Asia Global Crossing Announces US$70M Capacity Purchase by StarHub

Apr 16, 2001, 01:00 ET from Asia Global Crossing

    HAMILTON, Bermuda, April 16 /PRNewswire/ -- Asia Global Crossing announced
 today that StarHub has agreed to purchase $70 million of capacity from Asia
 Global Crossing.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20001004/ASIALOGO )
     Asia Global Crossing received an initial deposit of $10.5 million toward
 the purchase during the first quarter, and will receive an additional
 $10.5 million within 10 days of the ready-for-service date of the East Asia
 Crossing segment that connects Singapore.  All capacity must be purchased
 within three years of system readiness.
     "The capacity purchase and our partnership with Asia Global Crossing will
 allow StarHub to more effectively compete as a viable alternative to the
 former monopoly carrier," said Terry Clontz, president and CEO of StarHub.
 "With the liberalization of the telecommunications market in Singapore,
 StarHub can now deliver on our promise to bring competitive, high quality
 info-comms services to Singapore, which in turn helps Singapore become more
 competitive as a regional info-comms hub."
     "We are pleased to announce this sale to our strategic partner StarHub,"
 said John Legere, president and chief executive officer of Asia Global
 Crossing.  "The introduction of competitive cables -- like our East Asia
 Crossing system that will land in Singapore by the end of the year -- gives
 companies like StarHub an alternative source of international capacity,
 allowing them to compete more effectively on a global level."
     The purchase comes as part of the recent agreement reached between the
 companies to form StarHub Crossing, a joint venture that will establish a
 backhaul network within Singapore to connect with Asia Global Crossing's
 pan-Asian East Asia Crossing subsea system.
 
     About Asia Global Crossing
     Asia Global Crossing (Nasdaq:   AGCX), a public company whose largest
 shareholders include Global Crossing (NYSE:   GX), Softbank
 (Tokyo Stock Exchange: 9984), and Microsoft (Nasdaq:   MSFT), provides the Asia
 Pacific region with a full range of integrated telecommunications and IP
 services.  Through a combination of undersea cables, terrestrial networks,
 city fiber rings and complex web hosting data centers, Asia Global Crossing is
 building one of the first truly pan-Asian networks, which, in combination with
 the worldwide Global Crossing Network, will provide the Asia Pacific region
 with seamless access to major business centers worldwide.  As part of its
 strategy to provide city-to-city connectivity, Asia Global Crossing partners
 with leading companies in each country it connects to provide backhaul
 networks.
 
     Statements made in this press release that state the Company's or
 management's intentions, beliefs, expectations, or predictions for the future
 are forward-looking statements.  Such forward-looking statements are subject
 to a number of risks, assumptions and uncertainties that could cause the
 Company's actual results to differ materially from those projected in such
 forward-looking statements.  These risks, assumptions and uncertainties
 include: the ability to complete systems within currently estimated time
 frames and budgets; the ability to compete effectively in a rapidly evolving
 and price competitive marketplace; changes in the nature of telecommunications
 regulation in the United States, Asia, and other countries and regions;
 changes in business strategy; the successful integration of newly-acquired
 businesses; the impact of technological change; and other risks referenced
 from time to time in the Company's filings with the Securities and Exchange
 Commission.  One is cautioned not to put undue reliance on such forward-
 looking statements, which speak only as of the date of this press release.
 Asia Global Crossing expressly disclaims any obligation to update or alter any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.
 
 
     FOR FURTHER INFORMATION
 
     ASIA GLOBAL CROSSING
     Investor contact: Jensen Chow (Los Angeles CA), +1 310 385 5283,
 jensen.chow@asiaglobalcrossing.com.
     Press contact: Madelyn Smith (Los Angeles CA), +1 310 385 3816,
 madelyn.smith@asiaglobalcrossing.com.
     General information: www.asiaglobalcrossing.com.
 
