"These results are in line with our expectations for this phase of our development," said Mike Kedar, GlobeNet chairman. "GlobeNet continued on track with its TeleBermuda International operations and continues to acquire market share on-island. In 1999 we started our investment program in the Atlantica-1 system and will commence laying the first segment of Atlantica-1 to Brazil next month."
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GLOBENET ANNOUNCES 1999 EARNINGS PAGE 2
GlobeNet Communications Group Limited is an independent developer of international fiber-optic cable facilities whose mission is to provide innovative, seamless, city-to-city international telecommunications solutions to wholesale bandwidth purchasers using the most technologically advanced undersea fiber optic facilities currently available. Since 1997, it has provided international services through its wholly-owned, facilities-based subsidiary, TeleBermuda International Limited (TBI) using the company's BUS-1 undersea fiber optic cable system connecting Bermuda and the United States. TBI has captured more than 35 per cent of the market as the second authorized provider of international service in Bermuda. TBI's services include providing a world-class Internet server farm for hosting offshore e-commerce business applications.
GlobeNet is expanding its BUS-1 network by laying a 22,500-kilometer fiber optic ring, Atlantica-1, to connect North and South America. The first leg of the 1.28 Terabit/sec path is scheduled to be operational in September 2000. Plans for a second phase of the network include connecting South America with southern Europe. With headquarters in St. David's Bermuda, GlobeNet (GLOCOM on the Bermuda Stock Exchange) has offices in New York, Toronto and Montreal.
In March it was announced that GlobeNet would be acquired by 360networks of Vancouver, British Columbia. 360networks (formerly known as Worldwide Fiber) offers broadband network services for telecommunications companies, ISPs, application service providers and data-centric enterprises. 360networks is completing a technologically advanced 90,300-kilometer (56,100-mile) network, including a fiber optic terrestrial network in North America and Europe and undersea cables linking North America and Europe. 360networks and its predecessors have been developing communications networks since 1988. The acquisition of GlobeNet is pending shareholder approval, completion of the 360networks IPO and receipt of various regulatory approvals and is expected to close in the second half of 2000.