Superwire.com Gains 400,000 Potential New Subscribers Under Contract With NY-based National Real Estate Conglomerate
Business Wire - July 13, 1999 11:03
BOTHELL, Wash.--(BUSINESS WIRE)--July 13, 1999--Superwire.com (OTC BB:SUPW) has signed an exclusive agreement with Interstate LLC and Tower Holdings LLC that gives Superwire.com the sole right to provide its services to a minimum of 400,000 potential subscribers through the New York-headquartered companies' nation-wide network of large real estate holding companies.
For each subscriber who contracts with Superwire.com this agreement calls for Interstate & Tower to be paid in Superwire.com shares at an estimated value of $70/subscriber.
High-end residential and commercial multiple-dwelling units (MDUs) located in Manhattan, Long Island, upstate New York, New Jersey, Connecticut and Arizona will receive the benefit of Superwire's equipment installations and high speed Internet, voice, video, and data services. One of these properties won New Jersey's 1999 Community Excellence Award for luxury suites.
Superwire.com will provide tenants its "Unified Access" to communications services at performance levels far greater than those offered by their existing telephone and Internet service providers. Superwire.com will also provide its own equipment and engineering expertise, thus enabling it to provide MDU tenants with all voice, video and data services, through "one existing line", eliminating the present need for additional lines.
Superwire.com will provide the first "user focused" point and click access to a full suite of services including voice, video, data. This will also include Internet service, community events calendars, security, and a host of media-rich services.
Mr. Shaz Mossanen, Senior Principal of Interstate, stated, "After evaluating several companies, including RCN (Nasdaq:RCNC) who offer high-speed services, our company chose Superwire.com for its next generation approach. With Superwire's innovative capabilities, tenant incentive programs, and higher-speed offering, we believe that the number of tenants that use these services will be double, or even triple, that of other providers. We have the opportunity to earn shares in Superwire.com for every accepted subscriber. Our management will work hard to encourage tenants to use Superwire.com services!"
Superwire.com Chairman and CEO James Truher said, "After 12 months of preparation we are in the final phases of our initial service deployment in New York and Connecticut. With the addition of the Interstate agreement, Superwire will now have access to over 500,000 potential subscribers." Mr. Truher also stated that, "Although we are in the early stages of development, one can appreciate that the long term value of our enterprise might be measured by transactions such as the July 7, 1999 announcement by Cox Communication (NYSE:COX), in which Cox obtained 316,000 subscribers in exchange for $2.8 Billion in AT&T (NYSE:T) stock, cash and other consideration."
Superwire.com provides unified access to today's powerful communication technologies. Our proprietary hardware and software technologies unify voice, data, and video behind a point and click interface. Providers see increased usage and better returns on their investments in infrastructure. Enterprises simplify information systems design and exploit more of the power and range of contemporary communications technologies.
We are currently rolling out custom access solutions in buildings in major centers. Our services are provided with no costly infrastructure upgrades. We offer a compelling value proposition, including high-speed access to the Internet, digital telephony services, video services, and eventually a suite of vertically integrated applications, such as personal web-sites, communities or intranets.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risk and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; and financing requirements.
CONTACT: Superwire.com
Media Relations:
Kate James, 425/424-0800
media@superwire.com
www.superwire.com
or
Corporate Relations
Ed Hart, 425/424-0800
corprel@superwire.com
or
Investor Relations
Jim Greene, 888/461-9991
info@superwire.com
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