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

To: matt dillabough who wrote (5656)	4/19/2000 8:35:00 AM
From: Curtis E. Bemis	Read Replies (1) \| Respond to of 15615

Global Crossing Files Registration Statement for Tracking Stock of GlobalCenter Business Wire - April 19, 2000 08:23 HAMILTON, Bermuda--(BUSINESS WIRE)--April 19, 2000--Global Crossing Ltd. (Nasdaq:GBLX) announced today that it has filed a registration statement with the Securities and Exchange Commission to cover the initial public offering of shares of its GlobalCenter group stock, a class of stock that will separately track the performance of its GlobalCenter business. Global Crossing Ltd. will allocate the net proceeds of the sale of these shares of GlobalCenter group stock to the GlobalCenter group. GlobalCenter intends to use the net proceeds to finance its planned domestic and international expansion and for general corporate purposes and working capital. GlobalCenter may also use a portion of the net proceeds to make strategic investments or acquisitions. Global Crossing Ltd. currently intends to dispose of Global Crossing's retained interest in the GlobalCenter group following this proposed public offering in the form of additional GlobalCenter group stock. This disposition is expected to include a distribution in the form of a dividend to holders of Global Crossing's existing class of common stock for a portion of such interest, but Global Crossing Ltd. has not yet determined the exact method and timing of this disposition. The shares of GlobalCenter group stock will be offered by an underwriting group led by Morgan Stanley Dean Witter, Credit Suisse First Boston and Chase H&Q and co-managed by Bear, Stearns & Co. Inc., Donaldson, Lufkin & Jenrette, Goldman, Sachs & Co. and Salomon Smith Barney. GlobalCenter is a leading provider of Internet infrastructure solutions incorporating complex Web hosting; IP network services, primarily using the Global Crossing IP network; hardware and software procurement and installation; content distribution, integration and management services; systems applications; and professional services. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the GlobalCenter group stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering will be made only by means of a prospectus contained in such registration statement as filed with the Securities and Exchange Commission. Statements made in this press release that state Global Crossing's, its subsidiaries' or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Global Crossing's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Global Crossing's filings with the Securities and Exchange Commission.