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To: John Crovelli who wrote (6698)	7/7/1998 1:45:00 PM
From: STEAMROLLER	Respond to of 8798

PSIX is the only internet stock that is positive today. PSINet says completes four acquisitions Reuters Story - July 07, 1998 13:40 HERNDON, Va., July 7 (Reuters) - PSINet Inc. Tuesday said it had completed the purchase of four Internet companies for about $46 million in cash. The firms are LinkAge in Hong Kong, INX in Germany, SCII-CavaPro in France and ioNET in the United States, the statement said. They generate combined annual revenues of more than $23 million, the company noted. A company statement described the purchase as "another major step in executing PSINet's strategy to expand its presence in the top 20 telecommunications markets worldwide." The company completed a $600 million financing earlier this year intended for acquisitions, the statement noted. "Our acquisition team stepped up activity following the financing and continues to actively search for the best Internet partners worldwide, using a disciplined approach," William Schrader, company chairman, said in the statement. "Combined with our acquisitions earlier this year of iSTAR Internet Inc. in Canada, Internet Prolink S.A. in Switzerland, STI-CalvaCom in France and Interactive Telephony Ltd. in the United Kingdom, PSINet has acquired over $50 million in annual revenues," he added. The company said it will report second quarter earnings on July 21. The four acquisitions will have no appreciable revenue effect until the third quarter, the company said. However, the company said it anticipates a write-off of up to $20 million for acquired research and development expenses. PSINet, based in Herdon, Va., is a global facilities-based Internet protocol data communications carrier.