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PSINet Buys Japanese ISP

PSINet Inc. has gone shopping again, and disclosed today it is adding yet another Internet Service Provider to its international roster, Japanese commercial ISP Rimnet Corp.

The acquisition's financial terms were not made public. The company said it expects to finalize the purchase this month.

PSINet said the ISP addition will enhance its profitability and add more than U.S. $10 million in annualized revenues to PSINet's international business. According to PSINet, Japan is the second largest economy worldwide and ranks second among the top 20 telecommunications markets.

Rimnet provides domestic and international Internet telephony, international Internet faxing, and various application development services. Beginning immediately, Rimnet and its clients will be provided with PSINet's dial-up and dedicated Internet connectivity services.

In addition, PSINet will offer Rimnet with other applications, including electronic commerce, security services, Web hosting and multimedia, global roaming for remote access, and intranet/extranet services.

During the past few months PSINet has made numerous international acquisitions in a bid to expand its worldwide ISP presence, including the purchase of a Korean ISP last week.

"Regarded as a pioneer in Japanese Internet connectivity services and industry innovator, Rimnet has developed a loyal client base through well-established customer support and high-quality services," said William L. Schrader, PSINet Inc. chairman, president and chief executive officer.