PSINet Makes Korean Acquisition

Commercial Internet service provider PSINet Inc. is continuing its Asia/Pacific
push today by acquiring a Korean ISP.

The company said it expects to complete the deal to acquire Inet Inc. in September. Financial terms were not disclosed.

Inet provides Internet access, applications, consulting services, and education programs for businesses and individuals. Business services include Web content development, hosting, intranet application development, and training.

PSINet said Inet subscribers will immediately be offered PSINet’s dial-up
and dedicated connectivity services and applications, including electronic
commerce, security services, Web hosting, global roaming for
remote access, enterprise intranet and extranet services, Internet faxing
(InternetPaper), and voice over the Internet (PSIVoice).

“With the addition of Inet, PSINet continues to position itself as the
premier global ISP for business and professional individual users,” said
William L. Schrader, PSINet Inc. chairman, president, and CEO. “As the
leading commercial provider in Korea, Inet will enhance our ability to
service our ever-growing list of international business customers with
greater efficiency and at lower cost.”

“This purchase positions PSINet in 12 of the top 20 telecommunications
markets worldwide. By combining the operations of Inet with PSINet, both
companies will be able to provide enhanced connectivity and application
services for all customers.”