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This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

GlobeNet Announcement on BUS-1 Cable Negotiations

Telebermuda International Limited, a wholly-owned subsidiary of GlobeNet Communications Group Limited, announced today that negotiations with Global Crossing Limited relating to the sale of the Company's BUS-1 fibre optic submarine cable system connecting Bermuda and the United States have been terminated.

Consequently, the BUS-1 system and its Bermuda landing will not be integrated into Global Crossing's proposed Mid-Atlantic Crossing cable system. GlobeNet will proceed independently with its plans to expand the Company's network, facilities, and operations in support of its mandate to develop Bermuda as a major telecommunications and information hub in the Atlantic region.