Cogent Acquires Key Assets From Fibercity Networks
WASHINGTON, D.C., September 12, 2002 - Cogent Communications Group, Inc. (AMEX: COI), a Tier One, next generation, optical Internet service provider, reported today that is has acquired key assets from FiberCity Networks, a provider of Internet and Optical Ethernet services headquartered in the New York Metropolitan Area. Included in the acquisition are a vast majority of FiberCity's customer base as well as their building access agreements. As part of the acquisition agreement, FiberCity Networks will cease operations.
"Cogent has surgically taken the best assets from FiberCity and will integrate them into Cogent's existing footprint and business plan," said Dave Schaeffer, CEO Cogent. "During this consolidation phase of our industry, Cogent will continue to examine the assets of competitors and companies like FiberCity, looking for acquisitions that accelerate our growth and can bring more Internet traffic onto our backbone."
"We approached Cogent after considerable effort and review. As we have almost completed the transition, we are even more certain that Cogent was the right recommendation for our customers and for our organization," said Jim Burns, CEO FiberCity Networks.
About Cogent Communications
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This news release contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, successful completion or expansion of the network, our connection to the Internet requires us to obtain and maintain relationships with other providers, our rights to the use of the dark fiber that make up our network may be affected by the financial health of our fiber providers, we often are limited in choices for metropolitan fiber suppliers and we will need to obtain or construct additional building laterals to connect buildings to our network. Additional general factors include competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.