Verestar Agrees to Acquire Interpacket Networks

American Tower Corp.FAX, Va.--(BUSINESS WIRE)--Oct. 12, 2000--Verestar Inc. announced today the execution of a definitive agreement to acquire InterPacket Networks, Inc., a leader in providing international Internet Service Providers (ISPs) high-speed, low cost Internet access via a global satellite overlay network. The acquisition is expected to close by year end and is subject to customary governmental approvals.

"InterPacket has built a worldwide distribution network with more than 280 customers, delivering easy, turn-key connectivity and service packages like Espresso and BIZkit," says David Garrison, Chairman of the Board and Chief Executive Officer of Verestar. "InterPacket's capabilities will expand Verestar's ability to deliver globally, in almost any time zone. It's a great complement to our strong gateway asset base."

In addition to a sales and distribution network that offers international ISPs reliable connectivity to the U.S. backbone in over 100 countries, InterPacket's three Network Operations Centers (NOCs) in California, Europe and Asia provide its customers with 24x7 operations. The company also has third party access to over eleven geostationary satellites.

David Kagan, Verestar's President and Chief Operating Officer adds, "We believe the InterPacket acquisition will jump start us in some key areas we had begun to address, such as, global NOC expertise, cost-effective DVB solutions and providing caching servers at the "edge" of the Net. InterPacket's global distribution network also will get us much closer to the customer. Plus, some of their core capabilities, like Voice Over IP (VoIP), will fit very nicely with our existing competencies."

InterPacket's customer base includes ISPs that need high speed Internet backbone connectivity and value added Internet business services. Content distributors and aggregators that need to populate edge caching services around the world are also a key customer segment. InterPacket also offers corporations, universities and other enterprises, backbone connectivity and innovative ways to obtain greater value from the Internet.

Verestar and its parent company, American Tower Corporation (NYSE: AMT) will host a conference call on Thursday, October 12, 2000 at 12:00 p.m. Eastern to discuss the acquisition. The call will be hosted by Joe Winn, Chief Financial Officer of American Tower, who will be joined by David Garrison, Chairman and Chief Executive Officer of Verestar, and Steve Dodge, Chairman and Chief Executive Officer of American Tower. The dial-in numbers are US: 888-889-5008, international: 312-470-0200, passcode: American Tower. A replay of the call will be available immediately after the call until 4:00 p.m. Eastern Thursday, October 19, 2000. The replay dial-in numbers are US: 888-567-0391, and international: 402-998-1763, no access code required. American Tower will also sponsor a live simulcast and replay of the call on its web site www.americantower.com.

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