Emerald Networks Obtains Preliminary Commitment (PPL) from US Ex-IM Bank to Finance Emerald Express Construction of New-Build System
DUBLIN, Jan. 30, 2013 /PRNewswire/ -- Emerald Networks, a new-build network submarine cable system that will connect North America to Europe and Iceland with extraordinary new capacity, today announced that it has received a Preliminary Project Letter (PPL) in connection with its loan application to the Export-Import Bank of the United States (Ex-IM Bank) for its system project known as "Emerald Express."
Loan applications were submitted to the Export-Import Bank of the United States for a substantial funding required to complete construction. A Preliminary Project Letter (PPL) was issued December 17, 2012 by the Ex-IM Bank, indicating that they are prepared to commit resources leading to consideration of a financing commitment, subject to certain conditions.
The Emerald Express project is "A New Network for a New Era". This new-build submarine cable system is a turn-key supply contract with TE Subcom connecting North America to Europe, through Ireland, including Iceland with extraordinary new capacity. It is the most advanced 'next generation' undersea telecommunications network ever constructed offering low-latency and utilizing superior digital coherent technology.
Phase 1 of the system, which will connect Shirley, New York on Long Island to its cable landing station in Belmullet, Ireland and branching to Grindavik, Iceland, is expected to be ready by mid-2014. Meanwhile, Phase 2 of the system, which includes a landing in Southern Europe, is also expected to be ready shortly thereafter.
"This achievement places Emerald Networks as a global leader in the forefront of the telecommunications industry and having completed this milestone provides an attractive opportunity for future investors", said CEO, Dr. William C. Marra.
This announcement is just the latest in a series of strategic company milestones that Emerald Networks plans to announce in the coming weeks and months. In the past month alone, the company announced the appointment of Dr. William C. Marra to the position of Chief Executive Officer, as well as the appointment of Mr. Phillip Magiera to the position of Chief Financial Officer.
About Emerald Networks
Emerald Networks (www.emeraldnetworks.com), is a new-build network submarine cable system that will connect North America to Europe through Ireland, with branches into Iceland and Southern Europe providing extraordinary capacity capabilities. Once complete, the system will be the low-latency network across the Atlantic.
Emerald Networks is an open network architecture platform and will enable upgrades as advancements in new technology take place. Initially lighting 100G wavelengths is a first, coupled with a unique route that facilitates the high bandwidth customer-driven requirements between New York directly into the West Coast of Ireland, and onward into Dublin and London. The system also will have a branch connection to Grindavik, Iceland and a future branch connection to Portugal. The system is scheduled to be ready for service by mid-2014.
Media Contact: North 6th Agency, Inc.
SOURCE Emerald Networks
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