Connor - holding and adding to EXNT..just as HOTJ popped after quiet period, so should EXNT this week (Wed. or Thurs?)..especially since underwriters' exercised over-allotment, a very bullish sign!
News Story
EXNT - NASDAQ
Business Editors
NEW YORK--(BUSINESS WIRE)--Aug. 30, 1999--IPC Communications,
Inc. (Amex:IPI) today announced the exercise of the IXnet, Inc.
(NASDAQ:EXNT) over-allotment option by the underwriters of IXnet's
initial public offering. Pursuant to the agreement, the underwriters
exercised an option to sell an additional 975,000 shares of IXnet,
Inc. common stock at $15 per share. On August 12, 1999 IPC announced
the initial public offering of 6.5 million shares of common stock of
its subsidiary, IXnet, Inc., at a price of $15 per share. IXnet, a
network services company, provides a high performance global extranet
designed exclusively for the financial community.
The managing underwriters of the offering are Donaldson, Lufkin &
Jenrette, Salomon Smith Barney, Merrill Lynch & Co., First Union
Capital Markets Corp. and DLJdirect Inc.
IPC Information Systems, Inc., a wholly-owned subsidiary of IPC
Communications, Inc. (Amex: IPI), will continue to own 43,100,000
shares, or 85.2% (after giving effect to the underwriters'
over-allotment option), of IXnet, Inc.
IPC Information Systems, Inc. is a world leader in providing
integrated telecommunications equipment and services that facilitate
the execution of transactions by the financial trading community. IPC
serves customers in more than 35 countries. Its patented digital
Tradenet MX(R) turret is the most widely installed voice trading
system in the world. In addition, IPC installs and services the
cabling infrastructure and networks which provide financial traders
with desktop access to time-sensitive communications and data. For
more information, visit IPC's Web site at www.ipc.com.
--30--kam/ny*
CONTACT: IPC Communications, Inc.
Investor Relations
Brian Reach, 212/858-7808
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING TELECOMMUNICATIONS
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