—— Forwarded Message From: “360networks”
July 26, 2001
For immediate release
360NETWORKS ANNOUNCES DELISTING FROM THE NASDAQ STOCK MARKET
Stock continues to trade on the Toronto Stock Exchange
Vancouver Â 360networks today announced that the companyÂ¹s securities will be delisted from the Nasdaq Stock Market at the opening of business on July 27, 2001.
The decision, made jointly by 360networks and Nasdaq, follows 360networksÂ¹ voluntary filings on June 28 for protection under the CompaniesÂ¹ Creditors Arrangement Act in Canada and its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy Code.
Nasdaq halted trading of 360networksÂ¹ stock (TSIXQ) on June 27. The last trading price was U.S. $0.21. 360networksÂ¹ stock continues to trade on the Toronto Stock Exchange under the TSX trading symbol.
About 360networks 360networks offers optical network services to telecommunications and data-centric organizations in North America. The companyÂ¹s fiber optic network includes terrestrial segments and undersea cables in North America and South America.
On June 28, 2001, the company and several of its operating subsidiaries filed for protection under the CompaniesÂ¹ Creditors Arrangement Act (CCAA) in the Supreme Court of British Columbia. The companyÂ¹s principal U.S. subsidiary, 360networks (USA) inc. and 22 of its affiliates concurrently filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company has also instituted insolvency proceedings in Europe. For more information about 360networks, visit www.360.net.
For more information contact:
Investor Relations Nancy Bacchieri ir [at] 360 [dot] net
Media Michelle GagnÃ© michelle.gagne [at] 360 [dot] net
This news release contains information about managementÂ¹s view of 360networksÂ¹ future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, the doubt as to 360networksÂ¹ ability as a going concern, risks associated with efforts to restructure the obligations of 360networks, risks associated with efforts to obtain DIP financing, risks associated with proceedings commenced by 360networks and its subsidiaries under the U.S. Bankruptcy Code or CanadaÂ¹s CompaniesÂ¹ Creditors Arrangement Act, competitive developments, risks associated with 360networksÂ¹ growth, regulatory risks, and other factors. 360networks assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements.
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—— End of Forwarded Message