Wall Street

Internap Files Registration Statement

ATLANTA--(BUSINESS WIRE)--Aug. 16, 2004--Internap Network Services Corporation (AMEX: IIP), a leading provider of high performance Internet connectivity solutions to business customers, today announced that it had filed a registration statement with the Securities and Exchange Commission relating to the resale by selling stockholders of an aggregate of 15,884,657 shares of its common stock.
In August 2003, Internap completed a private placement with a group of institutional and private investors of 10,650,000 shares of its common stock at a price of $0.95 per share. Under the terms of Internap's series A convertible preferred stock issued in September 2001, the August 2003 private placement resulted in a reduction of the series A preferred stock conversion price and the resulting potential issuance of an additional 34.5 million shares of common stock upon conversion of all shares of series A preferred stock then outstanding. Approximately 53% of the series A preferred stock has been converted to date, and the registration statement -- filed Friday, August 13 -- relates to the resale of the remaining additional shares of common stock issuable upon conversion of the series A preferred stock as a result of the August 2003 private placement.

A registration statement relating to the shares of common stock to be offered by the selling stockholders has been filed with the Securities and Exchange Commission but has not yet become effective. The shares of common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Internap

Internap is the market leader of intelligent route-control solutions that bring reliability, performance and security to the Internet. The company's patented and patent-pending technology address the inherent weaknesses of the Internet, enabling enterprises to take full advantage of the benefits of deploying business-critical applications such as e-commerce, Voice over IP (VoIP), video-conferencing, and streaming audio/video across the Internet. Through a portfolio of high-performance IP solutions, customers can bypass congestion points, overcome routing inefficiencies and optimize performance of their applications. Internap solutions are backed by an industry-leading performance guarantee that covers the entire Internet as opposed to just one network. These offerings include: network- and premise-based route optimization solutions, colocation, VPN, content distribution, managed security and managed storage services.

Internap currently serves more than 1,700 customers including Fortune 1000 and mid-tier enterprises in the financial services, government; travel/hospitality, manufacturing, media/entertainment, technology and retail industries. The company provides services throughout the United States, United Kingdom and Japan. For more information, please visit the company website at www.internap.com.

Internap and P-NAP are registered trademarks and Flow Control Platform is a trademark of Internap. All other trademarks and brands are the property of their respective owners.

Contacts


Internap, Atlanta
Media Contact
David Sutton, 404-302-9721
dsutton@internap.com
or
Investor Contact
Andrew Albrecht, 404-302-9841
aalbrecht@internap.com

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