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Thursday September 9, 7:38 am Eastern Time
Company Press Release
Metromedia Fiber Network, Inc. and AboveNet Communications Inc. Complete Merger
NEW YORK--(BUSINESS WIRE)--Sept. 9, 1999--Metromedia Fiber Network, Inc. (NASDAQ: MFNX - news), an international provider of dedicated fiber optic networks within Tier One metropolitan markets, and AboveNet Communications Inc. (NASDAQ: ABOV - news), the architect of a global one-hop network that brings together high-bandwidth content sites and ISPs in centralized co-location facilities, today announced the completion of the merger of the two companies, following approvals by their respective shareholders.
Under the terms of the merger, AboveNet shareholders are entitled to receive 1.175 shares of Metromedia Fiber Network Class A common resulting in such holders owning approximately 16.5% of the fully diluted aggregate number of Class A and Class B shares of Metromedia Fiber Network.
``We are very pleased that this merger is now complete,' said Howard Finkelstein, President of Metromedia Fiber Network. ``Together, Metromedia Fiber Network and AboveNet are creating a 21st century optical platform to meet the infrastructure demands of our technologically sophisticated customers.'
Sherman Tuan, Chairman of AboveNet Communications added, ``By joining forces, we are creating a unified company that is capable of changing the face of optical networks and shaping the Internet of tomorrow.'
Based on currently announced fiber optic networks, AboveNet will now have access to Metromedia Fiber Network's planned network of over 1.1 million fiber miles in North America and Europe. Offering worldwide, end-to-end pure optical networks, the combined company brings high bandwidth and mission-critical Internet communications to consumers and business customers, accelerating broadband reliability, security, scalability and accessibility.
AboveNet will operate as a wholly-owned subsidiary of Metromedia Fiber Network, marketing its services under its own name.
About Metromedia Fiber Network
Metromedia Fiber Network, Inc., headquartered in White Plains, New York, is building metropolitan fiber optic infrastructure in the local loop in strategic Tier One markets, enabling technologically sophisticated organizations to implement the latest data, video, Internet and multimedia applications. By offering virtually unlimited, unmetered bandwidth at a fixed cost, Metromedia Fiber Network is eliminating the bandwidth barrier and redefining the way broadband capacity is sold.
Metromedia Fiber Network currently offers virtually unlimited bandwidth by providing dark fiber infrastructure to corporate, carrier and government customers. By installing dense, meshed network architecture directly into key commercial and carrier buildings by way of several diverse paths, MFN networks provide a dedicated, low-cost photonic transport vehicle for bandwidth-intensive users.
Utilizing Metromedia Fiber Network's infrastructure, customers are able to rapidly deploy state-of-the-art optical networks. Communications carriers and Internet Service Providers gain local loop connectivity to the most highly populated metropolitan areas. Corporate and government customers benefit from private building-to-building networks featuring the fastest transmission speeds available and the highest levels of reliability and security. For more information about Metromedia Fiber Network, please visit the company's Web Site at www.mmfn.com.
About AboveNet Communications
AboveNet Communications, headquartered in San Jose, California, is the architect of a global one-hop IP network known as the Internet Service Exchange (ISX) - a world class network that provides Internet connectivity and managed co-location solutions for Content Providers, Internet Service Providers and Application Service Providers. The AboveNet Global One-Hop Network(TM) is designed to deliver fast, scalable and reliable connections to the Internet and improves the Internet experience for all end-users. AboveNet's extensive public and private peering arrangements with over 257 global networks gives its customers a broader reach for delivering content world-wide. For more information on AboveNet and its service offerings call (800) 475-2733 or visit the company Web Site at www.above.net
This news release contains certain 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, general economic and business conditions, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control. This also includes such factors as are described from time to time in the U.S. Securities and Exchange Commission reports filed by Metromedia Fiber Network, including the most recently filed Forms 10-K and 10-Q.
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Contact:
Ellen Strahs Fader, Vice President, Investor Relations
212/606-4389 |
