Its a start, they are focussing on core markets and are downsizing operations. Makes sence to me. Any thoughts on this?MFN Announces European StrategyWith Focus on Operations in UK, Germany and Austria Thursday, January 23, 2003 07:39 AM ET Printer-friendly version MFN Sells its Operations in France and the Netherlands to Management Buyout Teams; Service to Customers Will Not Be AffectedNEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Metromedia Fiber Network, Inc. (MFN, news), the leading provider of optical communications infrastructure solutions, announced today that its European strategy will focus on its core markets of UK and Germany/Austria. In keeping with this strategy, the Company's European holding company, MFN BV, has sold its operations in France and the Netherlands to management buyout teams, and its metropolitan fiber network in four Dutch cities to Global Voice Network Limited. These sales will turn over operations of the data centers to the management teams, along with the Company's collocation and managed services customers. The acquirers will continue to run these data centers and metropolitan area networks without any interruption to customers. MFN, Inc. and MFN BV will maintain ownership in the Company's global IP network and continue to provide IP services to the management buy-out teams for resale to their customers, as well as to the Company's global customers with a presence in France and the Netherlands. "We are looking ahead at a long term strategy that will not only strengthen our current position, but also allow us to grow. This sale will allow customers in these data centers and on the metropolitan area networks to receive the same top-quality service they demand from the same expert staff, without any interruptions." said Tom Byrnes, President MFN International. "Our global IP network will continue to service customers in these facilities. We are looking forward to working with the management teams and establishing a mutually beneficial relationship that will prosper well into the future." MFN will continue to operate its data centers in London, Frankfurt and Vienna, and its metropolitan area networks in London and Germany. These cities will form the foundation of the Company's European presence. About MFNMFN is the leading provider of optical communications infrastructure solutions. The Company combines the most extensive metropolitan area fiber network with a global optical IP network, state-of-the-art data centers and award winning managed services to deliver fully integrated, outsourced communications solutions to high-end companies. The all-fiber infrastructure enables MFN customers to share vast amounts of information internally and externally over private networks and a global IP backbone, creating collaborative businesses that communicate at the speed of light. Customers can take advantage of MFN's complete, end-to-end solution or select individual components to complement their existing infrastructures. By leasing MFN's metropolitan and regional fiber, customers can create their own, private optical network with virtually unlimited, un-metered bandwidth at a fixed fee. For more reliable, secure and high-performance Internet connectivity, customers can use MFN's private IP network to communicate globally without ever touching the public-switched network. Moreover, MFN's comprehensive managed services enable companies to create a world-class Internet presence, optimize complex sites and private optical networks, and transform legacy applications, all with a single point of contact. On May 20, 2002, Metromedia Fiber Network, Inc. and most of its domestic subsidiaries commenced voluntary Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. For more information on MFN, please visit our Web site at http://www.mfn.com.This release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, including the implementation of the proposed restructuring and bankruptcy court approval, and the risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Further information on factors that could affect the company's financial and other results is included in the company's Forms 10-Q, 10-K and S-3, filed with the Securities and Exchange Commission.SOURCE Metromedia Fiber Network, Inc.CONTACT: Kara Carbone of Director, Corporate Communications of Metromedia Fiber Network, Inc., +1-914-683-6386, or firstname.lastname@example.org
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Ma