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Technology Stocks : Infonet - Leader of Managed Data Communicaton Services -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (199)	1/8/2003 8:10:04 AM
From: JakeStraw	Read Replies (1) \| Respond to of 241

Infonet Receives $56 Million Incentive Cash Payment Wednesday January 8, 8:01 am ET Successful Performance on an Outsourcing Agreement Generates Incentive Fee biz.yahoo.com EL SEGUNDO, Calif.--(BUSINESS WIRE)--Jan. 8, 2003--Infonet Services Corporation (NYSE:IN; FSE:IN) announced that it received an incentive cash payment of $56 million resulting from the completion of a European outsourcing agreement. The cash further strengthens Infonet's balance sheet and cash position. "The incentive fee certainly helps to reinforce our unique position in the industry," said Jose A. Collazo, Infonet's Chairman, President and CEO. "As multinational clients search for financially stable partners to outsource their managed data networks, Infonet is sure to be on their list." The fee comes three months after the termination of an outsourcing agreement under which Infonet wound down the client's network. "Infonet's on-schedule and better-than-budget performance on this contract resulted in the incentive payment," explained Mr. Collazo. Including the incentive fee, the contract contributed over $500 million in revenue over its three-year course.