**NEWS ALERT**
(Note who the "President and CEO of PSINet" is in the by-line below...by the way, the number is not in service either.)
HERNDON, Va., Jan. 12 /PRNewswire/ --
PSINet Inc. (Nasdaq: PSIX), the first
commercial Internet Service Provider today
announced the mailing last week of a
confirmation Circular related to the December
24, 1997 Offer to purchase all of the
outstanding commons shares of iSTAR
internet inc. (Toronto: WWW). As previously
announced, the all-cash Offer of approximately
CDN $22 million, or CDN $0.75 per share, is
conditional upon at least 51% of the common
shares of iSTAR being validly deposited and
not withdrawn as of the expiration date
January 28, 1998. PSINet also confirmed that
iSTAR's board of directors unanimously
recommends that its Shareholders accept the
Offer.
The terms of the Offer are described in greater
detail in the Company's Form 8-K dated
January 7, 1998. A copy of the Form 8-K may
be obtained on the Internet at the Securities
and Exchange Commission's Web site
(http://www.sec.gov). The Form 8-K and the
Circulars are available upon written, oral, or
e-mail request to: PSINet Investor Relations
510 Huntmar Park Dr., Herndon, Va 20170;
Phone: 703-904-4100, ext 1245; Fax:
703-904-8733; E-mail:
investor-relations@psi.com
CONTACT: Nadir Desai, President and CEO
of PSINet, 416-228-3102, or e-mail,
desain@psi.com; or Robyn Kerbel of Hill &
Knowlton, 416-413-4615, or e-mail,
rkerbel@hillandknowlton.ca, for PSINet
16:46 EST
7460 01/12/98 16:46 EST HT |
