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

To: TechMkt who wrote (1954)	9/15/1999 5:40:00 AM
From: TechMkt	Respond to of 15615

The network keeps getting bigger. Fez ___________________________ Wednesday September 15, 5:01 am Eastern Time Company Press Release Global Crossing Acquires Rights To New York Fiber Network HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 15, 1999--Global Crossing Ltd. (Nasdaq:GBLX - news): -96-fiber Manhattan network is first of several planned city networks that will be added to the Global Crossing Network. -100-mile network to connect all major central offices and telehouses in New York City. -Adds last-mile access rights to 1 million homes and office buildings in New York City. -Gives Global Crossing ownership interest in Telergy, which is building the network (40 miles in Manhattan). Global Crossing Ltd. (Nasdaq:GBLX - news), which is building and operating the world's most advanced global IP-based fiber optic network, Tuesday announced that it has acquired 96 strands of fiber throughout the New York area through a definitive agreement with Telergy Inc., a leading provider of integrated communication services in New York state and the northeastern United States. The agreement provides Global Crossing with an ownership position in Telergy, and representation on Telergy's board of directors. ``This agreement with Telergy extends the Global Crossing Network throughout New York City, one of the the world's most important commercial centers,' said Bob Annunziata, chief executive officer of Global Crossing. ``The New York City metropolitan network is the first of at least 10 city networks around the world that we expect to incorporate into the Global Crossing Network before year-end 2000. New York is a hub for much of the world's communications, and this relationship guarantees the ability to terminate and originate traffic for Global Crossing as we ramp up our trans-oceanic links across the Pacific to Asia, along the American continents to the great cities of South America, and throughout Europe via Atlantic Crossing and Pan European Crossing.' ``This strategic relationship is exciting for several reasons,' said Brian Kelly, chief executive officer of Telergy. ``This agreement is a clear sign of the value of the diversity and end-to-end reach of the Telergy network. This will allow us to accelerate the rapid deployment of the Telergy network throughout the Northeastern U.S., and provide us a gateway to the world through Global Crossing's international network.' Telergy's 100-mile New York City network, which is being designed and built by MasTech Inc. (NYSE:MTZ - news), includes 40 miles in Manhattan alone. Added Kelly: ``Through our alliances with local utilities, the Telergy network in New York City follows a more diverse right of way route and will add more miles and greater building access than any other New York City fiber network. It will connect all major central offices and telehouses in NYC and has the rights of way to connect 1 million homes and buildings in Manhattan and the other boroughs.' Under the agreement, Global Crossing and Telergy will also explore co-build opportunities in the northeastern United States and seek to utilize the Telergy network as needed for redundancy and termination of Global Crossing traffic in certain areas.