     To be added/removed from Asia Global Crossing's e-mail distribution,
 please visit:
 http://www.asiaglobalcrossing.com/investors/e_mail_distribution/index.htm
 
     To be added/removed from Asia Global Crossing's fax distribution, please
 call  +1 213 244 9031 or email agcxinvest@globalcrossing.com
 
 

SOURCE Asia Global Crossing
    HAMILTON, Bermuda, April 16 /PRNewswire/ -- Asia Global Crossing announced
 today that StarHub has agreed to purchase $70 million of capacity from Asia
 Global Crossing.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20001004/ASIALOGO )
     Asia Global Crossing received an initial deposit of $10.5 million toward
 the purchase during the first quarter, and will receive an additional
 $10.5 million within 10 days of the ready-for-service date of the East Asia
 Crossing segment that connects Singapore.  All capacity must be purchased
 within three years of system readiness.
     "The capacity purchase and our partnership with Asia Global Crossing will
 allow StarHub to more effectively compete as a viable alternative to the
 former monopoly carrier," said Terry Clontz, president and CEO of StarHub.
 "With the liberalization of the telecommunications market in Singapore,
 StarHub can now deliver on our promise to bring competitive, high quality
 info-comms services to Singapore, which in turn helps Singapore become more
 competitive as a regional info-comms hub."
     "We are pleased to announce this sale to our strategic partner StarHub,"
 said John Legere, president and chief executive officer of Asia Global
 Crossing.  "The introduction of competitive cables -- like our East Asia
 Crossing system that will land in Singapore by the end of the year -- gives
 companies like StarHub an alternative source of international capacity,
 allowing them to compete more effectively on a global level."
     The purchase comes as part of the recent agreement reached between the
 companies to form StarHub Crossing, a joint venture that will establish a
 backhaul network within Singapore to connect with Asia Global Crossing's
 pan-Asian East Asia Crossing subsea system.
 
     About Asia Global Crossing
     Asia Global Crossing (Nasdaq:   AGCX), a public company whose largest
 shareholders include Global Crossing (NYSE:   GX), Softbank
 (Tokyo Stock Exchange: 9984), and Microsoft (Nasdaq:   MSFT), provides the Asia
 Pacific region with a full range of integrated telecommunications and IP
 services.  Through a combination of undersea cables, terrestrial networks,
 city fiber rings and complex web hosting data centers, Asia Global Crossing is
 building one of the first truly pan-Asian networks, which, in combination with
 the worldwide Global Crossing Network, will provide the Asia Pacific region
 with seamless access to major business centers worldwide.  As part of its
 strategy to provide city-to-city connectivity, Asia Global Crossing partners
 with leading companies in each country it connects to provide backhaul
 networks.
 
     Statements made in this press release that state the Company's or
 management's intentions, beliefs, expectations, or predictions for the future
 are forward-looking statements.  Such forward-looking statements are subject
 to a number of risks, assumptions and uncertainties that could cause the
 Company's actual results to differ materially from those projected in such
 forward-looking statements.  These risks, assumptions and uncertainties
 include: the ability to complete systems within currently estimated time
 frames and budgets; the ability to compete effectively in a rapidly evolving
 and price competitive marketplace; changes in the nature of telecommunications
 regulation in the United States, Asia, and other countries and regions;
 changes in business strategy; the successful integration of newly-acquired
 businesses; the impact of technological change; and other risks referenced
 from time to time in the Company's filings with the Securities and Exchange
 Commission.  One is cautioned not to put undue reliance on such forward-
 looking statements, which speak only as of the date of this press release.
 Asia Global Crossing expressly disclaims any obligation to update or alter any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.
 
 
     FOR FURTHER INFORMATION
 
     ASIA GLOBAL CROSSING
     Investor contact: Jensen Chow (Los Angeles CA), +1 310 385 5283,
 jensen.chow@asiaglobalcrossing.com.
     Press contact: Madelyn Smith (Los Angeles CA), +1 310 385 3816,
 madelyn.smith@asiaglobalcrossing.com.
     General information: www.asiaglobalcrossing.com.
 
     To be added/removed from Asia Global Crossing's e-mail distribution,
 please visit:
 http://www.asiaglobalcrossing.com/investors/e_mail_distribution/index.htm
 
     To be added/removed from Asia Global Crossing's fax distribution, please
 call  +1 213 244 9031 or email agcxinvest@globalcrossing.com
 
 SOURCE  Asia Global Crossing