INVT news, was it up here earlier??
PARK CITY, Utah--(BUSINESS WIRE)--Nov. 2, 1999--InvestAmerica, Inc. (OTCBB:INVT - news) Elaborated on the
Recently Announced Plans to Enter the Fiber Optics Network Business Through the Planned Reverse Acquisition of FiberX.
Brian Kitts, president and CEO, stated, ''I am very excited by the opportunity to participate in the fiber optics arena and by the potential that this brings to the
shareholders of INVT.''
Until now, ownership of optical fiber and the creation of communications networks has been the exclusive domain of the large carriers. Deregulation and recent
private fiber builds have created the advantageous situation where INVT can participate in this very lucrative market.
One of the fastest growing sectors in the telecommunications industry today is the wholesale market. A recent Yankee Group study forecast this market as growing
from $8.3 Billion US in 1998 to $22.7 Billion US in 2002.
The business plan has identified two distinct but complimentary opportunities. The first is the arbitraging of dark fiber. FiberX intends to acquire dark fiber in
quantities of 12 to 44 strands and resell them to companies that only require 2 or 4 strands for their networks. FiberX may also offer to manage the fiber for these
customers. By managing a large number of fibers from a central operations center, they will be able to provide this service more cost effectively than each company
managing their own network.
Secondly, FiberX is developing a targeted portfolio of services to offer to the wholesale market. The network approach will be to create optical channels through the
deployment of Dense Wave Division Multiplexing (DWDM) equipment. Some of these channels will be offered directly to companies while additional network
layers will be added to the remaining channels to create advanced communications services.
FiberX intends to offer its customers a variety of voice, data and video services using ATM as the transport layer. Additionally FiberX intends to offer advanced IP
switching services as well as carry Internet traffic, which continues to grow dramatically.
The company intends to disclose the intended merger date and the terms of the reverse acquisition later this week.
Kitts also announced that the company will file a registration statement with the Securities and Exchange Commission (SEC) to qualify as a reporting company under
the Securities and Exchange Act of 1934.
As a fully reporting Company, INVT will file quarterly and annual financial statements and information in accordance with SEC guidelines to ensure that the reporting
status is maintained.
''This filing is a critical step in assuring our stockholders that we are taking all the steps necessary to provide full disclosure with timely and accurate information
about our business operations,'' explained Kitts.
Statements about the company's future expectations and all other statements in this press release other than historical facts are ''forward-looking statements'' within
the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term defined in the Private Litigation
Reform Act of 1995.
The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the company's actual results may differ materially from expected results.
Contact:
InvestAmerica, Inc., Park City
Brian Kitts, 801/808-6096 or 435/615-8801 |
