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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Palmberg who wrote (3578)	8/10/1998 5:18:00 PM
From: MangoBoy	Respond to of 21876

[Advanced Radio Telecom Completes Network Agreement with Lucent Technologies] Seattle/Bellevue, WA--August 10, 1998. Advanced Radio Telecom (ART) [NASDAQ:ARTT] announced today that it has entered into a definitive purchase agreement with Lucent Technologies, Inc. (NYSE:LU) under which Lucent will design, engineer and construct a nationwide state-of-the-art fixed wireless broadband packet-switched data network. The purchase agreement follows the letter of intent between the companies disclosed March 12, 1998 in which Lucent was named as the supplier and integrator of ART's planned wireless broadband data network. ART is presently testing its fiber quality ATM broadband data network and is providing service to a number of beta customers in Bellevue, Washington, part of the Seattle market. Commercial service is planned for Seattle in the September time frame, with Portland and Phoenix by year-end. "We are delighted to solidify our relationship with the preeminent innovator of communications solutions in the world," said Henry C. Hirsch, chairman, president and CEO. "With Lucent as our network systems integrator, we will be able to fully demonstrate the scope of the business opportunity at hand. Moreover, we can now focus our internal resources on the marketing of our suite of advanced ISP services and acquiring and serving customers." "This agreement is the next step in the strategic relationship between Lucent and one of the pioneers in the competitive access arena," said Nina Aversano, president of Lucent's Global Commercial Markets organization. "ART is focused on serving the growing data needs of enterprises with an innovative broadband wireless access solution, and we intend to provide them with a solution that will create a benchmark for the industry and will allow ART to meet the demands of its customers." Under the definitive agreement, Lucent is to provide ART a network of products, including point-to-multipoint technology, at competitive prices. In addition to equipment, Lucent will provide ART with dedicated marketing and technical support, including a variety of technical resources to assist in developing new data network systems. ART's purchase commitment under the agreement is initially $240 million upon the availability from Lucent of the previously announced $200 million of purchase money loans. Among other things, the loans are contingent upon ART's securing other financing.