Agreement Improves Internap's Financial Flexibility
ATLANTA, GEORGIA - April 30, 2003 - Internap Network Services Corporation (NASDAQ: INAP), the leading provider of intelligent routing services over the Internet, today announced that Silicon Valley Bank (NASDAQ: SIVB) has expanded the company's available credit facilities. Under the terms of an amendment to the company's existing $15.0 million agreement, Silicon Valley Bank will provide an additional $5.0 million, subject to certain financial metrics.
"Internap has continued to demonstrate steady improvement as it seeks to achieve profitability," said Alan Spurgin, Senior Vice President and Division Manager of Silicon Valley Bank's Southeast Region. "This extension of the agreement we implemented in December 2002 will provide Internap with more liquidity to support their growth objectives."
In addition to its goal of reaching free cash flow, Internap continues to focus on revenue growth and cost containment as part of a broad restructuring. Over the course of the past year, Internap has significantly reduced its long-term liabilities and has improved its key operational metrics.
"Silicon Valley Bank is a valued strategic business partner for Internap," said Robert R. Jenks, Chief Financial Officer of Internap. "This new facility will improve the company's financial flexibility as we continue to focus on achieving positive free cash flow by the end of 2003."
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.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 in Seattle, Internap offers services in numerous key markets throughout the United States, Europe and Japan including Atlanta, Boston, Chicago, London, Los Angeles, New York, San Francisco, San Jose, Seattle, Tokyo and Washington, DC. Internap(R) and P-NAP(R) are registered trademarks of Internap. All other trademarks and brands are the property of their respective owners. For more information, 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, competitive pricing pressure, Internet infrastructure and regulatory changes, ability to maintain Nasdaq listing, 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. |
