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

To: TechMkt who wrote (1785)	9/8/1999 8:55:00 AM
From: gao seng	Respond to of 15615

Yes. Global Crossing, Microsoft, Softbank build Asia telecom network By Reuters Special to CNET News.com September 8, 1999, 4:00 a.m. PT Fiber optic cable company Global Crossing is forming a joint venture with Microsoft and Japanese Internet firm Softbank to build a $1.28 billion land and undersea telecommunication network in Asia, according to sources familiar with the situation. The deal, which is expected to be announced later today, seeks to take advantage of an anticipated explosion in Internet use across Asia, said the sources who spoke on condition of anonymity. The 17,700-kilometer network, to be named East Asia Crossing, will link Japan, China, Singapore, Hong Kong, Taiwan, South Korea, Malaysia, and the Philippines, connecting them to Global Crossing's fiber optic network that serves North America, Europe, and South America. Quote Snapshot September 7, 1999, 1:01 p.m. PT Microsoft Corp. MSFT 94.2500 -1.6250 -1.69% Global Crossing Ltd. GBLX 20.3125 -2.0625 -9.22% by symbol by name More from CNET Investor Quotes delayed 20+ minutes Global Crossing will manage and operate the network which will offer access to high-tech telecommunications services such as electronic commerce. The venture calls for the three companies to form a new entity called Asia Global Crossing, which will eventually be taken public. Bermuda-based Global Crossing will initially own 93 percent of the new company, with Redmond, Washington-based Microsoft and Softbank each owning 3.5 percent, the sources said. Those ownership stakes will increase for Microsoft and Softbank to a maximum 19 percent each if the market value of the new venture reaches $7.5 billion. Global Crossing and Microsoft declined to comment. A New York-based spokesman for Softbank could not be reached for comment. As part of the deal, Softbank and Microsoft will each contribute $175 million in cash to Asia Global Crossing, the sources said. They also will commit a total of at least $200 million in Global Crossing network capacity purchases over a three-year period, primarily on Global Crossing's U.S.-Japan system. The new venture will be led by Global Crossing vice chairman Jack Scanlon. Global Crossing also will control a majority of seats on the board of Asia Global Crossing. The East Asia Crossing project is expected to have capital costs of $1.28 billion over the next two years. It will be financed by the new entity. Two-year-old Global Crossing recently agreed to buy number long distance telephone company Frontier for about $9 billion in stock. Softbank has branched out from its original business of computer software publishing and taken stakes in more than 100 Internet-related firms across the globe, including Yahoo. news.com

To: TechMkt who wrote (1785)	9/8/1999 9:27:00 AM
From: 16yearcycle	Respond to of 15615

I have been having fantasies for two weeks about putting every dime into gblx at 16 in October. Unfortunately, this, along with the nas 100 and fro news will probably provide a floor at 20. Still think we will need a retest of the lows after this rally.