Odyssey Telecorp Acquires Fiber Network Provider EPIK Communications Inc. from Florida East Coast Industries

PALO ALTO, Dec 3, 2002 – Odyssey Telecorp Inc. said today it has acquired EPIK Communications Inc., a wholesale telecommunications provider operating in the southeast United States, from Florida East Coast Industries Inc. (FECI).

EPIK operates a 1,850-route-mile fiber network in Florida and Georgia that was built at a cost of approximately $375 million. Odyssey, based in Palo Alto, Calif., was formed in early 2002 to acquire and operate strategic telecommunications assets and businesses. Odyssey executives will directly manage EPIK going forward, bringing with them extensive industry knowledge and experience.

“By acquiring EPIK, Odyssey is adding a high-quality provider of telecommunications services in the Southeast,” said Sean Doherty, chairman and CEO of Odyssey. “We look forward to working with the EPIK team to ensure the highest level of network and customer services during the transition, which we expect to be seamless to EPIK’s customers.”

FECI, a real estate, transportation, and infrastructure conglomerate based in St. Augustine, Fla., had previously announced its intention to exit the fiber-optic business.