Re. MFNX:
Metromedia Fiber Network to Provide Optical Internet Infrastructure to Cogent Communications
NEW YORK--(BUSINESS WIRE)--Feb. 28, 2000--
20-Year Agreement Valued in Excess of $100 Million
Metromedia Fiber Network (MFN) (Nasdaq: MFNX), the leader in deployment of optical Internet infrastructure within key metropolitan areas internationally, will provide private, optical networks in key North American markets to Cogent Communications, a venture-backed Internet access provider to commercial properties. The 20-year agreement is valued at more than $100 million.
MFN will lease local fiber infrastructure to Cogent in the metropolitan areas of New York, Boston, Philadelphia, Washington, D.C., Atlanta, Chicago, Dallas, Houston, Seattle, San Francisco/San Jose, and Los Angeles. Cogent will deploy Wave Division Multiplexing (WDM) over the fiber, creating an in-building gigabit Ethernet network capable of delivering dedicated broadband Internet services at 100 megabits per second (mbps).
"MFN is deploying optical Internet infrastructure that empowers today's specialized ISPs like Cogent to deliver high-speed, state-of-the-art Internet services to commercial building customers," said Nick Tanzi, president and chief operating officer of Metromedia Fiber Network. "Through this agreement, Cogent will have the infrastructure and bandwidth in place to deliver the most robust and advanced Internet applications of today and tomorrow."
Dave Schaeffer, president and chief executive officer of Cogent Communications, said, "Gaining access to unshared, high-capacity fiber is key to the completion of deployment of our fiber optic network, which we feel is truly next generation in terms of technology, product offering and network architecture."
About Cogent Communications
Cogent is a new venture-backed company formed to offer a single product of 100mbps dedicated Internet access on a non-oversubscribed basis to Class A commercial buildings in the top 12 cities in the United States. Through efficient use of physical facilities and a unique network architecture, Cogent is able to offer this 100mbps product at a market-defining price of $1,000 per month. Cogent is offering 100 times the price performance of existing products from T-1 services to DSL offerings.
About Metromedia Fiber Network
Metromedia Fiber Network, the leading provider of end-to-end optical network and Internet infrastructure solutions, is revolutionizing the fiber optic industry. By offering virtually unlimited, unmetered bandwidth at a fixed cost, the Company is eliminating the bandwidth barrier and redefining the way broadband capacity is sold. Metromedia Fiber Network is extending metropolitan optical networking infrastructure to the end user in strategic top-tier markets, enabling its customers to implement the latest data, video, Internet and multimedia applications. In addition to its current expansion in 51 cities in North America, Metromedia Fiber Network is establishing an international presence with planned fiber optic network builds in 16 cities throughout Europe.
Together with its subsidiaries, AboveNet Communications, Inc., a leading provider of co-location and Internet connectivity solutions, and PAIX.NET, Inc., the leading neutral Internet Exchange, Metromedia Fiber Network is unleashing the full potential of the Internet. The combined company facilitates the explosive growth of e-commerce and advanced Internet applications by delivering secure, reliable and scalable optical networks and IP services to Internet content and service providers, carriers and enterprise users worldwide. For more information about Metromedia Fiber Network, please visit the company's Web site at www.mmfn.com.
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 described from time to time in the SEC reports filed by Metromedia Fiber Network, including the most recently filed Forms S-3, 10-K, and 10-Q.
CONTACT:
Gibbs & Soell, Inc.
Media Relations
Gary J. Gatyas, Jr., 212/697-2600
E-mail: ggatyas@gibbs-soell.com
or
Metromedia Fiber Network
Investor Relations
Sandra Moreno, 212/606-4389
E-mail: smoreno@metromediacompany.com
KEYWORD: NEW YORK
BW1081 FEB 28,2000
4:28 PACIFIC
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