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Emerald Networks Reports Preliminary Commitment from Export-Import Bank of the United States to Finance Emerald Express
Feb 04, 2013 (Close-Up Media via COMTEX) --
Emerald Networks, a new-build network submarine cable system that will connect North America to Europe and Iceland, announced that it has received a Preliminary Project Letter in connection with its loan application to the Export-Import Bank of the United States for its system project known as "Emerald Express."
In a release, the Company noted that loan applications were submitted to the Export-Import Bank of the United States for a substantial funding required to complete construction. A Preliminary Project Letter (PPL) was issued Dec. 17, by the Ex-IM Bank, indicating that they are prepared to commit resources leading to consideration of a financing commitment, subject to certain conditions.
The Emerald Express project is "A New Network for a New Era". This new-build submarine cable system is a turn-key supply contract with TE Subcom connecting North America to Europe, through Ireland.
Phase 1 of the system, which will connect Shirley, N.Y. on Long Island to its cable landing station in Belmullet, Ireland and branching to Grindavik, Iceland, is expected to be ready by mid-2014. Meanwhile, Phase 2 of the system, which includes a landing in Southern Europe, is also expected to be ready shortly thereafter.
"This achievement places Emerald Networks as a global leader in the forefront of the telecommunications industry and having completed this milestone provides an attractive opportunity for future investors", said CEO William Marra.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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