BCI Launches LMDS "Broadband Wireless" Services in Venezuela.MONTREAL--(BUSINESS WIRE)--Nov. 17, 1999-- (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 :BCICF) (ME:BI.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BI.) AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group and GE Capital Join Venezuelan Venture as Minority Partners Bell Canada International Inc. ("BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ") (NASDAQ:BCICF) (ME:BI) (TSE:BI) today announced that its 51 %-owned Venezuelan subsidiary, Genesis Telecom ("Genesis"), has launched a Local Multipoint Distribution Services (LMDS (Local Multipoint Distribution Service) A digital wireless transmission system that works in the 28 GHz range in the U.S. and 24-40 GHz overseas. It requires line of sight between transmitter and receiving antenna, which can be from one to four miles apart ) network in the city of Caracas. Genesis will be offering a range of broadband data services to small and medium-sized businesses initially in the capital city of Caracas and in the industrial sector of Valencia, in the process becoming the first company in Latin America to offer "broadband wireless" services over an LMDS network exploiting the 24 to 25 GHz band. At the same time, BCI welcomed the arrival of the AIG-GE Capital Latin American Infrastructure Fund as minority partners in the Venezuelan LMDS venture, following the purchase of a 29 % interest in Genesis by their Latin American Infrastructure Fund. Michael Sabia, Chief Executive Officer of BCI stated, "BCI welcomes the launch of service by Genesis, our first operation deploying an LMDS network. We also welcome AIG-GE Capital Latin American Infrastructure Fund as new partners in the Venezuelan venture. When combined with the continuing participation of strong local partners, Banco de Inversion Union and Curwin Investments, we believe that Genesis Telecom now possesses an excellent mix of shareholders who will all make a valuable contribution to the development of the company." Banco de Inversion Union is the investment bank of Grupo Union, one of the largest financial groups in Venezuela. The President of Grupo Union, Ignacio Salvatierra, is also President of the Venezuelan Banking Association. Curwin Investments is the property of Jonathan Coles, Chairman of Mavesa s.a., one of the leading mass consumer companies in Venezuela. Jonathan Coles, will act as the first Chairman of the Board of Genesis Telecom. Bell Canada International is in the business of building and developing world-class communications companies in markets outside Canada, with a focus on Latin America and the Asia-Pacific region. A subsidiary of BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Inc., Canada's largest communications company, BCI is listed on the Montreal and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BI, and on the NASDAQ national market under the symbol BCICF. |
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