SINC STOCK UPDATE!
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SINC STOCK UPDATE!
Southland Financial Inks Deal For Fiber Optic Cable Network
Southland Financial Inc. (SINC) finalized contracts with Project Oxygen
International Ltd. for participation in Project Oxygen Network, an
undersea optical fiber network set to be operational in Hong Kong by
December 2001.
In its press release Wednesday, Southland announced it had secured fiber
optic cable capacity and landing party rights for Hong Kong under the
agreement. Southland estimated the cost of Project Oxygen Network at
about $10 billion and said the network comprises about 168,000
kilometers of optical fiber cable and 96 landing points in 75 countries.
Cable installation is scheduled to begin in late 1999, with major
trans-Atlantic and trans-Pacific links set to be operational in 2001.
Southland is a diversified communications company that has also entered
into an agreement with an international investment group, Delta Bay
Group Limited pursuant to which Delta Bay has agreed to purchase
5,000,000
shares of the Common Stock of the Company at a purchase price of
US$3.50 per share, or US17.5 Million in the aggregate, and warrants to
purchase an additional 5,000,000 shares of the Company's Common
Stock at an exercise price of $6.00 per share (for a potential total
investment of US$47.5 Million in the event that Delta Bay exercises such
warrants) in a private offering of such securities.
Southland Financial, Inc. through its joint venture partners and
subsidiary companies aims to be the premier, independent communications
"carrier's
carrier" in South East Asia. Southland intends to provide cost
effective, high quality, value added, "last mile" solutions to its
customers.
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