SEATTLE, March 14 /PRNewswire/ -- The Company announced today that it has extended its offer to purchase common shares of 360networks Corporation for not more than US$3.00 nor less than US$2.00 per Share. 360networks is extending the offer to ensure that all holders have been notified of the offer and are given an opportunity to tender their Shares, to clarify concerns certain shareholders have expressed regarding tax withholding, and to allow some holders with defective tenders to fix the defects.

The offer, which was set to expire at 5:00 p.m., EST, on March 11, 2005, has now been extended to 5:00 p.m., EST, on March 22, 2005. 360networks will take up all Shares tendered prior to the extension at a price of US$3.00. 360networks reports that to date, approximately 489,252 Shares have been validly tendered and taken up by the Company. A notice of extension will be sent to all shareholders whose Shares were not deposited or taken up. All shareholders who tender their Shares during the extension will have their Shares purchased at the same price, US$3.00.

If the offer becomes oversubscribed by the new expiry time, 360networks will only prorate among tenders received during the extension and after the original expiry time, and not among tenders received prior to the original expiry time which will have already been taken up and paid for at a price of US$3.00 per share.

About 360networks

360networks provides telecommunications services and network infrastructure to leading companies, carriers, governments, and organizations. We offer a range of leading-edge services such as high-speed optical transport, wavelengths, and IP. Our integrated network spans over 15,000 route miles and offers a long haul and metro presence in 39 US markets. For more information about 360networks please visit http://www.360.net/.

This news release contains information about management's view of 360networks' future expectations, plans and prospects that constitute forward- looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements due to changes in economic, business, competitive, technological, regulatory, and other factors. 360networks assumes no obligation to update these forward- looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements.

For more information, contact: Chris Mueller, Media and Investor Relations, Tel: 206-239-4064, E-mail: ir@360.net

CONTACT: Chris Mueller, Media and Investor Relations, Tel:
(206) 239-4064, E-mail: ir@360.net