PURCHASE, N.Y., March 25, 2003 (PRIMEZONE) -- Interliant, Inc. (OTCBB:INIT) today provided an update on the progress of the company's reorganization under Chapter 11 of the U.S. Bankruptcy code. The company announced several recent events:
-- On March 19, an auction of equipment surplus to Interliant's
ongoing operations was held in Alpharetta, Georgia by Dove Bid,
Inc. The company is pleased with the results of the auction.
-- On March 14, on Interliant's application, the bankruptcy court
extended Interliant's period of exclusivity from March 20 to May
5, 2003. During the period of exclusivity, only the debtor
(Interliant) can submit a plan of reorganization to the bankruptcy
court.
-- Interliant has completed the restructuring of its real estate
leases for most of its locations, including its U.S. data center
facilities in Vienna, Virginia and Houston, Texas. The company
intends to continue to run its U.S. operations from these
locations for the foreseeable future.
-- Interliant has completed the restructuring of most of its capital
leases, resulting in a stable capital expenditure base from which
to build.
"We are very pleased with this progress," said Francis J. Alfano, Interliant's president and CEO. "Over the last several months, we have taken a number of important actions to support our future operations including assuming certain real estate leases for our data centers and office locations, restructuring certain capital leases, and selling non-core businesses and assets. We have achieved all of this with minimal customer attrition and while retaining almost all of the employees of our core business.
"We believe that we have built a successful financial foundation for our operations that will permit us to serve our customers well into the future. Now, we are taking the final steps to maximize the value of our business for our creditors and other stakeholders, and complete a plan of reorganization that will allow us to exit Chapter 11 as a technology leader in the hosting market."
About Interliant
Interliant, Inc. (OTCBB:INIT) is a leading provider of managed infrastructure solutions, encompassing messaging, security, and hosting plus an integrated set of professional services that differentiate and add customer value to these core solutions. The company makes it easier and more cost-effective for its customers to acquire, maintain, and manage their IT infrastructure via selective outsourcing. Headquartered in Purchase, New York, Interliant has forged strategic alliances and partnerships with the world's leading software, networking and hardware manufacturers, including Check Point Software Technologies Inc., IBM and Lotus Development Corp., Microsoft, and Sun Microsystems Inc. For more information about Interliant, visit www.interliant.com
Interliant is a trademark of Interliant, Inc., in the United States, other countries, or both.
This press release contains forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "will," "plan," "forecast" and similar words and expressions. Such forward-looking statements involve risks and uncertainties that may cause actual results, performance, achievements and the timing of certain events to differ significantly from the results discussed or implied in the forward-looking statements. Therefore, no forward-looking statement can be guaranteed. Important factors to consider in evaluating such forward-looking statements include uncertainty that demand for our services will increase and other competitive market factors, changes in Interliant's business strategy or an inability to execute Interliant's strategy due to unanticipated changes in its business, its industry or the economy in general, unforeseen difficulties in integrating acquisitions and other factors set forth more fully in Interliant's Annual Report on Form 10-K for the fiscal year ended December 31, 2001, and other filings with the Securities and Exchange Commission. It is not possible to foresee or identify all factors affecting Interliant's forward-looking statements and investors therefore should not consider any list of factors affecting Interliant's forward-looking statements to be an exhaustive statement of risks, uncertainties or potentially inaccurate assumptions. Interliant does not have a policy of updating or revising forward-looking statements, and thus it should not be assumed that Interliant's silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements.