Cogent Communications Acquires Select Assets From Onsite Access
WASHINGTON, D.C., April 24, 2002 - Cogent Communications Group, Inc., (AMEX: COI) a Tier One, optical ISP announced today that it acquired a significant portion of the portfolio of real estate access agreements from OnSite Access, Inc., a BLEC communications provider that filed Chapter 11 in May, 2001 in the United States Bankruptcy Court for the Southern District of New York.
An overwhelming majority of the access agreements selected by Cogent pertain to buildings located in New York City. Also included are select buildings located in Dallas, Philadelphia, San Francisco, and Chicago.
"Having the ability to individually select building access agreements to perfectly complement our existing portfolio really adds value to this deal," said Dave Schaeffer, Chief Executive Officer, Cogent Communications. "Acquisitions such as this one really help to accelerate our business plan and shorten the length of time between initiating contact with the building owner and actually providing service to the owner's tenants."
The deal will add an additional 16 Million square feet to Cogent's portfolio of over 3,400 building access agreements totaling close to one billion square feet of space. The buildings selected from OnSite Access were all previously qualified as Cogent targets for high speed Internet access. Many of the buildings already have tenants that have placed orders with Cogent, but access agreements had yet to be negotiated with the owners.
About Cogent Communications
Cogent Communications (AMEX: COI) is a next generation optical ISP focused on delivering ultra-high speed Internet access and transport services to businesses in the multi-tenant marketplace and to service providers located in major metropolitan areas across the United States. Cogent's signature service offered to commercial end-users of 100 Mbps for $1,000 per month, offers 100 times the observed bandwidth of a T-1 connection at approximately two-thirds of the cost. The Cogent solution makes ultra-high speed Internet access an affordable reality for small and medium-sized businesses, as well as large enterprises and service providers. Cogent's facilities-based, all-optical end-to-end IP network enables non-oversubscribed 100 Mbps and 1000 Mbps connectivity for radically low, unmetered pricing levels.
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Information in this release may involve expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Cogent Communications Group, Inc. as of the date of the release, and we assume no obligation to update any such forward-looking statement. The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Some of the factors and risks associated with our business are discussed in Cogent's registration statement on Form S-4 as amended by a Form S-4/A (Amendment No. 8) filed with the Securities and Exchange Commission ("SEC") on January 8, 2002, and in our other reports filed from time to time with the SEC.