Internap's Special Meeting of Stockholders
ATLANTA, December 17, 2002 - Internap Network Services Corporation (NASDAQ: INAP), the leading provider of intelligent routing services over the Internet, announced today that its stockholders have overwhelmingly approved an amendment to its charter that would provide for a reverse stock split of its common and Series A preferred shares, subject to subsequent action by its Board of Directors. The authorized range, in increments of five, is from 1-for-5 to 1-for-30, as recommended by the Company's Board of Directors.
"Today's stockholder action demonstrates strong support of Internap," said Greg Peters, President and CEO of Internap. "In considering whether to effect the split, the Board of Directors will take into consideration all relevant factors, including our desire to maintain our NASDAQ listing and broaden our investor base."
The decision to effect any stock split must be taken by the Board of Directors no later than September 17, 2003.
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For additional news on Internap, please visit www.internap.com/newsroom .
Investor Contact:
Tim Hanson
Internap Network Services
206-262-3742
thanson@internap.com
Media Contacts:
Chris Barker
Brian Sibley
Text 100 Public Relations
206-381-3791
internap@text100.com
About Internap
Internap provides customers with certainty over the Internet through its patented route management technology and service guarantees. This managed IP service intelligently routes data across the major Internet backbones through a single connection from a customer's network to one of Internap's Service Points. Internap's customers bypass congestion points on the Internet, avoiding packet loss, latency and other difficulties that can plague conventional Internet connectivity. Founded in 1996, Internap offers services in numerous key markets throughout the United States, Europe and Japan including Atlanta, Boston, Chicago, Dallas, Denver, Houston, London, Los Angeles, Miami, New York, Philadelphia, San Francisco, San Jose, Seattle, Tokyo and Washington, DC. Internap® and P-NAP® are registered trademarks of Internap. All other trademarks and brands are the property of their respective owners. For more information, please visit www.Internap.com.
Internap Safe Harbor Statement
This release may contain projections or other forward-looking statements that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Internap with the SEC, including without limitation its most recent Reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, Internap's history of operating losses and expected future losses, Internap's limited operating history, fluctuations in Internap's quarterly operating results, Internet infrastructure and regulatory changes, volatility of stock price, deployment of new Service Points, integration of acquired businesses and rapid technological and market change. All forward-looking statements are based on information available to Internap on the date hereof, and Internap assumes no obligation to update such statements.
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