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PSINet Completes Rimnet Acquisition in Japan, Purchases TWICS Co. Ltd.; Further Strengthens Asian Presence.

TOKYO and HERNDON, Va.--(BUSINESS WIRE)--Sept. 2, 1998--PSINet Inc. (NASDAQ:PSIX), the first and largest independent commercial Internet Service Provider (ISP), today announced that it has completed its previously announced acquisition of Rimnet Corporation, a leading Japanese commercial ISP serving businesses and dial-up customers.

In related news, PSINet today also announced the acquisition of TWICS co., ltd., another leading regional ISP primarily serving the small-office/home-office (SOHO) market in Japan. Founded in 1984, TWICS is one of the original ISPs in Japan, developed from one of the first providers of electronic mail and bulletin board services (BBS).

Both acquisitions strengthen PSINet's position as one of the largest ISPs in Japan and build on the company's strategy of aggressive growth in the Asia/Pacific region and worldwide. Japan is the second largest global economy and is the termination point for most of PSINet's recent transpacific fiber purchases.

The acquisitions are expected to be accretive to PSINet's EBITDA (earnings before interest, taxes, depreciation and amortization) and add over U.S. $11 million in annualized revenue. Rimnet has developed a loyal client base through well-established customer support and high-quality services, available in several major metropolitan areas of Japan.

"Japan is one of the fastest growing Internet markets and PSINet has quickly assembled broad coverage here and the surrounding region," said Vincent Gebes, managing director of PSINet Japan. "Our recent acquisition in Hong Kong and our pending deal in the Republic of Korea as well as our transpacific bandwidth purchases continue to position PSINet as a premier Internet communications provider in the Asia/Pacific region."

PSINet Japan, which is recognized for providing high-quality connectivity services and value-added applications to businesses in Japan, is already one of the region's fastest-growing ISPs. PSINet Japan will link Rimnet and TWICS customers to its global fiber-optic network and they will have immediate access to PSINet's full range of services including Internet faxing and voice, electronic commerce, security services, Web hosting and multimedia, global roaming for remote access, and intranet/extranet services.

Headquartered in Herndon, VA, PSINet is a global facilities-based Internet Protocol (IP) data communications carrier focused on the business marketplace. As the first and largest independent commercial Internet service provider in the world, PSINet offers a broad set of high-speed corporate LAN connectivity services supporting managed security and guaranteed Internet, intranet, electronic commerce, Web hosting services, and services for other carriers and ISPs. PSINet operates an international state-of-the-art frame relay-based, IP-optimized network extending to 11 countries. PSINet has subsidiaries in Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Switzerland, the United States, and the United Kingdom. General PSINet information can be obtained by e-mail at info@psi.com, or by accessing the Web site at http://www.psinet.com.

Certain of the statements made in this release are forward-looking statements that are subject to material risks and uncertainties. Actual results could differ materially, as a result of a variety of factors, including competitive developments, risks associated with the Company's growth, the development of the Internet market, regulatory risks and other risks which are discussed in the Company's filings with the Securities and Exchange Commission.

CONTACT: PSINet, Herndon

Media Contact:

Michael P. Binko, APR

703/904-4285

binkom@psi.com

or

Analyst Contact:

Kelli Harrington Nemer

703/904-4100, ext.1245

harringtonk@psi.com
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Publication:Business Wire
Date:Sep 2, 1998
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