Comments? Specifically the following part of the attached PR from X-Stream that came out today without the XSNI symbol:
"....and that shareholders owning a majority of X-Stream's shares have undertaken to sell their shares to Liberty Surf under certain conditions and on specific terms to be agreed."
X-STREAM NETWORK: The X-Stream Network announces strategic investment by Liberty Surf Group
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Story Filed: Thursday, January 13, 2000 3:03 PM EST
JAN 13, 2000, M2 Communications - LONDON -- The X-Stream Network, the UK's first free and third largest ISP, announced today that Liberty Surf Group, France's first free and second largest ISP, has made an investment of $5 Million US for 10% of the share capital of X-Stream and that shareholders owning a majority of X-Stream's shares have undertaken to sell their shares to Liberty Surf under certain conditions and on specific terms to be agreed.
Launched in May 1999, Liberty Surf has operations in France, Germany and the UK, and its principal shareholders are Europ@web, the Internet investment vehicle of the Arnault Group, and KingFisher, the UK retail group.
Gregory Sukornyk, Chief Executive Officer and co-founder of X-Stream, said,
"We are very pleased to be associated with a partner such as Liberty Surf that has vast resources, financial partners that are of the highest calibre and access via its shareholders to an extensive distribution network. This investment represents an endorsement of X-Stream's innovations in the Internet and represents a significant step forward in X-Stream's ability to deliver its innovative service to a broad base of users throughout Europe."
Pierre Besnainou, Chief Executive Officer of Liberty Surf commented, "X-Stream has established itself as a true innovative leader in the Internet. Our investment in X-Stream is another example of Liberty Surf's desire to establish itself as the premier Pan-European Internet service provider. We are excited about our relationship with X-Stream and the potential it offers both companies."
About The X-Stream Network
Launched in the UK on March 8, 1998, The X-Stream Network is the UK's first 100% FREE Internet access service, with over 550,000 registered subscribers worldwide and now offers FREE Internet access in Sweden, Norway and Denmark. Users can access the service simply by calling 0800 358 5678 and requesting the necessary software. Using this innovative software program, The X-Stream Network is able to offer all users 100% free access to the Internet. With offices in London, Stockholm and Toronto, The X-Stream Network is rapidly expanding its innovative service to new territories. The X-Stream Network can be found on the Internet at x-stream.com; X-StreamailPlus free email and Unified Messaging service may be found at mail.x-stream.co.uk; X-Stream Central at x-stream.co.uk; X-Stream Central Norway at x-stream.no; X-Stream Central Sweden at x-stream.se; X-Stream Central Denmark at x-stream.dk; X-Stream SmartShopper at smartshopper.x-stream.co.uk; and The X-Stream Games Network at x-stream.gamesnetwork.com
About Liberty Surf Group
In the eight months since the launch of its service (27 April 1999), Liberty Surf has climbed to a leading position among Internet access providers in France, with nearly 610,000 subscribers. It is now the largest challenger to Wanadoo (France Telecom) and has confirmed its substantial lead as the country's top-ranking provider of free Internet access. This result is principally attributable to three factors. First, Liberty Surf's strategic choice of providing free Internet access, which it pioneered in France and which is becoming the European norm. Second, its policy of pursuing diversified partnerships offering Internet users rich content and effective service. Finally, a powerful marketing strategy based in particular on alliances with several large retailers, including Liberty Surf's founding shareholders. Liberty Surf is owned 45% by Europ@web and 45% by Kingfisher. |
