BIZZ has announced its first post IPO acquisition. I am sure that there will be many more to follow.
biz.yahoo.com
Wednesday July 7, 11:52 am Eastern Time
Company Press Release
BiznessOnline.com Agrees to Acquire Ascent Networking Expanding Base in
New York
WALL, N.J./NORWICH, N.Y.--(BUSINESS WIRE)--July 7, 1999--
BiznessOnline.com, Inc. (NASDAQ NMS; BIZZ) today announced the expansion of its high speed networks by agreeing to acquire Ascent Networking, an Internet service provider located in Norwich, NY.
Ascent is cash flow positive and its revenues have grown approximately 100% from 1998 to 1999. This acquisition will add 2,400 customers to BiznessOnline.com's client base, and expands the company's existing range of services to the 607 area code bringing the company to approximately 25,000 subscribers. The terms of the transaction were not disclosed.
Ascent, one of the key providers of Internet services to the central New York region, is well positioned to provide critical access and connectivity services to several important university markets, according to BiznessOnline.com CEO, Mark Munro.
''Not only is Ascent Networking the primary provider in the Norwich region, it is also in a great position to serve the Binghamton and Oneonta markets,'' said Mr. Munro. ''As intellectual centers, these communities need higher transmission speeds and wider bandwidths, and demand knowledgeable and reliable customer support, all of which are central to BiznessOnline's core values. We see it as a great fit with our strategic focus in under-served markets, and we believe that Ascent has terrific potential for continued, rapid growth.''
BiznessOnline.com provides DSL and other high speed Internet access technologies to businesses, residential Internet access, develops and hosts customer web sites, hosts co-located servers and offers related e-commerce services to individual and business subscribers in Connecticut and New York. The company's corporate offices are located in Wall, N.J. and its data center will be located in Albany, N.Y. BiznessOnline.com can be found on the World Wide Web at www.biznessonline.com.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995:
Certain of these statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including the uncertainties inherent in the process of auditing and making end-of-year adjustments to a corporation's financial statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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Contact:
BiznessOnline.com
Mark Munro
(732) 280-6408
www.biznessonline.com
or
Sawchuk, Brown Associates
Jason Butka
(518) 462-0318 |
