Company sells more than 25% of capacity on transatlantic network
360networks announced today significant sales of network services on its undersea networks including 360atlantic, the company's high-bandwidth cable linking the United States, Canada, Ireland and the United Kingdom.
In the first quarter of 2001, 360networks completed sales totaling more than US $475 million to major carriers and network service providers for services on 360atlantic, 360americas, 360asia, 360pacific as well as on its North American network.
"Despite the challenging business environment worldwide, we have succeeded in selling a significant portion of the capacity on 360atlantic soon after completing and lighting it," said Greg Maffei, president and chief executive officer of 360networks. "Many of these new sales are from repeat customers, which we believe is a testament to the value of our global network and diversity of services as well as our ability to execute on time."
360atlantic is the first multi-terabit transatlantic system with a fully protected ring configuration to be ready for service. In addition, 360atlantic is the first transatlantic cable to provide a direct connection between North America and Ireland, and among the first to support 10 gigabits per second of data on a single channel and offer total system capacity of 1.92 terabits per second. In a recent independent engineering review, 360atlantic's facilities were ranked among the highest in the telecommunications industry for reliability and safety.
360asia is a 1.92 terabit-per-second undersea network under joint development with SingTel subsidiary C2C that will link Japan, Taiwan, the Philippines, South Korea, China, Hong Kong and Singapore by the end of the year. 360americas is a 1.28 terabit-per-second undersea cable that currently links the United States, Brazil, Venezuela and Bermuda, and will further connect Argentina in the third quarter of this year. 360pacific will be a six-fibre pair undersea transpacific system linking Canada, the United States and Japan, and offering up to 4.8 terabits per second of capacity.
During the quarter, 360networks also acquired portable broadband services on Pacific and Asian undersea networks, as well as dark fibre and lit capacity on European long-haul networks and metropolitan networks in Europe and North America for a total of $225 million to be paid in 2001 and 2002. These services enable 360networks to expedite market penetration in important overseas markets.
360networks (NASDAQ: TSIX and TSE: TSX) offers network services to telecommunications and data-centric organisations. 360networks is developing one of the largest and most technologically advanced fibre optic mesh networks in the world. By mid-2002, the planned network will span 143,000 kilometres (89,000 miles), and link more than 100 major cities with terrestrial routes and undersea cable systems joining North America, Europe, South America and Asia. 360networks is also developing metropolitan networks in 35 cities and nearly 3.7 million square feet of network facilities. More information is available at www.360.net.
Forward looking statements: This document may contain statements about expected future events and financial results that are forward looking in nature, and, as a result, are subject to certain risks and uncertainties, including general economic and business conditions, and specific conditions affecting our sector, including pricing pressures and declining prices; our ability to access capital markets to ensure financial liquidity; competition; the inability to attract and retain our anticipated customer base; existing government regulations and changes in, or the failure to comply with, government regulations or obtain required permits or licenses; changes in business strategy or development plans; the ability to attract and retain qualified personnel; and other factors. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbor for "forward looking statements" within the meaning of the Private Securities Litigati!
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