Friday, April 15, 2011

Level 3 (LVLT) Partners with Internet 2 for High-Capacity Network

Level 3 Communications (NASDAQ:LVLT) and Internet2 announced they've entered into a multi-year agreement to develop a network with a capacity of 8.8 Terabits.

When completed the new network will be able to support of 200,000 community anchor institutions in America. Organizations receiving support will include hospitals, community colleges, K-12 schools, public safety organization and schools, among others.

“Today’s announcement with Level 3 represents another major milestone in helping to fulfill the promise of Internet2’s BTOP grant by providing the critical underlying infrastructure needed to support community anchor institutions nationwide,” said Rob Vietzke, Internet2 executive director of Network Services.

Edward Morche, senior vice president of Level 3’s Federal Markets, said in a statement, “With Level 3’s fiber-optic network and expertise, Internet2 is ready to support the bandwidth-intensive scientific and medical research applications that are changing lives both today and in the future."

Level 3 was trading at $1.72, down $0.01, or 0.87 percent, as of 2:55 PM EDT.

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