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September 01, 2004

MARIETTA, GA. - The city was wired $7.5 million Tuesday, closing the deal on FiberNet and ridding the city of the fiber optics company.

The gross sale price was $11.2 million but, subtracting working capital and other accounts, the city wound up netting $8 million in cash, a fraction of what FiberNet has cost the city in losses. During its eight years of existence, the company has lost more than $35 million.

Please download the attached article for a complete copy of the Marietta Daily Journal story.
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