EXHIBIT 99.1
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LOGO - MFN
NEWS RELEASE
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Corporate Headquarters 360 Hamilton Avenue White Plains, NY 10602 914.421.6700
www.mfn.com
FOR IMMEDIATE RELEASE
METROMEDIA FIBER NETWORK, INC.
ANNOUNCES FURTHER DELAY IN FILING ANNUAL REPORT
NEW YORK, APRIL 17, 2002 - Metromedia Fiber Network, Inc. (MFN) (NASDAQ: MFNX),
the leading provider of digital communications infrastructure, announced today
that the filing of its Annual Report on Form 10-K for the year ended December
31, 2001 with the Securities and Exchange Commission would be further delayed.
MFN had previously announced that it intended to file the Annual Report by April
16, 2002, the extended due date for the filing of the report pursuant to SEC
rules.
MFN also announced that it is reexamining its reported operating results for
each of the quarterly periods included in the fiscal year ended December 31,
2001 with the assistance of KPMG LLP, who was appointed as MFN's auditors
effective December 2001. MFN has identified issues relating to a number of
adjustments that it believes will be necessary for such quarterly periods and is
working to determine the nature and amount of such adjustments. As a result, MFN
expects to restate its quarterly results for each of the first three quarters of
the fiscal year ended December 31, 2001. MFN has also been informed by KPMG LLP
that they were not able to review the quarterly data that is expected to be
included in the Annual Report in accordance with professional standards because
MFN's internal control structure and policies and procedures for the preparation
of interim financial information did not provide an adequate basis for them to
complete such a review.
MFN separately notified stockholders whose shares of MFN's class A common stock
and convertible securities were registered on the Company's Registration
Statement on Form S-3, which incorporated MFN's quarterly financial information
for 2001 and certain prior annual periods, declared effective December 21, 2001,
that such Registration Statement was no longer current and effective and that
they should suspend sales under such Registration Statement effective
immediately. Due to their recent appointment as MFN's auditors, KPMG LLP was not
associated with the Registration Statement. In addition, as a result of MFN's
failure to timely file its Annual Report MFN's stockholders will not be able to
sell MFN securities pursuant to Rule 144 of the Securities Act of 1933.
METROMEDIA FIBER NETWORK, INC.
MFN is the leading provider of digital communications infrastructure solutions.
The Company combines the most extensive metropolitan area fiber network with a
global optical IP network, state-of-the-art data centers, award-winning managed
services and extensive peering relationships to deliver fully integrated,
outsourced communications solutions to Global 2000 companies. The all-fiber
infrastructure enables MFN customers to share vast amounts of information
internally and externally over private networks and a global IP backbone,
creating collaborative businesses that communicate at the speed of light.
Customers can take advantage of MFN's complete, end-to-end solution or select
individual components to complement their existing infrastructures. By leasing
MFN's metropolitan and regional fiber, customers can create their own, private
optical network with virtually unlimited, un-metered bandwidth at a fixed fee.
For more reliable, secure and high-performance Internet connectivity, customers
can use MFN's private IP network to communicate globally without ever touching
the public-switched network. Moreover, MFN's comprehensive managed services
enable companies to create a world-class Internet presence, optimize complex
sites and private optical networks, and transform legacy applications, all with
a single point of contact.
PAIX.net, Inc., a subsidiary of MFN and the original neutral Internet exchange,
offers secure, Class A co-location facilities where ISPs and other
Internet-centric companies can form public and private peering relationships
with each other, and have access to multiple telecommunications carriers for
circuits within each facility.
One network. One infrastructure. One source.
For more information on MFN, please visit our Web site at WWW.MFN.COM
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THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH RISKS AND
UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, GENERAL ECONOMIC AND BUSINESS
CONDITIONS, COMPETITION, CHANGES IN TECHNOLOGY AND METHODS OF MARKETING,
AVAILABILITY OF FINANCING, EXECUTION RISK RELATING TO THE TRANSACTION DESCRIBED
HEREIN AND VARIOUS OTHER FACTORS BEYOND THE COMPANY'S CONTROL. THIS ALSO
INCLUDES SUCH FACTORS AS ARE DESCRIBED FROM TIME TO TIME IN THE SEC REPORTS
FILED BY METROMEDIA FIBER NETWORK, INCLUDING THE MOST RECENTLY FILED FORMS S-3,
10-K AND 10-Q.
MEDIA RELATIONS: INVESTOR RELATIONS:
Kara Carbone Martin Cohen
Metromedia Fiber Network 212-606-4389
212-803-5596
kcarbone@mfn.com