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FOR IMMEDIATE RELEASE Analyst Contact:
Terms of the agreement were not disclosed. New Com is expected to be accretive to PSINet's EBITDA (earnings before interest, tax, depreciation and amortization). “The Lebanese market is a very attractive place to start our expansion into this dynamic region because of Beirut’s role as a center of finance and banking,” said John B. Muleta, president of PSINet’s India, Middle East and Africa regions. “This is a very historic time in Lebanon’s financial and banking renaissance. The acquisition of New Com gives us a strong, talented, and aggressive management team that will serve as the catalyst for further expansion into the rapidly growing Middle Eastern markets.” “PSINet has expanded from our home in North America to Asia in 1994, Europe in 1995 and, Latin America and Australia in 1999. We are now pleased through our Beirut acquisition to initiate expansion to the most promising e-commerce Internet markets in India, the Middle East and Africa,” said William L. Schrader, PSINet chairman and chief executive officer. New Com will become PSINet Lebanon with Imad Tarabay, its founder and former chairman becoming vice president for the Middle East and North Africa regions. Raed Rayes, co-founder and former general manager of New Com will become the general manager of PSINet Lebanon. “This transaction will assist PSINet Lebanon in providing world class Internet, e-commerce, web hosting, virtual ISP and banking Internet security solutions, as well as a multitude of other services to the Lebanese business community,” said Tarabay. “The Lebanese business market and the banking sector shall come to experience value added services by having their businesses affiliated with an Internet Super Carrier, such as PSINet.” New Com is the fifth largest ISP in Lebanon. It is the only Lebanese ISP having a direct fiber optic connection into New York, making integration into PSINet’s global network possible on an expedited basis. Integration into the PSINet network will provide New Com’s current and future customers access to PSINet's full portfolio of dial-up and dedicated connectivity services, as well as value-added services, including electronic commerce, web hosting, global roaming, Intranet, and security services. Headquartered in Herndon, Va., PSINet is an Internet Super Carrier offering global e-commerce infrastructure and a full suite of retail and wholesale Internet services through wholly-owned PSINet subsidiaries. Services are provided on PSINet-owned and operated fiber, satellite, web hosting and switching facilities providing direct access in more than 800 metropolitan areas in 25 countries on five continents. PSINet information can be obtained by e-mail at info@psi.com, by accessing the web site at www.psinet.com or by calling in the U.S.800-799-0676. Additional information about New Com is available at www.fiberlinknetworks.net
or by calling 00961-1-799996.
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