By now you've heard how proud we are that we achieved one of our crucial milestones this past June by generating positive adjusted EBITDA. We're also on target to achieve our other important financial milestone by the end of the year - starting to generate positive cash flow. For the past seven quarters, we've been steadily achieving results and continuing to build momentum. For example, our recent shelf offerings will help us take advantage of opportunities to grow our business.

Global Crossing is moving forward in another very exciting way. Recently, we completed our acquisition of Fibernet, a leading service provider in the UK, and announced our intent to acquire Impsat, a leading provider of integrated broadband data, Internet and voice telecommunications services in Latin America. That's good news for you because it reinforces our financial strength, illustrates a solid direction for the company in these regions and will help us provide better service to customers there and around the world.

Our acquisition of Fibernet bolsters Global Crossing's reputation as the UK's leading alternative telecom provider and complements our strategy to focus on "Invest & Grow" segments - IP, conferencing and carrier data. We've united two highly complementary businesses that share a common focus on providing complex managed services to customers like you.

Similarly, our acquisition of Impsat will add to Global Crossing's roster of IP- and data-focused enterprise and carrier customers, as well as provide additional products and deeper connectivity to its customers around the world. But most importantly, these moves by Global Crossing are consistent with -- indeed reflect an even greater commitment to -- our strategy of being the leading global provider of advanced telecom solutions. Look for a more extensive exploration of these deals in our next issue of IP Insight. We'll examine what they mean to you and how they will add value and options to the services we bring you.

Finally, I'd like to thank you for acknowledging the progress we're making as we try harder to serve you better. Our most recent Customer Satisfaction survey shows that 96% of Global Crossing's enterprise customers are satisfied with the company's overall performance, while 83% of you were "very satisfied" with it.

What was most gratifying about these results is that they were validated by a Yankee Group study titled "U.S. Carrier Scorecard, Part 1: Comparing Enterprise Perceptions and Customer Experience" that was published in August 2006. The study ranked Global Crossing among the top three service providers for customer satisfaction, saying "Global Crossing's customer responses show it emerging strongly … around 80% of respondents are very satisfied with its global consistency and network reach; its account teams' technical competence also received high rankings. This puts it with AT&T and IBM in the highest overall rankings by their respective customers."

While it's gratifying to see results such as these, I can promise you that no one on our team will ever take your satisfaction for granted. We never stop looking for ways we can improve the level of service we provide you or to identify new solutions that we can offer that will help you meet your business needs. After all, Global Crossing's own progress begins with your success.

Enjoy this issue, and please feel free to contact me or any member of sales team if you have any questions, concerns, or just want to chat. As always, thank you for your business.

Mike Toplisek