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

To: JDN who wrote (3933)	1/12/2000 7:31:00 AM
From: TechMkt	Read Replies (1) \| Respond to of 15615

I read elsewhere yesterday that Quest is trying to figure out it's Asian strategy. GBLX is well poised and moving FAST. Fez ________________________ Wednesday January 12, 5:03 am Eastern Time Company Press Release Hutchison Whampoa and Global Crossing Complete Telecom Joint Venture in Hong Kong HONG KONG--(BUSINESS WIRE)--Jan. 12, 2000--Global Crossing (Nasdaq:GBLX - news): -- 50/50 joint venture combines Hutchison Whampoa's existing fiber optic telecommunications network and certain Internet-related assets in Hong Kong with Global Crossing's international cable capacity and growing inventory of web hosting, Internet applications and data services. -- Hutchison gains technological expertise and global connectivity. Global Crossing gains entry into attractive markets in Hong Kong and, when regulations permit the Greater China region. Partnership expands Hutchison's existing network, the largest fully fiber-optic network in Hong Kong, as the cornerstone of the planned China Crossing. Hutchison Whampoa Limited and Global Crossing Ltd. announced today that they have completed formation of Hutchison Global Crossing, a 50/50 joint venture to pursue fixed-line telecommunications and Internet opportunities in the Hong Kong Special Administrative Region, China. The 50/50 joint venture combines Hutchison Whampoa's existing territory-wide, building-to-building fixed-line fiber optic telecommunications network and certain Internet-related assets in Hong Kong with Global Crossing's international fiber optic broadband cable capacity and growing inventory of web hosting, Internet applications and data services. For its 50% share, Global Crossing has provided to Hutchison Whampoa US$400 million (HK$3,108 million) in Global Crossing convertible preferred stock. Additionally, Global Crossing has committed to contribute to the joint venture international telecommunications capacity rights on its global fiber optic network and global data center related capabilities which together are valued at US$350 million (HK$2,720 million), as well as US$50 million (HK$389 million) in cash. In aggregate, Global Crossing's investment values the joint venture enterprise at US$1.2 billion (HK$9.3 billion). Global Crossing intends to integrate its share of Hutchison Global Crossing with Asia Global Crossing, its joint venture with Microsoft and Softbank. Hutchison Whampoa has agreed that the fixed-line telecommunications activities it pursues in China will be carried out by the joint venture. The transaction, which was approved by the Boards of Directors of Hutchison Whampoa and Global Crossing Ltd. in November, was completed after meeting necessary regulatory and other approvals and customary closing conditions. About Hutchison Whampoa Limited Hutchison Whampoa is a Hong Kong-based conglomerate with origins dating back to the 1800s. With a market capitalization of US$53 billion, Hutchison is one of the largest companies in Hong Kong. In 1998, consolidated turnover was over US$6.6 billion, and after-tax earnings were approximately US$1.1 billion. With 80,000 employees worldwide, Hutchison operates five core businesses in 25 countries: ports and related services; telecommunications; property development and holdings; retail, manufacturing and other services; and energy and infrastructure. Hutchison's telecommunications businesses and holdings span several continents, and include such diverse products as cellular telephone network services, fixed-line services, paging, trunked mobile radio services, VSAT and radio broadcasting. For more information, please visit www.hutchison-whampoa.com.hk.