In The News
SOURCE: FASTNET Corporation

FASTNET IN PACT WITH DH CAPITAL

12/15/03

BETHLEHEM, Pa.--(BUSINESS WIRE)--Jan. 15, 2003--FASTNET Corporation (Nasdaq:FSST - News) has retained DH Capital, LLC as a financial advisor to assist in raising equity capital and evaluating acquisition opportunities.
Stephen Hurly, chief executive officer of FASTNET said, "Our business plan calls for select acquisitions to add capabilities which will enable us to compete more effectively. Through DH Capital, we will be outsourcing the research, and much of the groundwork associated with finding those new opportunities in the marketplace. DH Capital has a deep well of expertise in our industry, which they will use on our behalf to help FASTNET shorten this process. We have worked with Peter Hopper, founder and principal of DH Capital, previously, and have benefited from his knowledge and experience. We believe our relationship with DH Capital will benefit not only our investors, but also the backbone of FASTNET - our customers."

About FASTNET Corporation

FASTNET (NASDAQ:FSST - News) provides high-performance, dedicated and reliable broadband services to businesses that need to drive productivity, profitability and customer service via the Internet. Through private, redundant peering arrangements with the national IP backbone carriers, FASTNET delivers customer data through the fastest, least congested route to enhance reliability, improve performance, and eliminate downtime. Founded in 1994, FASTNET provides a complete suite of solutions for dedicated and broadband access, Internet security and data backup as well as wireless Internet connectivity, VPN design and implementation, managed hosting, Web site and e-commerce development and co-location.

Based in Bethlehem, PA, FASTNET serves the greater Mid-Atlantic region from Northern Virginia to New England.

The Company's common shares are listed on the NASDAQ National Market under the symbol "FSST." For more information on FASTNET, visit the Company's Web site at www.fast.net or call 1-888-321-FAST.

All media inquiries should contact Tim Cifelli at (610) 642-8253 or tim@gregoryfca.com. All investor inquiries should be directed to Jim Maloney at (610) 642-8253 or jim@gregoryfca.com.

About DH Capital LLC

DH Capital is a private investment banking partnership. DH Capital's principals have extensive background in the media, Internet and telecommunications industries. The firm capitalizes on the more than forty years of combined experience in financing, acquiring, selling and operating media, Internet and telecommunications companies. DH Capital specializes in providing a full range of advisory services to companies and financial institutions including private placements, mergers & acquisitions, financial restructuring, and operational consulting. The principals of DH Capital have completed more than 100 transactions with an aggregate value in excess of $25 billion, including more than $300 million in private equity capital placed and over $3 billion in debt financing arranged.

Forward Looking Statements

This news release contains comments or information that constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves significant risks and uncertainties. Careful review must be given to the risk factors set forth in FASTNET's periodic reports as filed with the Securities and Exchange Commission. The information contained herein is current only as of the date of this release and FASTNET undertakes no obligation to update the information in this press release in the future.