PSINet Announces Bank Sale of CEO's Pledged Shares
Thursday November 16, 4:45 pm Eastern Time
Press Release
ASHBURN, Va.--(BUSINESS WIRE)--Nov. 16, 2000--PSINet Inc. (NASDAQ:PSIX - news), the Internet Super Carrier, today announced that it has been advised that a bank that had made a loan to William L. Schrader, chairman and chief executive officer of PSINet, had made a margin call on the approximately 11.4 million shares of PSINet common stock that had been pledged by Mr. Schrader to secure the loan and that the bank was in the process of selling some or all of those shares as a result of the margin call.
Headquartered in Ashburn, VA, PSINet is the Internet Super Carrier offering global e-commerce infrastructure, end-to-end IT solutions 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 900 metropolitan areas in 28 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.
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by these forward-looking statements, as a result of a variety of factors including, but not limited to, competitive developments, risks associated with the Company's growth, the development of the Internet market, regulatory risks and other factors that are discussed in the Company's Annual Report on Form 10-K and other documents periodically filed with the SEC.
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Poor slob. Someone should collect for him.
PSIX was a brave horse, gallopped for a long time... |
