FiberNet Announces Stockholder Approval of Merger with Zayo Group, LLC
September 09 2009 - 1:05PM
PR Newswire (US)
NEW YORK, Sept. 9 /PRNewswire-FirstCall/ -- FiberNet Telecom Group,
Inc. ("FiberNet") (NASDAQ:FTGX) today announced that at a special
meeting of stockholders held on September 9, 2009, its stockholders
adopted the Agreement and Plan of Merger, dated as of May 28, 2009,
among FiberNet, Zayo Group, LLC ("Zayo Group") and Zayo Merger Sub,
Inc., pursuant to which FiberNet will become a wholly-owned
subsidiary of Zayo Group. Approximately 98.10% of the shares of
FiberNet common stock entitled to vote and present at the special
meeting were voted in favor of the adoption of the Agreement and
Plan of Merger, representing approximately 67.85% of the issued and
outstanding shares of FiberNet common stock as of the close of
business on August 7, 2009, the record date for the special
meeting. The closing of the transaction is subject to the
satisfaction or waiver of the other closing conditions specified in
the Agreement and Plan of Merger. FiberNet and Zayo Group currently
anticipate that the transaction will close immediately after the
satisfaction or waiver of such other closing conditions. Willkie
Farr & Gallagher LLP served as legal counsel to FiberNet in
connection with the transaction with Zayo Group. Gibson, Dunn &
Crutcher LLP served as legal counsel to Zayo Group. About FiberNet
Telecom Group, Inc. Celebrating its 10th anniversary, FiberNet owns
and operates integrated colocation facilities and diverse transport
routes in the gateway markets of New York/New Jersey, Los Angeles,
Chicago and Miami, designed to provide comprehensive broadband
interconnectivity enabling the exchange of traffic over multiple
networks. FiberNet's customized connectivity infrastructure
provides an advanced, high bandwidth, fiber-optic solution to
support the demand for network capacity and to facilitate the
interconnection of multiple carriers' and customers' networks. For
additional information about FiberNet, visit FiberNet's website at
http://www.ftgx.com/. About Zayo Group Based in Louisville, Colo.,
Zayo Group, (http://www.zayo.com/) is a regional provider of
telecom services - including bandwidth, voice and managed services
- to carrier, enterprise, SME and government customers. Zayo Group
currently provides its service over a fiber network that spans 129
markets in 23 states. Zayo Group consists of three complementary
business units: Zayo Bandwidth, Zayo Managed Services and Onvoy
Voice Services. Cautionary Statement Regarding Forward-Looking
Statements Certain statements contained in this press release about
our expectation of future events or results constitute
forward-looking statements for purposes of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995.
You can identify forward-looking statements by terminology such as,
"may," "should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," "continue," or the negative
of these terms or other comparable terminology. These statements
are not historical facts, but instead represent only our beliefs
regarding future events, many of which, by their nature, are
inherently uncertain and outside of our control. It is possible
that our actual results and financial condition may differ,
possibly materially, from our anticipated results and financial
condition indicated in these forward-looking statements. In
addition, certain factors could affect the outcome of the matters
described in this press release. These factors include, but are not
limited to, (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement, (2) the outcome of any legal proceedings that may be
instituted against us or others following the announcement of the
Merger Agreement, (3) the inability to complete the Merger due to
the failure to satisfy other conditions, (4) risks that the
proposed transaction disrupts current plans and operations, and (5)
the costs, fees and expenses related to the transaction. Additional
information regarding risk factors and uncertainties affecting the
Company is detailed from time to time in the Company's filings with
the SEC, including, but not limited to, the Company's most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
available for viewing on the Company's website at
http://www.ftgx.com/. You are urged to consider these factors
carefully in evaluating the forward-looking statements herein and
are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. The forward-looking statements made herein
speak only as of the date of this press release and we undertake no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances. DATASOURCE: FiberNet
Telecom Group, Inc. CONTACT: Norma I. Salcido, of FiberNet Telecom
Group Inc., +1-212-405-6210, Web Site: http://www.ftgx.com/
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