PSINet Europe Announces Ownership Changes

• By theWHIR.com , October 06, 2003

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Ruhan said he is leaving to purchase other business ventures. "I am impressed with how the company has transformed itself since we acquired it in June last year, but it is now time for me to move on and concentrate on my other interests."

Gild Shavit of Israel Corporation will be appointed as the new chairman.

The company also announced that a period of restructuring has placed the company on firm financial ground and is now EBITDA positive.

"The announcements today demonstrate that we are already on very solid ground as a business," said Richard Williams, CEO of PSINet Europe. "The Israel Corporation Group has been involved from the start and is committed to the ongoing success of PSINet Europe and has just invested a further 7.5m Euros into the business. Their increased involvement, coupled with their strong understanding of the market, allows us to feel confident about the future and to plan for growth."

PSINet Europe also said today that Stephen Scott, UK Managing Director, is leaving the company. Scott will be replaced by Nicholas Jeffery, vice president of marketing and managing director of PSINet Europe's Netherlands operation.

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