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Technology Stocks : COLT Telecom (COLT) -- Ignore unavailable to you. Want to Upgrade?

To: MangoBoy who wrote (10)	7/1/1998 10:11:00 AM
From: MangoBoy	Read Replies (1) \| Respond to of 95

[COLT Announces Completion of Amsterdam Acquisition] LONDON, July 1 /PRNewswire/ -- COLT Telecom Group plc (NASDAQ:COLTY; London: CTML) (COLT) announced today that it had completed the acquisition of the fibre optic network and associated assets of Telecom Noord West NV (TNW), a wholly owned subsidiary of Energie Noord West, for a cash consideration of NLG 141 million (approximately 41 million British pounds sterling). The assets acquired include 170 route kilometres of fibre network and associated switching and transmission equipment, serving the key Amsterdam business districts. Also being acquired is duct and fibre linking Amsterdam with other towns and cities in the north west Netherlands, including Haarlem, Alkmaar, Hilversum, Hoofddorp and Schiphol, bringing the total network to almost 1,000 route kilometres. Paul Chisholm, COLT President and Chief Executive Officer said: "We have completed the acquisition one month earlier than anticipated and with effect from today COLT will be offering service in Amsterdam, with the full marketing launch scheduled for early autumn. "This acquisition is a perfect fit with our strategy of creating a pan-European network of fibre optic networks in major finance and business centres serving the needs of corporate and carrier customers. COLT is now providing service in eight cities in five countries with network construction taking place in Brussels, Dusseldorf and Madrid. Additionally, planning is well advanced in Milan." Pim Boerma, COLT's Managing Director for the Netherlands said: "COLT has an excellent reputation for providing high quality customer service wherever it operates and we look forward to delivering that same high quality to our customers in Amsterdam and other parts of the Netherlands." Note: COLT Telecom Group plc (COLT) is a leading provider of telecommunications services to corporate and carrier customers in Europe. It currently has operations in 8 European cities with plans well advanced to be operational in 12 cities by the end of 1998. During the year ended 1997 COLT more than doubled its turnover to 81.5 million British pounds sterling and carried over 1.4 billion minutes of traffic. At March 31, 1998 it had installed 635 route kilometres of fibre optic cable, provided 710,000 private wire voice grade equivalents; had 1,371 buildings connected to its networks; and 1,372 directly connected customers. COLT Telecom Group is listed on the London Stock Exchange (CTML) and Nasdaq (COLTY) in the USA. SOURCE COLT Telecom Group plc -0- 07/01/98 /CONTACT: John Doherty, Director Investor Relations of COLT Telecom Group, +44-171-390-3681/