3 pt. drop on Credit Suisse news: any idea why?
Heres the news:
Log On America Engages Credit Suisse First Boston <LOAX.O>
Log On America Engages Credit Suisse
First Boston
PROVIDENCE, R.I.--(BUSINESS WIRE)--Oct. 7, 1999--Log On America,
Inc. (Nasdaq:LOAX), a rapidly growing CLEC providing DSL and
integrated communications solutions in the Northeast, today announced
that is has engaged Credit Suisse First Boston Corporation ("CSFB"),
as its primary advisor to provide the Company with advice in
connection with vendor financing and other financial matters.
David Paolo, Chairman and CEO of Log On America, said, "Log On
America is one of the fastest growing CLEC's in the Northeast. Our new
relationship with CSFB, combined with Log On America's already strong
balance sheet, will help us to further penetrate the lucrative
consumer and business markets for integrated communications
solutions."
About Log On America
Log On America, Inc. is a Northeast Regional Competitive Local
Exchange Carrier ("CLEC") and Information/Internet Service Provider
("IISP"), providing local dial tone, in-state toll, long distance,
high-speed Internet access and cable programming solutions over
traditional copper wire using DSL technology to residential and
commercial clients throughout the Northeast. For more information on
Log On America, please see our Web site at
logonamerica.com.
About Credit Suisse First Boston
Credit Suisse First Boston is a leading global investment banking
firm, providing comprehensive financial advisory, capital raising,
sales and trading, and financial products for users and suppliers of
capital around the world. It operates in over 60 offices across more
than 30 countries and has over 14,000 employees. As of December 31,
1998, CSFB has $6.7 billion in revenues, $7.1 billion in equity and
$291 billion in assets. The Firm is a wholly owned subsidiary of the
Zurich-based Credit Suisse Group. For more information on Credit
Suisse First Boston, please see our Web site at csfb.com.
Forward-Looking Statements
Statements made in this news release, including those relating to
the advisory agreement with Credit Suisse First Boston Corporation,
may contain forward-looking statements concerning the business and
products of the company. Actual results may differ materially
depending on a number of risk factors including, but not limited to,
the following: development, shipment, market acceptance and additional
competition from existing and new competitors which will impact new
customers. Other risks inherent in the business of the company are
described in Securities and Exchange Commission filings, including the
company's prospectus on Form SB-2. The company undertakes no
obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date of this release.
--30--bh/bos*
CONTACT: The Ruth Group
Carol Ruth, 917/639-4114
cruththeruthgroup.com
or
David Pasquale, 917/639-4114
dpasqualetheruthgroup.com
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