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PSINet Goes Lebanese

PSINet Inc. Friday continued its worldwide expansion with the acquisition of New Com SAL, the fifth-largest Internet provider in Lebanon.

Headquartered in Beirut, New Com operates under the business name Lynx Internet. The Lebanese ISP offers business and personal dial-up access and web hosting services. New Com is the only Lebanese ISP with a direct fiber optic connection into New York, making for an expedited integration into PSINet's global network.

John B. Muleta, PSINet India, Middle East and Africa region president said the Lebanese market is a very attractive place to expand PSINet's services due to Beirut's role as a center of finance and banking for the region.

"This is a very historic time in Lebanon's financial and banking renaissance," Muleta said. "The acquisition of New Com gives us a talented management team that will serve as the catalyst for further expansion into the rapidly growing Middle Eastern markets."

William L. Schrader, PSINet (PSIX) chairman and chief executive officer, said the Beirut expansion was another facet to PSINet's global service expansion.

"PSINet has expanded from our home in North America to Asia in 1994, Europe in 1995, and Latin America and Australia in 1999," Schrader said. "We are now pleased through our Beirut acquisition to initiate expansion to Internet markets in India, the Middle East and Africa."

The acquired company will be dubbed PSINet Lebanon and Imad Tarabay, New Com's founder and former chairman will run the Middle Eastern and North African branch.