Global Crossing Shareholders Approve Merger With Frontier Corp.HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 22, 1999-- Global Crossing (Nasdaq:GBLX GBLX Global Crossing Ltd. (stock symbol) ), which is building and operating the world's first and most advanced global IP-based datacentric network, Tuesday announced that its shareholders overwhelmingly approved the company's proposed merger with Frontier Corp. (NYSE NYSE See: New York Stock Exchange :FRO fro adv. Away; back: moving to and fro. prep. Scots From. [Middle English, probably from Old Norse fr ) at Global Crossing's first annual meeting, held at the St. Regis Hotel 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. . Under the terms of the current merger agreement, Frontier shareholders will receive 2.05 Global Crossing common shares for each share of Frontier stock. Frontier's special shareholder meeting to vote on the merger is scheduled for tomorrow, Thursday, Sept. 23 in Rochester, N.Y. Global Crossing also announced that it expects to close the merger by the end of September. "Upon our merger with Frontier, Global Crossing will have one of the most advanced fiber optic networks in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , connecting Frontier's 20,000 route miles The number of miles that are spanned by a telecommunications network. It does not include combined wire mileage due to multiple wires or fibers within a single cable or by overlapping segments, just the total geographic distance between cities or other terminal points. to the rest of the world through the Global Crossing worldwide network," said Gary Winnick Gary Winnick was a founder of Global Crossing Limited, a telecommunications company providing worldwide computer networking services. He was CEO from the company's inception, 1997, until 2002. , Global Crossing founder and co-chairman. "The merger also brings unparalleled Web-hosting to Global Crossing, adds 1 million new customers the very moment we close, and adds nearly 10,000 highly committed people from Frontier to the Global Crossing team." About Global Crossing Global Crossing is building and operating the world's most advanced global IP-based datacentric network, an end-to-end fiber optic platform for data, voice, video and Internet transmissions. The Global Crossing Network will span five continents and address 80 percent of the world's international traffic. A new unit of Global Crossing, Global Marine Systems Ltd., possesses the largest fleet of cable laying and maintenance vessels in the world and currently services more than a third of the world's undersea cable kilometers. Global Crossing's operations have headquarters in Hamilton, with executive offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . For more information, visit www.globalcrossing.com on the World Wide Web. Statements made in this news release that state the company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's filings with the U.S. Securities and Exchange Commission (SEC). Copies of these filings may be obtained by contacting the company or the SEC. |
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