILTON, Bermuda, and CHELMSFORD, Essex, July 5 /PRNewswire/ -- Global Crossing Ltd., owner and operator of the first independent global IP-based fiber optic network, has completed its 550 million pounds sterling (pounds) (approximately $850 million) acquisition from Cable & Wireless plc of the world's largest and most experienced submarine cable maintenance and installation company, Cable & Wireless Global Marine. Global Crossing's new unit, now to be known as Global Marine Systems Limited, possesses the largest flotilla of cable laying and maintenance vessels in the world: 15 cable ships, 3 installation barges and 22 submersible vehicles. Its worldwide workforce of 1,200 people, based in more than 10 countries, has earned a reputation for quality and innovation in the installation and maintenance of submarine cables. Global Marine currently services more than one third of the world's undersea cable kilometers. Commenting on the acquisition, William B. Carter Jr., president of Global Crossing Development Company and newly-named Chairman of Global Marine Systems Limited, confirmed that Global Marine's ability to compete openly in the market will not be affected by the change in ownership. "From a Global Crossing standpoint, the acquisition increases our ability to control the installation and maintenance of our own undersea global network," said Carter. "However, Global Marine Systems Limited will operate independently of Global Crossing and will continue to serve its existing customer base. Global Crossing has invested heavily to acquire the company and we have no intention of jeopardizing that investment by putting at risk business which contributes the bulk of the company's turnover." Under Cable & Wireless ownership, Global Marine worked with nearly all of the world's leading providers of international telecommunications capacity, many of whom were direct competitors of Cable & Wireless. To ensure that this impartiality is maintained, Global Marine Systems Limited will remain a separate entity from Global Crossing and will keep its head office at Chelmsford, in the UK. Global Crossing, headquartered in Bermuda, has executive offices in Los Angeles, California and other offices worldwide. Global Marine Chief Executive Dave Foot, who will continue in that role with Global Marine Systems Limited, is committed to retaining the company's leading position within the industry. "We will compete aggressively to grow our share of the installation and maintenance markets worldwide, working with both consortium and private cable systems owners," said Foot. "These are exciting times for the company and the industry as a whole. We move forward confidently and with optimism under the new Global Marine Systems Limited banner. The name may have changed, but the high quality of our service most definitely has not."

To: Frank A. Coluccio who wrote (1288)	7/5/1999 9:56:00 PM
From: lazarre	Read Replies (1) \| Respond to of 15615

frank, I put MFNX on radar when the street clobbered it over its ABOV ambition....sitting here with my GBLX, it felt like deja vu all over again....and then I remembered I didn't own MFNX and was relieved. Seriously, toyed with the idea of a position last week at $32-33 but allocated funds elsewhere... your comments on the last mile thread puts the spotlight on MFNX in a way that seemed, to me, somewhere in the distant future but in light of this fibre fight and Telco positioning and re-positioning, who knows. But tell me/us, why not an IIXC as opposed to an MFNX if the GBLX/FRO/USWest thing unravels. What, in your opinion, would be the MFNX advantage to Global? L