Another Fiber Optic Cable Coming Ashore in Lynn, Mass., with Potential $75 Million Investment.

Business Editors

LYNN, Mass.--(BUSINESS WIRE)--June 7, 2000

Asset Channels Inc. (ACI) and Mayor Patrick J. McManus and the Lynn Office of Economic and Community Development announced today that Lynn has been selected as the company's Boston hub for its new fiber optic cable system that will eventually stretch from Boston to Miami, Fla.

The north/south cable system will be installed along the eastern seaboard of the United States and will link the two end points with 19 interim strategic distribution cities and three regeneration sites.

The announcement by ACI comes on the heels of a December 1999 groundbreaking by WorldWide Fiber (now 360 Networks) following its selection of Lynn as its Boston hub for New England's first transatlantic fiber optic cable. "This project builds on the 360 Network's investment in the City of Lynn," said Mayor Patrick J. McManus. "It puts Lynn on the map as a major telecommunications center for high speed data transmission facilities."

"The presence of Asset Channels and 360 networks in Lynn will enhance opportunities for other information-based companies seeking locations close to facilities that offer high-speed data based transmission capabilities," said the city's development director, Stephen A. Harausz. "This connection opens up new markets for New England business along the entire eastern seaboard, adds significantly to the city's existing telecommunications infrastructure and significantly enhances Lynn's attractiveness as a location for companies requiring secure, high speed and cost effective data transmission capabilities."

ACI's initial plan calls for the construction of a 10,000 square foot switching facility, with the option of adding a second floor with an additional 10,000 square feet. Construction is proposed to begin in November 2000. The company estimates that the value of the entire investment could total approximately $75 million when complete. The total value of the Boston/Miami project is estimated to be in excess of $300 million.

Headquartered in New Canaan, Conn., ACI is a development stage communications company that recently completed a multi-million dollar capitalization of both debt and equity, financed by Nortel Inc., and underwritten by Morgan Stanley Dean Whitter of New York.

For more information about Lynn's economic development programs and available Cyber District properties, visit http://www.lynndevelopment.com