Bermuda-based fibre optic network provider Global Crossing said yesterday that it would come out strong from the current down turn,

And chief executive officer Tom Casey said that stock was trading at its current 52 week low "irrationally" due to rumours and speculation which were not true.

He said: "We believe our stock has been trading irrationally based on highly inaccurate rumours and groundless speculation.

"Our cash position remains solid.

"Based on our reconfirmed guidance we expect to end 2001 with approximately $1.7 to $2.1 billion in cash and liquidity.

"In addition, our capital expenditures will continue to decrease significantly in 2002, reflecting the completion of our core network and the planned completion of our Asian extension in the first quarter of next year."

He added: "We remain extremely confident in Global Crossing's business strategy and the fact that we will emerge from the current downturn as an industry leader well positioned for long-term growth.

"We continue to see growing demand for Global Crossing's unique global broadband managed services offering and stand by our August 1 guidance of 2001 Cash Revenue of $6.4-$6.9 billion, Service Revenue of approximately $4.4-$4.5 billion and Recurring Adjusted EBITDA of $1.6-$2.0 billion."

Global Crossing Global Crossing Ltd. (NYSE:GX) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe.

Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services.

Global Crossing operates throughout the Americas, Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE:AX).

On the Net:

www.globalcrossing.com

www.asiaglobalcrossing.com.