The north/south cable system will be installed along the eastern seaboard of the United States and will link the two end points with nineteen interim strategic distribution cities and three regeneration sites. The cable will actually enter Lynn at the Nahant Rotary, which will serves as the northern anchor for the new conduit and fiber optic cable project.

The announcement by ACI comes on the heels of a December 1999 groundbreaking by Worldwide Fiber (now 360 Networks) following its selection of Lynn as its Boston hub for New England's first transatlantic fiber optic cable. "This project builds on 360 Network's investment in the City of Lynn," said Mayor Patrick J. McManus. "It puts Lynn on the map as a major telecommunications center for high speed data transmission facilities."

"The presence of Asset Channels and 360 Networks in Lynn will enhance opportunities for other information-based companies seeking locations close to facilities that offer high-speed data based transmission capabilities," said the City's Development Director, Stephen A. Harausz. "This connection opens up new markets for New England business along the entire eastern seaboard, adds significantly to the City's existing telecommunications infrastructure and significantly enhances Lynn's attractiveness as a location for companies requiring secure, high speed, and cost effective data transmission capabilities." Headquartered in New Canaan, Connecticut, ACI is a development stage telecommunications company that recently completed a multi-million dollar financing package. ACI has submitted an offer to purchase City owned property at 123/129 Commercial Street, a currently vacant parcel of land just a block east of Worldwide ' s new facility ACI's initial plan calls for the construction of a 10,000 square foot switching facility, with the option of adding a second floor with an additional 10,000 square feet. Construction is proposed to begin in November 2000. The company estimates that the value of the entire investment could total approximately $75 million when complete. The total value of the Boston/Miami project is estimated to be in excess of $300 million.

"The decision by Asset Channels to locate their telecommunications hub in Lynn is testimony to our continuing commitment to attracting new business investment to our city ," said Charles Gaeta, Chairman of the Economic Development and Industrial Corporation. "This decision builds upon several other similar investments in the City, and may well portend the beginning or a new era of investment in telecommunications technologies in Lynn that will have far reaching consequences for decades to come," said Mr. Gaeta.