Pacific Fibre Announces Sales Of US$ 200 Million

10th April 2012

Pacific Fibre Announces Sales Of US$ 200 Million

Pacific Fibre today announced they have secured a fifth foundation customer taking total sales to US$ 200 million.

“We are pleased to have secured another significant sale to a U.S. customer, further de-risking the Pacific Fibre business for investors.” said Pacific Fibre cofounder and Chairman Sam Morgan. Pacific Fibre also set a timeframe on closing their financing – the raising of the capital required for the cable build.

“We have had great engagement with global institutional funds and are now bringing our fundraising to a close” said Mr Morgan. “We expect to announce completion in midJune.” “We will be cutting the ribbon on a new trans-Pacific cable in Sydney on July 16th 2014 – introducing a more competitive market for international bandwidth and helping the NBN to deliver on the promise of vastly better connectivity.”

The volume of data downloaded by Australians doubled between 2010 and 2011 – driven by adoption of iPads, smartphones and online video. The Pacific Fibre system will assist in meeting the accelerating demand for international bandwidth in Australia and New Zealand and introduce competition to the current duopoly held by Telecom New Zealand’s Southern Cross Cable and Telstra’s own international cables.

About Pacific Fibre

Pacific Fibre was founded in 2010 by a group of New Zealand business and IT leaders including Sam Morgan, Rod Drury and Sir Stephen Tindall. The company is constructing one of the longest and most technically advanced undersea cable systems. The Pacific Fibre cable will connect Australia and New Zealand to the United States, using leading and proven industry technology provided by US--based company TE Connectivity to achieve the fastest and most technically advanced cable between Australiasia and the United States. Pacific Fibre has customers based in Australia, the United States and New Zealand, including leading telecommunication providers, ISPs and international buyers of capacity. Announced foundation customers include Vodafone, iiNet and REANNZ.

Pacific Fibre is presently engaged in raising capital to fund the construction of its cable and securing additional foundation customers.

Pacific Fibre is headquartered in Auckland, New Zealand.

For more information visit www.pacificfibre.net

ENDS

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