Sphera Sale Nixed

Universal Access announces steps to withdraw bid to acquire assets of Sphera Optical Networks

April 24, 2002

1 Min Read

CHICAGO -- Universal Access Global Holdings Inc. (Nasdaq: UAXS) today announced that it has taken steps to withdraw its bid to acquire certain assets of Sphera Optical Networks. Universal Access stated that a number of critical conditions to its agreement with Sphera had not been satisfied and that it had concluded that further efforts to complete the transaction were unlikely to be successful. Universal Access also indicated that it had begun steps to terminate the interim financing it had provided to Sphera. The bankruptcy court presiding over Sphera's reorganization proceedings will be considering issues relating to the termination of the financing and acquisition agreements later this week. Universal Access Inc. Sphera Optical Networks Inc.

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