Cogent acquires key assets from FiberCity Networks

September 12, 2002--Cogent Communications Group Inc., a Tier-1 optical Internet service provider, has acquired key assets from FiberCity Networks, a provider of Internet and Optical Ethernet services headquartered in the New York Metropolitan Area.

Sep 12th, 2002

Cogent Communications Group Inc., a Tier-1 optical Internet service provider, has acquired key assets from FiberCity Networks, a provider of Internet and Optical Ethernet services headquartered in the New York Metropolitan Area.

Included in the acquisition are a vast majority of FiberCity's customer base as well as its building access agreements. As part of the acquisition agreement, FiberCity Networks will cease operations.

"Cogent has surgically taken the best assets from FiberCity and will integrate them into Cogent's existing footprint and business plan," asserts Dave Schaeffer, chief executive officer of Cogent. "During this consolidation phase of our industry, Cogent will continue to examine the assets of competitors and companies like FiberCity, looking for acquisitions that accelerate our growth and can bring more Internet traffic onto our backbone."

"We approached Cogent after considerable effort and review," says Jim Burns, chief executive officer of FiberCity Networks. "Now that we are in the middle of the transition, we are even more certain that Cogent was the right recommendation for our customers and for our organization."

For more information about Cogent Communications (Washington D.C.), visit the company's Web site at www.cogentco.com.

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