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EXHIBIT 99.1
FiberNet Completes Additional $7.5 Million Private Placement With Nortel
Networks, Increasing Aggregate Investment In FiberNet To $50.0 Million
New York, (August 15, 2000)--FiberNet Telecom Group, Inc. (NASDAQ:FTGX)
announced today that it had closed an additional $7.5 million private placement
of 8% convertible preferred stock at a price of $12 per share with Nortel
Networks. In aggregate, Nortel Networks has invested $50.0 million in FiberNet.
About FiberNet:
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FiberNet Telecom Group, Inc. is a carrier's carrier that designs, builds and
operates 100% fiber optic transmission networks in Tier 1 cities. The Company's
Metropolitan Transport Networks (MTNs) link carrier hotels and multi-tenant
office buildings. FiberNet enters into license agreements with nation-wide
property owners to design, build, and operate FiberNet In-building Networks
(FINs) within Class A commercial properties.
FiberNet has lit multiple strands of fiber on its MTN throughout New York City,
with extensive plans to introduce its services to other Tier 1 cities. The
FiberNet network utilizes a diversely routed, SONET ring architecture that
extends from premier carrier hotels to Class A office buildings that are
equipped with a FIN. By offering carrier class backbone reliability directly to
tenants and carrier premises, FiberNet is seeking to set a new standard for the
fastest local loop delivery and connectivity of DS1 to OC192, and 10/100b
Ethernet circuits. For more information on FiberNet, please see our website at
http://www.ftgx.com.
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This press release contains certain forward looking statements involving known
and unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements of the company to differ materially from
those expressed or implied by such forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements.
