I certainly hope that no one thinks as this as wandering "off topic", but just in case you do, have a happy 2000 here on the Williams Communications Group-WCG thread on SI. If you are long WCG...sit back, read, and let your imagination run wild (feel free to post of any news, rumors, etc. relating to WCG or the industry, as it all affects this stock, just keep the hype in the coffee shop.)
Any thoughts on this???...just testing imaginations!
New firm for ex-Microsoft CFO seen as up-and-comer
Reuters Story - December 23, 1999 18:11
By Lydia Zajc
TORONTO, Dec 23 (Reuters) - Not too many people knew of Worldwide Fiber Inc., a private fiber-optics network builder from Vancouver, British Columbia, before the arrival there of the ex-chief financial officer from software giant Microsoft Corp.
But analysts expect to hear more about it soon.
The firm, a 1998 spin-off of private construction concern Ledcor Industries Ltd., could join the ranks of companies such as Qwest Communications International Inc. and Global Crossing Ltd.
All create networks to deal with the converging markets of telecommunications and electronic commerce, as the burgeoning demand for Internet usage fuels network expansion.
But it was Worldwide Fiber that attracted Greg Maffei, the respected ex-CFO and wheeler-dealer of Microsoft, as its new chief executive.
Maffei, 39, led Microsoft's strategic partnerships and investments with AT&T Corp. , Nextel Communications Inc. , Global Crossing and Britain's Telewest Communications Plc among others. Microsoft boosted its investments in communications firms lately due to the Internet and its impact on software sales.
Will Walls, Worldwide's vice-president of finance, said the casual Maffei will slide right into place among the laid-back members of the company's executive team.
"We drive hard, he's drives harder, it's just a perfect fit," Walls said.
Worldwide, with more than 1,000 employees, had a list of 17 serious candidates whittled down to seven. Maffei was brought on board with the help of the company's Wall Street connections, Walls said.
"He's going to give a profile and a contact base" to Worldwide, Walls said, that will let the company find winners with which it can ally.
The firm already boasts a fiber network that rings Canada and the United States. Its biggest project is a trans-Atlantic, under-sea fiber-optic network traveling from Halifax, Nova Scotia, and Boston to Liverpool and Dublin.
When it lands overseas, Worldwide is planning to put together a network in Europe, and has hopes for Asia and South America, Walls said.
Walls said the work on trans-Atlantic network is moving along and the cable and electronics have been ordered. Everything should be in place by the end of next year and ready for service by March 1, 2001, for the carriers, Walls said.
And Maffei has the contacts to help out with its international plans, Walls added.
Eamon Hoey, consultant and head of Hoey and Associates, has been following the company as it builds its networks. "This is no slouch of a company," Hoey said. "They've put an outstanding team together to build this capability and they have lots of experience at doing it."
The company has already arranged four money-raising deals, and one private placement of preferred stock this summer worth $345 million, with some of Wall Street's most influential brokerages, Walls said.
The company is contemplating, among other options, an initial public offering (IPO) within the first six months of 2000. However, it could have easily launched itself on North American stock markets in the past but postponed it, Walls said.
"The debt markets are looking at us very favorably, so I think we have lots of options open to us and an IPO is just one. And it's one we put near the top of the list," Walls said.
If the company went public, its market capitalization would soar into the billions, Hoey said.
It also hasn't ruled out finding some investment partners, including Microsoft, Walls said. Many companies are interested in making strategic investments, but "any discussions there are very preliminary."
($1=$1.47 Canadian)
((Lydia Zajc, Reuters Toronto Bureau (416) 941-8109, or e-mail lydia.zajcreuters.com))
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