March 15, 2002 -- Fiber Optek Interconnect Corp., a privately-owned developer and installer of fiber optic telecommunications networks, announced that it is considering making an offer for Global Crossing Ltd. (Nasdaq:GBLXQ).

"We believe that Global Crossing has significant value as an operating entity," said Michael S. Pascazi, president of Fiber Optek. "We believe any offer from us will be beneficial to the existing shareholders, bondholders and creditors, and will preserve Global Crossing as a going concern." He voiced confidence in the company's strong cash flow, wide market reach and penetration.

Pascazi further indicated that he concurs with the sentiment of U.S. Congresswoman Louise M. Slaughter as expressed in her Feb. 11 letter to the Bankruptcy Court, in that common equity and preferred shareholders should be included in the new capital structure of Global Crossing. "Fiber Optek and I are common shareholders," added Pascazi.

"We further believe that the recent Telecom downturn is over and that leading indicators such as broadband demand, Internet use, along with computer and wireless sales, all point to significant opportunities for Global Crossing," Pascazi said.

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