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Level 3 and Viatel Collaborate on Trans-Atlantic Cable System
Broomfield, Colo. (ots-PRNewswire) - Agreement Gives Level 3 and Viatel Additional Flexibility to Take Advantage of New Undersea Fiber and Optics Technology as It Emerges.
Level 3 Communications, Inc. (Nasdaq: LVLT) today announced it has signed an agreement with Viatel, Inc. (Nasdaq: VYTL) and that Viatel will acquire a 25 percent ownership interest, valued at over $150 million, in a trans-Atlantic fiber-optic cable system now under construction by Level 3.
This agreement gives both Level 3 and Viatel additional flexibility to take advantage of new undersea fiber and optics technology as it emerges. As a result of this agreement, both companies will own and operate fibers on the trans-Atlantic cable. Global Crossings Ltd. is also participating in the trans-Atlantic cable system. The 1.28 terabit cable connecting Europe and the United States is expected to be ready for operation by September 2000.
"This agreement underscores our commitment to enabling the continuing evolution of a new global Internet economy that includes fast, high-capacity connections between key markets in Europe and the United States," said Colin Williams, executive vice president, global systems and services for Level 3.
"Additionally, selling fiber on the trans-Atlantic cable to Viatel enhances Level 3's ability to incorporate future undersea fiber technology into its global broadband Internet protocol network," said Williams.
"Welcome to the new world of 'co-opetition,' where telecom companies both compete and cooperate with each other," said Michael J. Mahoney, Viatel's chairman and chief executive officer. "Teaming with Level 3 expands our growing international fiber network and will enable us to rapidly deploy additional capacity on the world's busiest trans-oceanic communication route."
Viatel, Inc. is a rapidly growing provider of all distance(TM) communications services -- local and long-distance, voice and data, Web-centric and multimedia -- to end-users, ISPs, ASPs and other carriers in Europe and North America.
The cable system's landing stations are located on Long Island in the United States and on the West Coast of the United Kingdom. Additionally, as part of the transaction, Viatel is acquiring added trans-Atlantic capacity from Level 3 that will enable Viatel to offer diversely routed services and further expand its network across the Atlantic.
About Level 3 Communications
Level 3 (Nasdaq: LVLT) is a communications and information services company offering a wide selection of IP-based services including broadband transport, colocation services, submarine transmission services and the industry's first Softswitch* based services. Level 3 offers services primarily to Web-centric companies that deliver their services over the Level 3 Network. The Level 3 Network will include metropolitan networks in 56 U.S. markets and 21 international markets connected by an approximately 16,000 mile U.S. intercity (long-distance) network, an approximately 4,750 mile European intercity network and both transpacific and transatlantic undersea cables. The U.S. and first two rings of the European intercity network are expected to be substantially completed during the fourth quarter of 2000. Level 3 currently offers Internet infrastructure services in 27 U.S. cities and four European markets. Its Web address is www.Level3.com.
(* Softswitches are advanced software based switching systems, which enable Level 3 to provide services combining the best features of the Internet and traditional telephone networks.)
Forward Looking Statement
The statements made by Level 3 in this press release may be forward looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: substantial capital requirements; development of effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in its target markets. Additional information concerning these and other potential important factors can be found within Level 3's filings with the U.S. Securities and Exchange Commission. Statements in this release should be evaluated in light of these important factors.
ots Original Text Service: Level 3 Communications, Inc. Internet: http://www.newsaktuell.de
Contact: Josh Howell or Steve Ingish, (USA) 720-888-2517, or 720-888-2521, or Investors, Julie Stangl, (USA) 720-888-2500, all of Level 3 Communications, Inc.
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Web site: http://www.level3.comOriginal-Content von: Level 3 Communications, übermittelt durch news aktuell