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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX) -- Ignore unavailable to you. Want to Upgrade?

To: KLH who wrote (1012)	5/29/2000 7:46:00 PM
From: Ellen	Read Replies (1) \| Respond to of 1983

biz.yahoo.com Thursday May 25, 1:39 pm Eastern Time Company Press Release SOURCE: PhoneFree.com Original Investors John Kluge and Stuart Subotnick of Metromedia Increase Investment in PhoneFree.com to Over 11% Strategic Partnership formed with Metromedia Fiber Network for Superior Internet Connectivity NEW YORK, May 25 /PRNewswire/ -- PhoneFree.com, a leader in free global Internet telephony services including free PC-to-Phone and free PC-to-PC calling, free voice mail, video mail, video calling and teleconferencing today announced that John Kluge and Stuart Subotnick, who are general partners and sole owners of Metromedia; Chairman and CEO respectively, of Metromedia International Group (Amex: MMG - news); and board members and significant shareholders in Metromedia Fiber (Nasdaq: MFNX - news), have exercised their option to increase their investment in PhoneFree.com. Kluge and Subotnick made their initial investment in PhoneFree.com in late 1999. Under the terms of the previous investment, Stuart Subotnick joined PhoneFree.com's Board of Directors. The investment, which increases their stake to over 11%, includes a strategic partnership with AboveNet, a wholly owned subsidiary of Metromedia Fiber. The relationship with AboveNet will allow PhoneFree.com to offer dynamic web content, VoIP traffic and streaming audio and video to consumers with higher performance and unlimited bandwidth. The increased investment by Messrs. Kluge and Subotnick follows the $42 million round of financing completed on May 11, 2000, led by Blackstone Capital Partners and eVentures Group Inc. (OTC Bulletin Board: EVNT - news). Mr. Subotnick also serves as a director of eVentures Group Inc. ``The continued support of visionaries like John Kluge and Stuart Subotnick and the recently closed $42 million round of financing led by Blackstone and eVentures is a strong endorsement of Internet telephony and PhoneFree.com,'' said Jan Horsfall, CEO of PhoneFree.com. ``With our recent launch of free PC-to-Phone service for all calls terminating in the United States, we look forward to the exponential growth of PhoneFree.com and the services we can provide to consumers.'' PhoneFree.com, with over one million users, is a leading interactive multimedia communications company offering innovative Internet phone service. The Company's proprietary Internet-based software provides consumers with trusted, easy-to-use, state-of-the-art PC-to-Phone to and within the U.S. and free PC-to-PC calling anywhere in the world. The service also provides for free voice mail, video mail, video calling and teleconferencing. PhoneFree.com is led by a group of Internet visionaries, which includes the marketing team that catapulted Lycos into a leading online destination and household name. PhoneFree.com's software can be easily and quickly downloaded by going to the company's Web site at phonefree.com. SOURCE: PhoneFree.com