The Scandinavia Company Announces Name Change to Xcelera.com and New Company Website
New Name Better Reflects Company's Internet Holdings
GRAND CAYMAN, British West Indies--(BUSINESS WIRE)--Oct. 25, 1999--The Scandinavia Company, Inc. (AMEX: SCF), the owner of Mirror Image Internet, Inc., with interests in deo.com and other operations, today announced that it has changed its name to Xcelera.com, effective October 26. XLA will be the company's new ticker symbol on the American Stock Exchange. The company is also unveiling its new investor Web site, www.Xcelera.com on October 26.
"The new name, Xcelera.com better reflects our holdings in Internet companies, including Mirror Image Internet and deo.com," said Alex Vik, CEO of Xcelera.com. "Both MII and deo.com focus on the movement of information across the Internet and we felt Xcelera.com conveyed that idea. Our new Web site puts timely and accurate information about Xcelera.com right at investors' fingertips."
Xcelera.com acquired Woburn, MA-based Mirror Image Internet in March, 1999 and gained a minority stake in European-based deo.com in September 1999, shifting its business focus to the Internet. Mirror Image Internet is a leading infrastructure company that speeds up the Web. By adding a new, high-speed, infrastructure layer to the Internet, Mirror Image Internet is deploying an open network of highly scalable content delivery nodes at key Internet exchange points around the world.
deo.com, which has recently entered into a collaboration agreement with Microsoft (NASDAQ: MSFT), is a music portal for the digital distribution of music over the Internet. The site contains most of the information and services of interest to consumers of music including storing each consumers individual digital music library. Deo.com will sell the music of signed recording artists and offer for free the music of unsigned artists. deo.com has secured exclusive digital rights to many large catalogs of music from independent record companies in Europe and is actively seeking to expand the number of recording artists and titles it distributes digitally. There are currently 9000 titles available on the site for digital download and sale over the Internet.
About Xcelera.com
Its primary subsidiary, Mirror Image Internet, Inc. eliminates the "world wide wait" by providing content delivery network services that result in faster Internet content distribution, reduced traffic and major cost savings for Internet Service Providers, content providers, and enterprises. Mirror Image Internet is deploying a very large global network, which intelligently stores content close to the end user and powers Mirror Image's caching, streaming and global content distribution services. In addition, with cross connectivity into the local Internet Infrastructure Mirror Image provides fast delivery of content to millions of end users worldwide. The company expects to speed up to 75% of Internet traffic 2 to 10 times.
Xcelera.com also has various other holding including MNW Records Group, hotels, real estate and investments.
For additional information, visit Mirror Image Internet and deo.com on the Web at www.mirror-image.com and www. deo.com.
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Contact:
The Scandinavia Company, Inc.
Alexander M. Vik, 203/622-1606
e-mail: amvik@mirror-image.com
or
Edelman PR Worldwide
LaVonne McIver, 212/704-4515
e-mail: LaVonne_McIver@edelman.com
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