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Koyote Trading LLC Welcomes 3M’s Ownership of Cogent Inc.; Organizes Call to Explore the Possible Formation of Committee to Discuss with 3M Amendments to Existing Cash Tender

Koyote Trading LLC, ("Koyote") an institutional owner of common stock of Cogent, Inc. (NASDAQ: COGT) welcomes 3M’s ownership of Cogent, Inc. which it acquired through its wholly-owned subsidiary Ventura Acquisition Corp.

“We are pleased that 3M acquired a 52% stake in Cogent last week principally through the acquisition of a 38.8% stake owned by the CEO Mr. Ming Hsieh. However, as we and other owners of Cogent have been saying for some time, the $10.50 valuation is clearly inadequate by any number of metrics,” stated Zachary Prensky, co-manager of the Special Situations desk at Koyote. As stated by 3M in a press release dated Friday, October 8th, 2010, less than 15% of the outstanding publically-owned common stock of Cogent was tendered to 3M.

Koyote intends to hold a conference call on Thursday, October 14th at 4:30 p.m. EDT with other owners of Cogent to explore the possible formation of an Ad-Hoc Committee of Minority Cogent Shareholders (the “Committee”). Shareholders of Cogent, other than 3M, who wish to participate on this call, are kindly asked to pre-register by emailing their name and affiliation to After the appropriate confirmation of your contact information, you will then be provided with the dial-in information for the conference call.

"We applaud 3M’s long term commitment to a business that we are excited about. But the price offered is inadequate to 48% of Cogent shareholders that declined to participate in 3M’s tender. With the senior management and Board of Cogent committed to the $10.50 valuation, we have no choice but to explore the possible formation of a committee of shareholders to negotiate directly with 3M for a fair and adequate price for our stake. If 3M works with us, we believe we can find a middle ground that rewards minority shareholders for their long-term support of Cogent’s business plan,” added Mr. Prensky.


Koyote Trading LLC
Zachary Prensky, 212-300-2202

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