PSINet Announces Retention of Goldman Sachs and Formation of Special Board Committee
ASHBURN, Va.--(BUSINESS WIRE)--Nov. 16, 2000--PSINet Inc. (NASDAQ:PSIX), the Internet Super Carrier, today announced that its board of directors has engaged the investment banking firm of Goldman Sachs & Co. as its financial advisor.
PSINet has retained Goldman Sachs to assist PSINet in analyzing and considering various financial alternatives available to it as well as exploring other strategic considerations for improving shareholder value, which could include, among other things, a strategic alliance or the possible sale of all or a portion of PSINet.
PSINet announced also that its board of directors has formed a special committee chaired by an independent director, Ralph J. Swett, to review and consider these alternatives and to coordinate the engagement of Goldman Sachs.
"PSINet is pleased to retain Goldman Sachs as its financial advisor," said William L. Schrader, chairman and chief executive officer of PSINet. "We have taken a number of steps to position the company as the Internet Super Carrier. With our valuable fiber and hosting center assets, our newly organized management team, and the assistance of Goldman Sachs in helping us through our current financial challenges, we believe that we are well positioned to move forward in executing on our business plan. We remain committed to maximizing shareholder value and believe that a review of all our options as we move forward is appropriate." |
