Arbinet Names Anthony L. Craig, Chairman and CEO; Leading B-to-B Telecom Exchange Names Industry Veteran to Chief Executive Position Following $30 Million Second-round Financing.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 20, 1999 Arbinet Communications, Inc. -- the world's premiere exchange for trading and delivering telecommunications capacity -- announced today that Anthony L. Craig has been named the company's Chairman of the Board, President, and Chief Executive Officer. Alex Mashinsky, the founder of Arbinet will assume the title of Vice-Chairman. The announcement follows the second-round private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in which Arbinet raised $30.45 million from leading institutional investors including JP Morgan, Chase Capital, and BancBoston Ventures. A 33-year technology veteran, Mr. Craig has extensive experience in communications services, international sales, and building world-class information technology infrastructures. He began his career at IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Corporation where he started as a systems engineer and became Director of Alternate Channels Marketing. He was a GE Vice President, and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Information Services (networking, company) GE Information Services - One of the leading on-line services, started on 1st October 1985, providing subscribers with hundreds of special interest areas, computer hardware and software support, award-winning multi-player games, the most software files in the from 1983 to 1988, successfully repositioning the value-added network A communications network that provides services beyond normal transmission, such as automatic error detection and correction, protocol conversion and message storing and forwarding. Telenet and Tymnet are examples of value-added networks. services provider and growing revenues to $500 million. He served as President and CEO of Prime Computer, and subsequently as Senior VP of Oracle Corporation, and Vice President at Digital Equipment Corporation. From 1996 to 1998, Mr. Craig served as President and CEO of Global Knowledge Network, creating a world wide learning services company from assets acquired from Digital Equipment Corporation. He currently serves as a director on the boards of Global Knowledge Network, Mitel Corporation (TSE/NYSE), and Bell Industries Inc. (NYSE NYSE See: New York Stock Exchange ). "Tony is a tremendous addition to our team and we look forward to his continued leadership in building Arbinet into the dominant global Exchange for trading and delivering telecommunications capacity," stated Alex Mashinsky, founder and former Chairman of Arbinet. "Tony has led and built world-class communications and services companies and he will bring invaluable experience and credibility to Arbinet as we move into our next phase of development" "The Arbinet exchange proposition has the potential to forever change the way telecommunications services are bought and sold," concluded Anthony Craig, Arbinet's new CEO. "Arbinet's value proposition for both buyers and sellers of communications services is overwhelming. The company has a significant technology advantage, patent portfolio, and a proven track record managing world-class communications networks. Along with an outstanding group of investors, I am very excited to have the opportunity to lead Arbinet into what will be a dynamic period for both the company and the entire telecommunications industry in the years ahead." About Arbinet The Arbinet Global Clearing Network(TM) (AGCN(TM)) provides telephone service providers with real-time authentication, risk authorization, least cost routing A feature of a telephone system that automatically connects an outgoing telephone call with the telephone service that costs the least to that location at that time of day. Depending on how it is programmed, least cost routing will either drop down to the second most-efficient service if , call placement, and settlement, on a transaction-by-transaction basis -- allowing carriers to access the best rates and routing options without having to negotiate, contract, and interconnect separately with each supplier. AGCN members post for sale or purchase any capacity to any destination worldwide and attach specific parameters to define the quality conditions under which such trades are authorized. The AGCN then automatically matches available routes on a call-by-call basis, assuring carriers the lowest prices and highest quality available on the spot market. Arbinet is presently clearing and settling minutes for all types of communications companies including Internet Telephony service providers (communications) Internet Telephony Service Providers - (ITSP) Companies providing IP Telephony. and a growing number of the world's major carriers. Founded in 1994, the company has 52 employees and is headquartered alongside NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on at 33 Whitehall Street in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with satellite offices in Florida, Tokyo and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . (www.arbinet.com) Arbinet Global Clearing Network, AGCN, and The eBandwidth Exchange are trademarks of Arbinet Communications, Inc. All other trademarks are the property of their respective owners. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion