Fastnet Corporation Announces Initial Public Offering of 4,000,000 Shares of Common Stock BETHLEHEM, Pa., Feb. 8 /PRNewswire-AsiaNet/ -- FASTNET Corporation announced the public offering of 4,000,000 shares of its common stock at $12 per share. The offering is expected to begin trading on the Nasdaq National Market on Tuesday, February 8, 2000, under the symbol FSST. The offering is being managed by ING Barings, Wit SoundView, FAC/Equities and DLJdirect Inc. FASTNET Corporation intends to use the net proceeds from the offering for working capital, capital expenditures, and for general corporate purposes. FASTNET Corporation is an Internet service provider offering Internet access and enhanced services, such as Web hosting, managed security solutions and other value added products, to small and medium sized enterprises through its regional customer network facilities. The company offers its services to the mid-Atlantic area of the United States and its strategy is to expand by replicating its customer network facilities and its services offered to small and medium sized enterprises in selected high growth secondary markets throughout the United States. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Copies of the prospectus relating to this offer may be obtained from: ING Barings, 55 East 52nd Street, New York, NY 10055. SOURCE FASTNET Corporation CONTACT: Lisa Walters, investors, of Fastnet Corporation, 610-266-6700/ Web site: http://www.fast.net/ (FSST) -END-