Internap Announces Completion of Public Offering
-- Underwriters Exercise Option to Purchase Additional 5.25 Million Shares --
ATLANTA - March 3, 2004 -- Internap Network Services Corporation (AMEX: IIP), a provider of high-performance, managed Internet connectivity solutions to business customers, announced today that it has completed the public offering of a total of 40,250,000 shares of its common stock at a price of $1.50 per share. The estimated net proceeds to Internap after deduction of underwriting discounts and commissions but before expenses are $57.05 million, which includes the underwriters' election of an option to purchase an additional 5,250,000 shares to cover over-allotments.
All of the shares of common stock were offered pursuant to a registration statement previously filed with the Securities and Exchange Commission and declared effective in February 2004. SG Cowen acted as sole book-runner and CIBC World Markets acted as co- lead manager on this offering. Thomas Weisel Partners LLC, Jefferies & Company, Inc. and Needham & Company, Inc. acted as co-managers of the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
About Internap
Internap provides high performance, managed Internet connectivity solutions to business customers who require guaranteed network availability and high performance levels for business-critical applications, such as e-commerce, video and audio streaming, voice over Internet Protocol, virtual private networks and supply chain management. Internap's proprietary route optimization technology monitors the performance of these Internet networks and allows us to intelligently route our customers' Internet traffic over the optimal Internet path in a way that minimizes data loss and network delay. Its service level agreements guarantee performance across the entire Internet in the United States, excluding local connections, whereas conventional Internet connectivity providers typically only guarantee performance on their own network. Internap provides services to customers in various industry verticals, including financial services, entertainment and media, travel, e-commerce retail, and technology. As of December 31, 2003, Internap provided its services to over 1,600 customers in the United States and abroad, including approximately 70 customers in the Fortune 1000 companies.
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Internap and P-NAP are registered trademarks of Internap. All other trademarks and brands are the property of their respective owners.
Contacts:
Media Contact : Investor Contact:
David Sutton David Buckel
404.302.9721 404.302.9846
dsutton@internap.com dbuckel@internap.com
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