estimated value of US$100 million to provide an optical fibre cable system linking ten cities in northern Europe.

The initial project, entitled Pangea 1, will enable Pangea to provide a single-source, integrated broadband solution for carriers and Internet Service Providers wishing to offer voice, data, video, Internet transmission and leased wavelength services into, within and out of the coverage area, the company said.

The ten cities are London, Amsterdam, Dusseldorf, Hamburg, Copenhagen, Malmo, Gothenburg, Stockholm, Oslo and Helsinki.

Currently, carriers and Internet Service Providers have to buy capacity on an individual country, point by point cable system. Pangea 1 will link the terrestrial portion (3,300 miles of a 4,500 mile network across seven countries) with self-healing optical fibre rings.

Pangea 1 was incorporated in January 1999 to identify business opportunities leading to the provision of enhanced telecommunications infrastructure and services meeting the world's enormous demand for broadband voice, data, video and Internet transmission capacity. The first of these opportunities is the Pangea 1 cable project linking seven countries in Northern Europe and Scandinavia.

Based in Hamilton, Bermuda, Pangea Ltd. has its executive offices in Rye, New York. The company's European headquarters are in Amsterdam, The Netherlands.