Transfer To Liquidating Trust

Exhibit 99.1

ASC ANNOUNCES

TRANSFER TO LIQUIDATING TRUST

DULLES, VA, June 10 - Advanced Switching Communications, Inc. announced that it transferred substantially all of its remaining assets to (and its remaining liabilities were assumed by) the Advanced Switching Communications Liquidating Trust (the "Liquidating Trust") in accordance with the Company's plan of complete liquidation and dissolution. As previously announced by the Company, May 24, 2002 was the last day of trading of the Company's common stock on the Nasdaq National Market, and the Company's stock transfer books were closed as of the close of business on such date.

The Company will file a Form 15 with the Securities and Exchange Commission to terminate the registration of the Company's common stock under the Securities Exchange Act of 1934. However, under the Trust Agreement, the Trustee is authorized to file current reports on Form 8-K with the Commission as he deems appropriate.

Under the terms of the Liquidating Trust Agreement executed by the Company and the Trustee as of June 10, 2003 (the "Record Date"), each stockholder of the Company (each, a "Beneficiary") automatically became the holder of one unit of beneficial interest ("Unit") in the Liquidating Trust for each share of the Company common stock then held of record by such stockholder. All outstanding shares of the Company common stock are automatically deemed cancelled, and the rights of the Beneficiaries in their Units will not be represented by any form of certificate or other instrument. Stockholders of the Company on the Record Date are not required to take any action to receive their Units. The Liquidating Trust will maintain a record of the name and address of each Beneficiary and such Beneficiary's aggregate Units in the Liquidating Trust. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, the Units will not be transferable, nor will a Beneficiary have authority or power to sell or in any other manner dispose of any Units.

The Liquidating Trust was organized for the sole purpose of winding up the Company's affairs and the liquidation of its assets. From time to time, the Liquidating Trust may make distributions of its assets to Beneficiaries, but only to the extent that such assets will not be needed to provide for the liabilities (including contingent liabilities) assumed by the Liquidating Trust. No assurances can be given as to the amount or timing of any distributions by the Liquidating Trust.

The following is a description of the material United State ...