"We remain extremely confident in Global Crossing's business strategy and the fact that we will emerge from the current downturn as an industry leader well positioned for long-term growth. We continue to see growing demand for Global Crossing's unique global broadband managed services offering and stand by our August 1 guidance of 2001 Cash Revenue of $6.4-$6.9 billion, Service Revenue of approximately $4.4-$4.5 billion and Recurring Adjusted EBITDA of $1.6-$2.0 billion. We believe our stock has been trading irrationally based on highly inaccurate rumors and groundless speculation. Our cash position remains solid. Based on our reconfirmed guidance we expect to end 2001 with approximately $1.7 to $2.1 billion in cash and liquidity. In addition, our capital expenditures will continue to decrease significantly in 2002, reflecting the completion of our core network and the planned completion of our Asian extension in the first quarter of next year."