Provides Lockheed Martin Global Telecommunications capacity to meet regional network growth needs.
Global Crossing is now fully operational in Argentina, Brazil, Chile and Mexico, and will add Peru and Venezuela in the second quarter of this year.
Miami, FL - May 2, 2001 - Global Crossing Ltd. (NYSE: GX) today announced that it has signed 25-year agreements with Lockheed Martin Global Telecommunications (LMGT) providing fiber optic connections between Buenos Aires, Argentina, and the United States; Lima, Peru, and the United States; and Caracas, Venezuela, and the United States. The total value of the agreements is in excess of $30 million.
"We are extremely pleased to expand our already strong relationship with Lockheed Martin Global Telecommunications and its Comsat International subsidiaries," said José Antonio RÃos, Global Crossing's president for Latin America and the Caribbean. "Together, our companies are creating exciting new opportunities for customers in the region through enhanced service offerings and the unprecedented reach of the Global Crossing network."
Under terms of the new agreements, LMGT significantly increases its fiber connectivity for the South American continent. Additionally, LMGT and Global Crossing will provide each other with expanded routing options in Argentina and will establish connections between each other's points of presence in the Buenos Aires area. Global Crossing will also have use of operating space in LMGT's COMSAT Argentina data network facility located in Wilde, Argentina.
In Latin America, Global Crossing is now fully operational in Argentina, Brazil, Chile and Mexico. The company expects to commence services in Peru and Venezuela in the second quarter of this year, and has applied for a license to operate in Colombia. Global Crossing's network assets will form the most extensive IP-based fiber-optic network in Latin America and the world, seamlessly connecting virtually every major city in the region to each other, and to 200 major cities in North America, Europe and Asia.
About Global Crossing
Global Crossing Ltd. (NYSE: GX) provides integrated telecommunications solutions over the world's most extensive global IP-based fiber-optic network, which will have over 100,000 route miles, reaching 27 countries and more than 200 major cities by mid-2001. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas, Europe, and the Asia/Pacific region, and provides services in Asia through its subsidiary, Asia Global Crossing. Global Crossing Solutions provides integrated telecommunications solutions, including network outsourcing, to large global enterprises. Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.
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Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT GLOBAL CROSSING
Analysts / Investors
Ken Simril
Beverly Hills, CA
+1 310 385 3882
investors@globalcrossing.com
Press
Teresa Mueller
Miami, FL
+1 305 808 5947
tmmueller@globalcrossing.com
Kim Polan
New York, NY
+ 1 212 687 8080
kpolan@sardverb.com