Florham Park, NJ -- July 7, 2004 -- Global Crossing (NASDAQ: GLBCE) announced today that a NASDAQ Listings Qualifications Panel has granted the company's request that its common stock continue to be traded on the NASDAQ National Market until July 30, 2004, giving the company until that date to return to full compliance with exchange listing requirements.
To return to compliance, the company will need to provide additional information to NASDAQ regarding the company's response to the cost of access issue and to re-file with the SEC audited 2002 and 2003 financial statements and unaudited first quarter 2004 financial statements, and related periodic reports. The company is working toward meeting the July 30, 2004 deadline and reported making progress toward that goal. The panel also conditioned the company's ongoing listing on timely filing of all periodic reports with the SEC for the next year.
"We've made significant progress on both internal and independent reviews of cost of access issues, including the completion of Deloitte and Touche's investigation which did not reveal any management integrity issues," said John Legere, Global Crossing's chief executive officer. "We're grateful for the panel's decision today, which gives us time to finalize our financials and return to compliance."
Grant Thornton LLP is in the process of conducting audit procedures with respect to the company's cost of access liabilities and cost of access expenses and evaluating the appropriate accounting treatment for any potential understatement to determine whether it can reissue its previously withdrawn audit reports. Once Grant Thornton completes its audit work, the company hopes to make the appropriate filings with the SEC to regain compliance with SEC requirements
About Global Crossing
Global Crossing (NASDAQ: GLBCE) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 300 cities and 30 countries worldwide, and delivers services to more than 500 major cities, 50 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 more than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs.
Please visit www.globalcrossing.com for more information about Global Crossing.
