Scheduled for service in mid-2002, the system would interconnect Italy, Greece, Turkey, Cyprus, Israel, and potentially additional Mediterranean countries, to the TGN. Together, the TGN and the Eastern Mediterranean system are expected to be the world's first privately owned, seamless undersea route from New York to Tel Aviv.
TGN is expected to go into service this July between the U.S. and the U.K. and soon thereafter to provide connectivity to Italy, where TGN would link to the Eastern Mediterranean system. TyCom plans to construct the entire system with its state-of-the-art dense wavelength division multiplexing (DWDM) fiber optic technology. The fully restorable ring configuration is designed to provide highly reliable service to customers throughout the Mediterranean.
Bezeq International will also be an anchor customer on the Eastern Mediterranean system and will continue to use both that system and the TGN on an ongoing basis. TyCom will operate and maintain the system as part of the TGN. Bezeq International will have the responsibility, on behalf of the venture, to provide, operate and maintain the Eastern Mediterranean system infrastructure located in Israel.
"We are extremely pleased to have reached this important milestone with Bezeq International, a leading telecom company in the Mediterranean. As a major customer on both the Eastern Mediterranean system and TGN, Bezeq's participation will drive traffic to other locations on our global network. With their operational and financial strength, they will make an excellent partner to continue our efforts in expanding the network's reach," said Neil Garvey, President and CEO of TyCom.
"Bezeq International selected TyCom because of their financial strength, advanced technology and leadership in the industry. The fact that TyCom is far advanced in the development of the TGN and more specifically, the Eastern Mediterranean system, were critical parameters in our selection process. We look forward to a successful partnership with TyCom," said Ori Yogev, President and CEO of Bezeq International.
ABOUT THE TYCOM GLOBAL NETWORK
The TyCom Global Network is planned to be the world's most extensive and technologically advanced undersea fiber optic network. Phase 1 of the TyCom Global Network is designed to offer multi-terabit capacity upgradeable to a maximum of 7.68 terabits per second, span approximately 70,000 undersea kilometers and connect 30 major cities around the globe. TyCom plans to design and manufacture the undersea cable, optical amplifiers and terminal equipment, and plans to design, build and equip the global and regional network management centers, TelExchange centers and cable stations along the route. TyCom's own fleet of cable ships, one of the world's largest, will install and maintain the system.
ABOUT TYCOM LTD.
TyCom Ltd. (NYSE: TCM; BSX: TCM), with fiscal 2000 revenues of approximately $2.54 billion, is one of the world's largest providers of advanced broadband communications capacity, systems and services. TyCom is a leading fully integrated supplier of transoceanic fiber optic systems, is the recognized world leader in undersea technology development and application, and operates one of the world's largest fleets of cable ships. To meet growing demand, the Company is also deploying and selling capacity on the TyCom Global Network. TyCom's parent company is Tyco International Ltd. (NYSE: TYC; LSE: TYI; BSX: TYC). For more information on TyCom, visit www.tycomltd.com.
ABOUT TYCO INTERNATIONAL LTD.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services, and the world's largest manufacturer of flow control valves. Tyco also holds strong leadership positions in disposable medical products, diagnostic imaging, bulk pharmaceuticals, wound closure, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 sales of approximately $28.9 billion.
ABOUT BEZEQ INTERNATIONAL LTD.
Established when the international communications market in Israel was liberalized in July 1996, Bezeq International is fully owned by the Bezeq Corporation. Bezeq International combines superior infrastructure, vast knowledge and advanced technology which enables its customers to get the full range of international communications services including voice, intelligent network, connectivity to global networks, data, Internet and integration solutions services for local and multinational companies. For additional information, see www.bezeqint.com.
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FORWARD LOOKING INFORMATION
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the timing of construction and the successful operation of the TyCom Global Network, changes in telecommunications technology, changes in demand for bandwidth capacity, receipt of necessary licenses and regulatory approvals, competitive factors in the undersea fiber optics cable industry and in the telecommunications industry generally, overall economic and business conditions, changes in the regulatory environment, the outcome of litigation, risks associated with conducting business in international markets, and other risks described in our Form S-1 registration statement (as amended) and our Annual Report on Form 10-K filed with the SEC. TyCom is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.