FLORHAM PARK, N.J., April 21 /PRNewswire-FirstCall/ -- Global Crossing announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). The registration statement will allow for the offering of up to $500 million in common stock, debt securities or warrants. After the registration statement has been declared effective by the SEC, securities may be publicly offered for sale under the registration statement at various times at prices and terms to be determined at the time of the offering.
Global Crossing expects to use any funds raised by it under the shelf registration for general corporate purposes, which may include the acquisition of assets or businesses that are complementary to the company's existing business.
The registration statement filed today has not yet become effective. Securities may not be sold nor may offers to buy be accepted before the registration statement becomes effective. This release will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.
A copy of the registration statement filed today may be obtained at http://www.globalcrossing.com/xml/investors/inv_financial_rep.xml or by calling +1 800 836 0342.
ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 300 major cities and 30 countries worldwide, and delivers services to more than 600 cities, 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.
Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Services and Global Crossing VoIP services, to 36 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs.
Please visit http://www.globalcrossing.com/ for more information about Global Crossing.
This press release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including: Global Crossing's history of substantial operating losses and the fact that, in the near term, funds from operations will not satisfy cash requirements; legal and contractual restrictions on the inter-company transfer of funds by the company's subsidiaries; the company's ability to continue to connect its network to incumbent carriers' networks or maintain Internet peering arrangements on favorable terms; the consequences of any inadvertent violation of the company's Network Security Agreement with the U.S. Government; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; political, legal and other risks due to the company's substantial international operations; risks arising out of the company's significant deficiencies in internal controls and possible difficulties and delays in improving such controls; the concentration of revenue in a limited number of customers, and the rights of such customers to terminate their contracts or to simply cease purchasing services thereunder; exposure to unreserved contingent liabilities; and other risks referenced from time to time in the company's filings with the Securities and Exchange Commission. Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.
CONTACT GLOBAL CROSSING:
Press Contacts
Becky Yeamans
+ 1 973 937 0155
