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Morristown, NJ, has announced a memorandum of understanding for the construction of another transatlantic fiber-optic cable system that will link the United States and Europe by July 1999. Columbus III is expected to span nearly 11 km, at a cost of $270 million to $310 million. The network will form a ring connecting Florida and St. Croix, U.S. Virgin Islands, to Lisbon and the Azores in Portugal; Conil, Spain; and Mazara, Italy. Other signatories to the memorandum include Telecom Italia, Telefonica de España SA, and Companhia Portuguesa Radio Marconi SA.