Cogent to Buy PSINet

WASHINGTON -- Cogent Communications Group, Inc. (AMEX: COI) , a Tier One, next-generation optical Internet Service Provider and PSINet Inc., a provider of Internet access, web-hosting and related services, announced today that they have entered into a definitive agreement for Cogent to purchase the major U.S. operating assets of PSINet, including portions of its U.S. customer base and network, certain equipment, and three hosting centers. The agreement is subject to a number of conditions, including approval by the U.S. Bankruptcy Court of certain bidding and auction procedures, and approval of the sale itself. Dresdner Kleinwort Wasserstein, Inc. provided financial advice to PSINet on the transaction. Cogent Communications Inc. PSInet Inc.