Cogent to Repurchase Stock

WASHINGTON -- Cogent Communications Group, Inc. (NASDAQ:CCOI) today announced that its board of directors has authorized the Company to repurchase up to $50 million of its shares of common stock in open market and negotiated purchases through December 31, 2008. Cogent stated that it implemented the program due to its faith in its growth opportunities and that it believed the program would benefit its stockholders. Cogent currently has approximately 48.3 million common shares outstanding. Cogent previously repurchased 1.8 million shares of its common stock for $50 million on June 6, 2007 in conjunction with its issuance of $200 million of convertible notes.

These repurchases, if and when made, will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. This plan does not obligate Cogent to acquire any particular amount of common stock and the plan may be suspended at any time at Cogent's discretion.

Cogent Communications Holdings Inc. (Nasdaq: CCOI)