STT Investment in GlobalX OK'dSTT Investment in GlobalX OK'd

FLORHAM PARK, N.J. -- Global Crossing today announced that it has received approval from the Committee for Foreign Investment in the United States (CFIUS) for ST Telemedia's proposed investment in Global Crossing.

"We appreciate the hard work of the CFIUS agencies in their review of this transaction," said John Legere, Global Crossing's CEO. "We strongly believe that ST Telemedia's investment will further strengthen Global Crossing's competitive position as a dynamic competitor in the telecommunications industry with a unique, next-generation IP network."

Over the past two years, Global Crossing has accomplished a remarkable turnaround by reducing operating expenses more than 50 percent, conserving cash, and improving both customer satisfaction and network operations. Additionally, Global Crossing's customer base has remained stable, while more than 2,000 new and renewal contracts were signed in 2003

Legere continued: "With today's approval and the achievements of Global Crossing's thousands of employees, we've set the stage to become a dominant force in the next phase of telecommunications' evolution."

Global Crossing Holdings Ltd.

Singapore Technologies Telemedia Pte. Ltd. (STT)