CLINTON, Miss. - July 5, 2001 - WorldCom, Inc [NASDAQ: WCOM, MCIT] announced today that it is providing a source of funding for an endowment for Institute Embratel 21, a multimedia digital library project in Brazil. Institute Embratel 21 was established in April by Embratel S.A., Brazil's nationwide communications provider and recognized leader in the data and Internet market.
The endowment will enable Institute Embratel 21 to provide high-speed broadband access to the National Library of Brazil's Multimedia Digital Library Project. The Multimedia Digital Project is expected to be launched October 2001. WorldCom created the endowment in consultation with Francisco Weffort, Brazil's Minister of Culture.
Through the endowment, Institute Embratel 21 is entitled to all the dividends and distributions on certain common shares of Embratel Participações S.A. ("Embrapar"). In addition, WorldCom is providing Institute Embratel 21 with a contribution of R$1 million (US$435,000) to fund start-up expenses.
"Our award-winning MarcoPolo program provides teachers with no-cost, standards-based Internet content that can be used to enhance and enrich current classroom curriculum. We are pleased to provide this endowment for Institute Embratel 21 so that they may also harness the educational opportunities presented by the Internet and the Multimedia Digital Library Project," stated Bernard J. Ebbers, president and CEO of WorldCom.
About WorldCom, Inc.
WorldCom, Inc. (Nasdaq: WCOM) is a preeminent global communications company for the digital generation, generation d, operating in more than 65 countries with 2000 revenues of approximately $39 billion. WorldCom provides the innovative technologies and services that are the foundation for business in the 21st century. For more information, go to http://www.worldcom.com.
About The MarcoPolo Program
MarcoPolo is a partnership between the WorldCom Foundation and seven renowned educational organizations. The MarcoPolo: Internet Content for the Classroom program provides no-cost, standards-based Internet content for the K-12 teacher and classroom, developed by the nation's content experts. Resources found on the MarcoPolo web site (http://marcopolo.worldcom.com) and the six partner web sites offer teachers invaluable educational resources, and the WorldCom Foundation offers free training, across the country, so that teachers learn how to use this rich content in their classrooms daily.
