UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding
Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of PSINet Inc.
Reporting Person --------------------------------------------
(Last) (First) (Middle)
510 Huntmar Park Drive
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(Street)
Herndon Virginia 20170
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(City) (State) (Zip)
*If the form is filed by more than one reporting person, see
Instruction 5(b)(v).
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2. Date of Event 8/22/99
Requiring Statement (Month/Day/Year)
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3. IRS or Social Security
Number of Reporting 16-1353600
Person (Voluntary)
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<PAGE>
FORM 3 (continued)
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4. Issuer Name and Ticker or Transaction Network Systems, Inc.
Trading Symbol TNI
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5. Relationship of Reporting ___ Director ___ 10% Owner
Person(s) to Issuer ___ Officer (give __X_ Other (specify
(Check all applicable) title below) below)
Holder of Proxy to Vote 15.2% of shares
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6. If Amendment, Date of
Original (Month/Day/Year) ___/___/___
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7. Individual or Joint/Group __X_ Form filed by One Reporting Person
Filing (1) ___ Form filed by More than One Reporting
(Check Applicable Line) Person
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<TABLE>
Table I - Non-Derivative Securities Beneficially Owned
<CAPTION>
<S> <C> <C> <C>
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Benficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership
(Instr. 5) (Instr. 5)
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Common Stock 2,241,669 (1) I Right to vote shares
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
</TABLE>
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
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<S> <C> <C>
1. Title of Derivative 2. Date Exercisable and 3. Title and Amount of Securities
Security (Instr. 4) Expiration Date Underlying Derivative Security
(Month/Day/Year) (Instr. 4)
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Date Expiration Title Amount or Number
Exercisable Date of Shares
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4. Conversion or Exercise 5. Ownership Form of Derivative 6. Nature of Indirect Beneficial
Price of Derivative Security: Direct (D) or Ownership
Security Indirect (I) (Instr. 5)
(Instr. 5)
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Explanation of Responses:
(1) PSINet Inc., William L. Schrader and Harold S. Wills were each named as
proxy and attorney-in-fact to vote the reported shares of the common stock of
Transaction Network Services, Inc. ("TNI") with respect to certain matters
relating to the merger of TNI with and into a wholly-owned subsidiary of PSINet
Inc. The TNI shareholders granting the proxy are: Jurgen Manchot, William N.
Melton, John J. McDonnell, Jr., the John J. McDonnell, Jr. and Marian J.
McDonnell Charitable Foundation, and McDonnell & Associates L.P. Includes
237,553 shares that the TNI shareholders have a right to acquire through
exercise of stock options. PSINet Inc. disclaims beneficial ownership of the
reported shares of TNI common stock.
</TABLE>
Date: September 1, 1999
** International misstatements or omissions PSINet Inc.
of facts constitute Federal Criminal Violations. ---------------------------
See 18 U.S.C. 1001 and 15 U.S.C. 781(A) By: Harold S. Wills
Title: President
**Signature of Reporting Person
