LambdaNet group appoints PwC LLP to advise on development

10 April 2003 Hannover, Germany Lightwave Europe -- LNG Holdings S.A., the parent company of LambdaNet, has appointed PricewaterhouseCoopers LLP (PwC) to advise on next stage funding and ongoing development.

Apr 10th, 2003

10 April 2003 Hannover, Germany Lightwave Europe -- LNG Holdings S.A., the parent company of LambdaNet, has appointed PricewaterhouseCoopers LLP (PwC) to advise on next stage funding and ongoing development.

Some of the existing shareholders have expressed interest in increasing their stake in LNG Holdings S.A. PwC will provide advice to the Board on the attractiveness of the funding alternatives. Additionally, PwC will advise the board in developing opportunities involving key strategic customers, competitors, and other entities interested in equity partnership opportunities.

LambdaNet says it is one of only a few wholesale focused IP transmission networks to have survived the telecoms downturn and is using the void left by WorldComm, Global Crossing and KPNQwest amongst others, to reinforce its customer base across Europe.

Bernie Smedley, CEO, LNG Holdings explained: "We intend to exploit the market opportunity that has been created by the retrenchment in the telecoms industry over the last few years. As we continue to expand our marketing and sales efforts, which are focused on serving national European markets and links to North America, we must realign our organisation to take better advantage of these new opportunities and challenges.

"LambdaNet has built one of the most powerful networks in Europe. It extends more than 22,000km, connecting more than 100 cities in 11 countries and servicing more than 230 customers. The company combines the benefits of a homogeneous European production platform with the advantages of closely-woven national networks in selected European countries. It is this strategic edge that we will continue to reinforce."

The appointment of PwC as strategic financial advisors is focused on allowing the company to continue to strengthen its business as it enters the next period of growth," explained Brian Lerner, Director responsible for telecoms corporate finance at PwC LLP.

"LNG Holdings selected PwC from a group of eight strategic financial advisers. The decision was based on PwC's wide-reaching experience in the telecommunications industry and its demonstrated understanding of LNG Holding's unique business model. We look forward to a successful working relationship with the company," added Smedley.

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