FiberNet Adds $7.5 Million Placement with Nortel

NEW YORK, Aug. 16 -- FiberNet Telecom Group Inc. has received another $7.5 million private placement of 8 percent convertible preferred stock at a price of $12 per share from Nortel Networks. This brings Nortel Networks' total investments in FiberNet to $50 million.
FiberNet builds and operates 100 percent fiber optic transmission networks in Tier 1 cities. The company's Metropolitan Transport Networks link carrier hotels and multi-tenant office buildings. FiberNet enters into license agreements with nation-wide property owners to design, build, and operate FiberNet In-building networks within Class A commercial properties.