New Name Reflects Streamlined Operational Focus On LambdaNetFibre Optic Network
Hanover, Germany 26.4.2002 PROTEXT) - FirstMarkCommunications Europe today announced that it has completed acorporate name change to LNG Holdings SA. The name changereflects an operational restructuring that better positions thecompany for growth and profitability, and a greater focus on itscore carrier services business.
The restructuring includes:
* Streamlining operations. The company has contracted tosell all of its interests in the FirstMark Communications accessbusinesses in France, Spain, Switzerland and Luxembourg.Additionally, the company is in the process of liquidating itsnon-operational access businesses in other countries. In August2001, the company closed its access business in Germany.
* Focusing on carrier services operations. Currently, thecompany -- through its LambdaNet Group - owns and operates oneof the most dense, pervasive fibre optic networks in Europe(22,000 km) with a footprint that extends to 104 cities in 10countries, servicing approximately 150 customers. LambdaNetGroup offers traditional transport services (wavelength,bandwidth and collocation services) and is expanding its productportfolio to deliver higher value services that include advancedIP transport (IP Transit, Virtual Private Networks), allowing itto compete effectively against such players as KPN/Qwest.
"We determined that in current market conditions it isessential to refocus our efforts in order to optimise thecompany's success in its chosen markets," said Bernie Smedley,Chairman and CEO of LNG Holdings SA. "By divesting our accessoperations, we can now focus our business, talents and resourceson building one of Europe's premier carrier servicesoperations."
Strategic Objectives for 2002
In 2002, the company will focus on three key objectives:
* leveraging its deep network presence to European-basedtelecoms carriers where market demand is expected to continue togrow, especially with the current market environment forcingmany other carriers to scale back planned network expansions.
* marketing its extensive network reach, broadband capacityand carrier services experience to U.S. and Asian telecomscompanies that either have gaps in their own European coverageor do not have a European network - yet have multi-nationalcustomers with operations in Europe.
* focusing on its French and Spanish operations during theirfirst full year of operation.
Added Smedley: "LNG Holdings SA is well positioned tosucceed. We are cautiously optimistic that, despite the currentmarket shakeout, the company will emerge as one of the leadingproviders of carrier services in Europe. We have an extensive,fully built-out fibre optic network servicing hundreds ofpremier customers; revenues that have doubled year-over-year;strong backing from our bankers, suppliers, and vendors; and anexperienced management team that can lead the company into thefuture."
About LNG Holdings SA
LNG Holdings SA has its headquarters in Luxembourg. Thecompany - including its Hannover-based LambdaNet Group - employsmore than 250 people in Europe, with the majority of employeesin Germany, France and Spain. The LambdaNet network extendsmore than 22,000 Km, covering 104 cities in 10 countries,servicing approximately 150 customers. The network is fullyoperational in Germany (23 cities), France (17 cities) and Spain(56 cities) with several major cities such as London, Brussels,Amsterdam, Lisbon, and Copenhagen, with Vienna and Prague to beintegrated into the network. The LambdaNet network ranks amongthe top 3 networks in Germany, France and Spain. Its customerbase is broad and stable, consisting of all types oftelecommunications operators (Telco, Voice/Access, Mobile, ISP,ASP, CATV). The LambdaNet Group had positive results in 2001,despite start-up operations in France and Spain in mid-year andthe current market environment.
ots Original Text Service: Firstmark Communications EuropeInternet: http://www.presseportal.de
Contacts: Marianne Steiner: Tel. 001-518-537-5592, e-mail:msteiner@valstar.net Kirsten Struve: 0049-511-84 88-4101, e-mail:kirsten.struve@lambdanet.net Katharina Siebert: Tel. 0049-511-8488-1120, e-mail: katharina.siebert@lambdanet.net
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