ITCC Launches Online Real-Time Telecom Minutes and Bandwidth Exchange; ITCC To Open Global Network With Hubs in London, Hong Kong, Los Angeles, New York and Miami.Business/Technology Editors NEW YORK--(BUSINESS WIRE)--Dec. 6, 2000 ITCC ITCC Information Technology: Coding and Computing (International Symposium, IEEE Computer Society) ITCC International Trade Club of Chicago (Chicago, IL) (International Telecommunications Clearing Corporation) today announced the launch of a new Internet-based, real time trading floor for telecommunications minutes and bandwidth. ITCC's exchange will offer the first full-service trading solution for buyers and sellers of telecommunications network A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. capacity. Real time trading of minutes and bandwidth globally has been made possible as a result of ITCC's break through technology and the set-up of a global network ring to deliver true Global Real Time Exchange of excess carrier capacity. The company will have a global network with telecommunications hubs in London, 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. , 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. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Miami and these will be in place by March 2001. ITCC's launch is a giant step towards creating a highly efficient telecommunications industry as telecom companies worldwide no longer need to be tied to long-term contracts with carriers. Once connected to an ITCC Exchange Point (hub), companies can buy or sell minutes and bandwidth instantly using the web-based trading floor. This high-speed network of Exchange Points facilitates instant routing and delivery of calls within seconds globally. "The massive growth of telecom companies has made it necessary to have a third party to help them utilise their capacity and therefore increase profit," says Bonaventure C.K. Wong, ITCC's 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. . "Thousands of companies now regularly look to buy minutes and bandwidth at a lower cost and overhead. ITCC's web-based exchange will allow both carriers and new entrants to the market to improve their profitability and significantly reduce their costs of doing business." ITCC plans to undertake an Initial Public Offering of shares (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) on the New York-based Nasdaq exchange in the first quarter of 2001. The offer date will be confirmed following consultation with the company's financial advisers. ITCC is also providing stock options to all of its employees. ITCC, currently valued at $210 million, is the first company in the world to offer this global service. ITCC is part of a fast growing $800 billion telecommunications market that enables telecom companies worldwide to instantly move voice and data traffic from one network onto another. "Currently, reaching agreements among carriers for buying and selling of minutes and bandwidth can take months to complete, causing carriers to lose millions of dollars of potential business as their networks sit idle," adds Bonaventure Wong. "The development of ITCC's minutes-based trading floor signifies a positive change from the lengthy and inefficient trade process to an automated, real-time trade process." Use of ITCC's full service, automated trading solution helps clients increase profitability by providing the opportunity to generate incremental revenues, as well as lowering the cost, risk and transaction time required to complete transactions for telecommunications minutes and bandwidth. About ITCC ITCC, is the first global, Internet-based exchange through which telecommunications companies can buy, sell and physically deliver network capacity on demand. By linking the trading floor, network and billing components, ITCC is providing its services faster and more efficiently than any other existing models. ITCC, a Bermuda registered company led by an experienced international management team, is headquartered in Dubai, United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. . The company is presently setting up its network of offices in London, Hong Kong, Los Angeles, New York and Miami. ITCC is currently valued at US$210 million and employs 65 people. In the first quarter of 2001, the company will be listed on the NASDAQ stock exchange. Further information on ITCC is available at www.ITClearingCorp.com For more information, please contact Urs Barandun, Chief Communications Officer The chief communications officer or CCO is a job title for the head of communications, public relations and/or public affairs within an organization. Most typically, the CCO reports to the chief executive officer (CEO) of a corporate entity or president of an operating unit. at ITCC on +971 (4) 881 2939 or by e-mail at Urs.B@ITClearingCorp.com, or call Jock Wilson, Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Director, Fortune Promoseven on + 971 (4) 266 9686, Mobile: +971 (50) 458 1051 or by e-mail at jock@promoseven.com or La'Chris Jordan, Account Manager on +971 (4) 266 9686 or by e-mail at lachris@promoseven.com. 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. , please contact Alan M. Levy, Shandwick International (New York) on 646-658-8165, or by e-mail at alevy@shandwick.com. |
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