May 5, 2005 New York, NY -- FiberNet Telecom Group, a provider of managed network services, has announced that FiberNet and Consolidated Edison (Con Ed) have agreed to a joint termination and mutual release of the stock purchase agreement entered into by the parties on December 10, 2004. The agreement contemplated FiberNet's purchase of all of issued and outstanding shares of Consolidated Edison Communications Holding Company, a wholly-owned subsidiary of Con Ed. The termination of the agreement is due to the parties' inability to resolve certain contractual issues.

"We regret that we were not able to consummate this acquisition," remarks Jon A. DeLuca, president and CEO of FiberNet. "FiberNet will continue to execute its growth strategy, and we look forward to continuing our mutually beneficial commercial relationship with Con Edison Communications."

FiberNet deploys, owns, and operates fiber-optic networks in New York, New Jersey, and Los Angeles, designed to provide connectivity for broadband services to other telecommunications providers and enterprise customers for data, voice, and video transmissions.