VANCOUVER -- 360networks today announced the company continues to defer the issuance of its 2001 annual and first quarter 2002 financial results, and the related management's discussion and analysis. The statements were due on May 21, 2002 and May 30, 2002 respectively. As announced previously, the company continues to develop a plan of reorganization with its senior bank lenders and unsecured creditors. Until a plan is finalized, 360networks is unable to complete the applicable financial statements and related documents. 360networks is complying with the provisions of the Alternate Information Guidelines contained in the Ontario Securities Commission Policy 57-603, which includes issuing a default status report every two weeks. 360networks Inc.