Korean ISP KRLine Selects FLAG Telecom Over Incumbent to Provide IP Transit Services in Multi-Year Deal.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--June 17, 2002 FLAG Telecom Holdings Limited (LSE LSE - Language Sensitive Editor : FTL (Flash Translation Layer) See flash memory. ), along with its group companies ("FLAG Telecom"), announced today that one of its subsidiaries has signed a multi-year agreement with KRLine, a top 5 Korean ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. based in Seoul that focuses on corporate customers. The deal will allow KRLine to provide a quality IP transit solution that will increase network stability to its customer base. This is the first IP services contract in Korea and in the Asia Pacific region to be signed by FLAG Telecom since the completion of the Korea-Japan segment of the FLAG North Asian Loop ("FNAL FNAL - Fermi National Accelerator Laboratory (Illinois, USA). ") was announced on May 21, 2002. Mr. Hyoung-Joon Kim, Development Director at KRLine said, "What we were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. was a stable and low latency Low latency allows human-unnoticeable delays between an input being processed and the corresponding output providing real time characteristics. This can be especially important for internet connections utilizing services such as online gaming and VOIP - VOIP is not as important as IP service. We're convinced that FLAG Telecom can deliver all our requirements at a very competitive price". Because KRLine was looking to find improved IP network stability than currently on offer, as well as to align itself with a network operator with a true international footprint, the company looked to FLAG Telecom as a service provider with unparalleled backup solutions, due to its robust network architecture and performance. "This is an important contract for us in Korea and in the Asia Pacific Region" said Owen Best, FLAG Telecom's Vice President for Asia Pacific. "It will allow KRLine to provide the higher levels of service that its customer base is demanding, and to differentiate itself further from the competition. It also validates the tremendous efforts in bringing FNAL into service, with leading edge technology and superior performance now available to other ISPs and carriers in the region." The FLAG Telecom IP network has been designed for maximum efficiency. Customers are linked to in-country nodes, so that traffic can be routed within the region or passed to the regional hub for out-region termination. This eliminates unnecessary extra intermediary router hops, minimizes traffic delivery times, enhances network resilience through diverse routing options and optimizes bandwidth across the network as a whole. About the FLAG Telecom Group The FLAG Telecom Group 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 Holdings Limited and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of 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. Bankruptcy Code in the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of 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 . Also, FLAG Telecom Holdings Limited and the other companies continue to operate their businesses as Debtors In Possession under Chapter 11 protection. FLAG Telecom Holdings Limited and certain of its Bermuda-registered subsidiaries - FLAG Limited, FLAG Atlantic Limited and FLAG Asia Limited - filed parallel proceedings in Bermuda to seek the appointment of provisional liquidators to obtain a moratorium to preserve the companies from creditor actions. Provisional liquidators were appointed and part of their role is to oversee and liaise with the directors of the companies in effecting a reorganization under Chapter 11. Recent news releases and further 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 identify a market maker, to obtain Bermuda Bankruptcy Court's approval to validate any transfer of the Company's shares and the timeliness thereof; 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; our financial leverage; completion of construction of the FLAG North Asian Loop; the outcome of the current Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. ; our ability to submit our restructuring plans with both the United States and Bermuda bankruptcy courts and that our applications will be approved by both courts; we cannot guarantee that in the event of a successful restructuring our shares will not be adversely impacted. 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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