Press Release
Conact: Olga Fraga
Terremark Group, Inc.
(305) 860-7863
ofraga@terremark.com
Miami, Florida – (April 13, 2000) – Terremark Holdings, Inc. (Terremark) a privately held, full-service real estate and development company today announced that Boca Technology Center LLC, an entity owned by Terremark and other investors, has closed on the $142 million acquisition of the Blue Lake Technology Center, a 557-acre site with approximately 1.8 million square feet of buildings in Boca Raton, Florida.
Blue Lake will be developed and managed by Telecom Routing Exchange Developers, Inc. (“T-Rex”) an entity being acquired by Terremark. The facility will be leased for use as telecommunications and Internet “housing” facilities for telecommunications companies, Internet service providers (ISPs), Internet content providers, co-location companies and other similar tenants as part of T-Rex’s strategy to create a national network of telecom routing exchanges.
The Blue Lake Technology Center has many of the requirements needed for “telecom hoteling,” including fiber-optic capability, heavy construction, back-up generators and proximity to an FPL sub-station.
Terremark announced on March 8, that it had entered into a definitive agreement to acquire T-Rex Developers to fulfill Terremark’s strategy of combining its real estate and proposed telecommunications operations. T-Rex had previously closed on the Cleveland Technology Center in Cleveland, Ohio, and is in negotiations for properties in a number of other cities including Providence, Hartford, Detroit and Denver.
Terremark has entered into a merger agreement with AmTec, Inc. (Amex: ATC) an international telecommunications services company. Subject to shareholder approval, the merger is expected to close on April 28, 2000. The merged company will be called Terremark Worldwide, Inc. (AMEX: TWW) and Terremark Holdings Chairman, Manuel D. Medina, will serve as its Chairman and CEO. Upon Closing of the merger, T-Rex Developers will become a wholly owned subsidiary of Terremark Worldwide.