Pangea Network Enters Service in Northern Europe

London, ENGLAND — Backed by U.S. investment companies,
Pangea Ltd. this week announced that its network for
voice, data, video and Internet transmission is now
in service in northern Europe.

At a network launch in London, Pangea also announced
the appointment of Anthony J. Cassara as chief executive
and Larry Codacovi as chairman of the board.

Extending for 11,500 kilometers (7,150 miles), the
Pangea Network covers northern Europe, Scandinavia
and the Baltic Region, substantially increasing
capacity in some countries where the infrastructure
has been relatively weak.

“Our goal is to become the key alternative provider
in some of the fastest growing but under-served sectors
of the European marketplace — the North Sea and Baltic
regions,” said Chairman Larry Codacovi.

Codacovi went on to point out that unlike the networks of
other operators the Pangea Network went live simultaneously,
eliminating lengthy rollout times.

“Our initial focus is on delivering services to the
wholesale market and customers, including ISPs, broadband
access providers, local PTOs, ASPs and e-commerce companies,”
said Codacovi.

Recently, Pangea Network signed Swedish broadband operator
Arrowhead AB and worldwide network operator Equant NV as
two of its major customers. It will need to secure many
more to run its network at full capacity.

Pangea says it has invested approximately US $470 million
in its terrestrial and submarine fiber-optic cable system.
The system links business centers in the North Sea and the
Baltic Sea regions — including cities such as London,
Amsterdam, Paris, Dusseldorf, Frankfurt, Munich, Berlin,
Hamburg, Copenhagen, Malmo, Stockholm, Gothenburg, Oslo,
Helsinki and Tallin — with New York and the rest of the
world.

Prospects look bright for Pangea and other fiber network
operators. Analysts have predicted a massive increase in
Internet bandwidth requirements across Northern Europe,
with IP services reaching US $6.6 billion by 2006.

Based in Hamilton, Bermuda, Pangea is funded by a group
of U.S. investment firms that includes Dolphin Communications,
Columbia Capital, Harbourvest Partners, Madison Dearborn
Partners and Norwest Venture Partners. Morgan Stanley Dean
Witter has also arranged investment for the venture.

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