TyCom Announces $100-Million Order From Asia Global Crossing
Capacity to be Upgraded on Asia Global Crossing's Pacific Crossing Cable System to Meet Regional Demand
PEMBROKE, Bermuda, Aug. 24 /PRNewswire/ -- TyCom Ltd. (NYSE: TCM BSX: TCM) today announced that it has been notified by Asia Global Crossing of their intention to proceed with an upgrade for their Pacific Crossing Cable System (PC-1) valued at approximately 100 million. The upgrade will increase the system's capacity to meet growing demand in the Pacific region.
PC-1 is a 21,000-kilometer ring network that was developed and installed by TyCom, with the first segment connecting Washington state and Japan being placed into service in late 1999. Plans call for the upgrade to occur in three phases, with the first phase to be completed by year end. PC-1 is owned and operated by Pacific Crossing Ltd., a subsidiary of Asia Global Crossing Ltd.
"We are pleased to receive this order, which underscores the significant revenue opportunity in the bandwidth capacity upgrade market," stated Neil Garvey, President and CEO of TyCom. "We've now received three capacity upgrade orders in recent months, having a total value of over 240 million. These orders confirm that actual demand for undersea capacity is outpacing the demand forecasted by the industry. At the same time," he added, "we continue to grow our revenue significantly from new system sales, as shown by the recent contract awards for the 1-billion C2C System and the 170-million Australia-Japan Cable System."
"We believe that these developments underscore the trend toward continuous investment in undersea networks and highlight the market opportunity for TyCom," Garvey continued, "and that the recent acceleration in system upgrades and orders for new systems indicates that the demand for high capacity undersea networks remains strong. As both a bandwidth provider and network supplier, TyCom is well-positioned to leverage both opportunities in the market."
ABOUT TYCOM LTD.
TyCom Ltd. (NYSE: TCM BSX: TCM), 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 http://www.tycomltd.com.
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. (NYSE: TYC LSE: TYI BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems and the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services. It has strong leadership positions in disposable medical products, plastics, and adhesives and is the largest manufacturer of flow control valves. The Company operates in more than 80 countries and had 1999 revenues of 22.5 billion
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