FLAG Telecom Enters an Agreement With Pakistan Telecom to Provide Internet Access to the Region.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--May 1, 2002 Pakistan is set to open up as a hub for Internet access following a unique deal struck between a subsidiary of FLAG Telecom Holdings Ltd. (Nasdaq: FTHLQ; LSE LSE - Language Sensitive Editor : FTL (Flash Translation Layer) See flash memory. ), a leading global network services provider and independent carriers' carrier, and the state operator, Pakistan Telecommunications Company Ltd (PTCL PTCL Pakistan Telecommunication Company Limited PTCL Peripheral T Cell Lymphoma PTCL Physical and Theoretical Chemistry Laboratory PTCL Pakistan Tobacco Company Limited ). The building and operation of Pakistan's first VPoP (Virtual Point of Presence) will initially offer Pakistan-based businesses MBS See Mb/sec. MBS - mobile broadband services (Managed Bandwidth Services) and IP Transit services, providing high quality Internet access between Karachi, Fujairah and New York and connectivity to PoPs in Europe and the US. Service is expected to be in operation by the end of May 2002 with the new found reliability of access enabling Pakistan's business sectors to tap directly into the international Internet market for the first time. Commenting on the agreement, Mr. Walid Irshaid, regional vice president of Middle East for FLAG Telecom said, "This partnership between PTCL and FLAG Telecom brings the benefits of high performance and cost effective global connectivity directly to businesses in Pakistan. It represents a huge opportunity for both companies to develop business by serving the needs of the expanding IT and Internet sectors." Syed Mukhtar Mukhtar, meaning "chosen" in Arabic, refers to the head of a village or mahalle (urban district) in many Arab countries. The name refers to the fact that mukhtars are usually selected by some consensual or participatory method, often involving an election. Ahmad, PTCL Chief Engineer said, "I am delighted to be partnering with FLAG Telecom in this venture. Their reliability as a global carrier's carrier, coupled with our standing in Pakistan, will make for a long and rewarding relationship". FLAG has already established relationships across the Asian region, through its provision of FLAG Atlantic-1 (FA-1) and FLAG Europe - Asia (FEA (Finite Element Analysis) A mathematical technique for analyzing stress, which breaks down a physical structure into substructures called "finite elements." The finite elements and their interrelationships are converted into equation form and solved mathematically. ). About FLAG Telecom FLAG Telecom is a leading global network services provider and independent carriers' carrier providing an innovative range of products and services to the international carrier community, ASPs and ISPs across an international network platform designed to support the next generation of IP over optical data networks. On April 12 and April 23, 2002, FLAG Telecom and certain of its subsidiaries filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. FLAG Telecom continues to operate its business as a debtor in possession debtor in possession n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor under chapter 11 protection. FLAG Telecom has the following cable systems in operation or under development: FLAG Europe-Asia, FLAG Atlantic-1 and FLAG North Asian Loop. Recent news releases and information are on FLAG Telecom's website at: www.flagtelecom.com Forward-looking Statements Statements contained in this Press Release that are not historical facts may be 'forward-looking' statements as the term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. To identify these forward-looking statements, look for words like 'believes,' 'expects,' 'may,' 'will,' 'should,' 'seeks,' 'intends,' 'plans,' 'projects,' 'estimates' or 'anticipates' and similar words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. . These, and all forward-looking statements, are based on management's current expectations and necessarily are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to: our ability to achieve revenues from products and services that are in the early stages of development or operation; our ability to deploy sophisticated technologies on a global basis; our ability to upgrade and expand our network and respond to customer demands and industry changes; regulatory enactments and changes; changes in interpretation of US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ; competition and pricing pressure; rapid technological change; adverse economic or political events; the ongoing war on terrorism Terrorist acts and the threat of Terrorism have occupied the various law enforcement agencies in the U.S. government for many years. The Anti-Terrorism and Effective Death Penalty Act of 1996, as amended by the usa patriot act ; risks of international business; uncertainty regarding the collectibility of receivables and insolvency of counterparties to IRUs; risks associated with debt service requirements and interest rate fluctuations; and our financial leverage. More detailed information about these risks is contained in our filings with the U.S. Securities and Exchange Commission. We caution readers not to rely on forward-looking statements, and we disclaim any intent or obligation to update these forward-looking statements. |
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