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April 25, 2002 — (WEB HOST INDUSTRY REVIEW) — Terremark Worldwide, Inc., (Terremark.com), a carrier-neutral operator of Tier-1 Network Access Point (NAP) facilities, said today it had signed an exclusive agreement to develop and operate a carrier-neutral NAP in Madrid.
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As part of this agreement, Terremark will lead the development of the NAP in Madrid, which will be modeled after the company’s technology developed for its NAP in Miami. A number of parties, including several Spanish partners, will invest US$10,000,000 to capitalize the project, US$5,000,000 of which will be used to purchase shares of Terremark common stock, at a per share price of US$1.00.
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“This technologically advanced NAP will place Madrid at the vanguard of Internet development in Spain,” stated the Hon. Alberto Ruiz Gallardón, President of the Comunidad Autónoma de Madrid, a development commission comprised of 179 municipalities. “The growth of high technology jobs around Tier-1 NAPs in the United States has been well documented, and we expect that this new NAP will have similar effects on job creation within the Comunidad, and will help modernize not just Madrid’s Internet and communications infrastructure, but help propel all of Spain into the 21st century’s Internet economy.”
