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Broadview Networks Completes Financial Restructuring

Broadview Networks announced today the completion of its financial restructuring. With its new capital structure in place and the brief chapter 11 process complete, Broadview is a stronger, delevered company with the flexibility, balance sheet and liquidity to expand its cloud services market position.

Broadview’s leverage is now below the average of its peers. As a result of the restructuring, Broadview has reduced its outstanding senior notes by 50%, reduced its annual interest expense by approximately $18 million and has access to free cash flow that will partially be used for general working capital and growth opportunities.

The prepackaged restructuring was completed within the previously announced timeline. Broadview Networks filed in late August, having already solicited votes on and obtained overwhelming support of its prepackaged Plan of Reorganization. Now that the Plan has been consummated and all regulatory approvals have been obtained, Broadview has a new debt structure including $150 million of senior secured notes with a five year maturity and a $25 million revolving credit facility.

“With our restructuring completed, we are a stronger company,” said Michael K. Robinson, President and Chief Executive Officer of Broadview Networks. “Our restructuring provides us greater financial flexibility and stronger growth opportunities. The prompt approval of the Plan validates all of the hard work and cooperation of our employees, stakeholders, customers and trading partners over the past several months. We are extremely appreciative of the support from all of these parties. Having recently obtained regulatory approvals, we are excited to begin the next phase and are committed to providing our customers with the best possible products and services. Part of the reorganization process included forming a new Board of Directors. We appreciate the service of our prior board members and look forward to working closely with our new directors to continue building Broadview into a leading provider of cloud based products and services.”

During both the restructuring and superstorm Sandy, Broadview has continued normal operations, serving its customers with the same high quality service they have come to expect. Its flagship hosted service offering, OfficeSuite® remained online throughout superstorm Sandy, providing customers with critical communications services and the ability to avoid or minimize impacts of the storm on their business. Broadview did not sell any businesses or close any offices during the restructuring, nor did it impair its services levels. Suppliers and vendors were paid in full and employees received their usual pay and benefits.

The Company’s restructuring counsel is Willkie Farr & Gallagher LLP and its financial advisor is Evercore Group, L.L.C.

About Broadview Networks

Broadview Networks is a network-based business communications provider serving customers nationwide with local and long-distance voice and data communications, premises-based and patented hosted VoIP systems, data services and a full suite of managed and professional services. They also provide an innovative portfolio of bundled, hosted IP phone and cloud computing services designed to meet the unique application requirements of diverse workforce groups. Its customers benefit from award-winning customer service, including a Web-based account management tool and a primary point-of-contact for real-time, personal customer care. For more information, visit www.broadviewnet.com.

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