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

To: robba67 who wrote (13455)	8/17/2001 1:28:41 PM
From: jopawa	Respond to of 15615

Friday August 17, 1:23 pm Eastern Time Press Release SOURCE: Global Crossing Global Crossing Statement on DoD Contract Hamilton, Bermuda--(BUSINESS WIRE)--August 17, 2001 - Global Crossing (NYSE: GX - news), which provides telecommunications solutions over the world's first integrated global IP-based fiber optic network, today issued the following statement from Chief Executive Officer Tom Casey: ``Although no official action has been taken by the U.S. Department of Defense (DoD), we have been notified that the contract awarded in July by the DoD to Global Crossing Government Markets to provide advanced wide area network services for the Defense Research and Engineering Network (DREN) may have to be re-bid to address procedural issues in the procurement process that were identified by the DoD after the contract was challenged by unsuccessful bidders. These procedural issues have nothing to do with Global Crossing's bid, which was determined by the DoD to be superior to all other bidders on both technical and value criteria. Global Crossing is confident that we will retain the contract award at the conclusion of any new DoD procedures because the unsuccessful bidders are unable to provide DREN with the cost-effective capabilities provided by Global Crossing. As previously disclosed, the DREN contract is valued at $137 million over three years. While Global Crossing is confident it will win any potential re-bid, the loss of this contract would not have a material effect on the company's financial results.'' ABOUT GLOBAL CROSSING Global Crossing Ltd. (NYSE: GX - news) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas, Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE: AX - news). Global Crossing Solutions provides integrated telecommunications solutions, including network outsourcing, to large global enterprises. Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information. Statements made in this press release that state the Company's 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 the Company'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 Company's filings with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Global Crossing Analysts / Investors Ken Simril +1 310 385 5200 investors@globalcrossing.com Press Kim Polan + 1 212 687 8080 kpolan@sardverb.com Tom Goff + 1 310 385 5231 tgoff@globalcrossing.com

To: robba67 who wrote (13455)	8/17/2001 1:32:56 PM
From: jopawa	Read Replies (2) \| Respond to of 15615

of course if you read Sheldon, you will see he's knowledgeable but also the one who engages in needless attacks on other posters who have any view other than his perceived "right" view on GX