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

To: jopawa who wrote (13458)	8/17/2001 1:40:49 PM
From: Alphapenguin	Read Replies (1) \| Respond to of 15615

Global Crossing Statement on DoD Contract Hamilton, Bermuda--(BUSINESS WIRE)--August 17, 2001 - Global Crossing (NYSE: GX), 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."