News item that mentions CSCO:
SoftNet, CMGI, Compaq
aim wireless Web venture at
travelers
By Bloomberg News
Special to CNET News.com
February 10, 2000, 4:40 a.m. PT
SAN FRANCISCO--SoftNet Systems, which provides fast
Web connections over cable television lines, said it
started a venture with CMGI and Compaq Computer to
sell wireless Internet service in airports and hotels.
SoftNet and its partners will
invest $100 million to start
SoftNet Zone, targeting
business travelers
throughout the United
States. As part of the plan,
SoftNet said it will pay $48
million in stock and cash to
acquire closely held Laptop
Lane, which sells Internet
access in 12 United States
airports.
The San Francisco-based
company said it's working
with Cisco Systems, the
maker of computer
networking equipment, and
Nokia, the maker of cellular
phones, to sell Web service to travelers for about 50 cents a
minute. SoftNet wants to take advantage of the surging
number of people going online using laptops, cell phones
and other wireless devices.
"All you'll have to do is boot up your laptop and instantly
you'll have access to wireless Internet," chairman and chief
executive Lawrence Brilliant said during a teleconference.
"All without leaving your seat."
SoftNet said it will pay 1 million shares, valued at $44.5
million based on its closing price yesterday, and assume
$3.5 million in debt for Laptop Lane.
The company didn't disclose Laptop Lane's revenue or other
financial terms of its SoftNet Zone venture, which will sell
online access for both wireless devices and laptops plugged
into its network.
SoftNet shares fell 2.31 to 42.19 on the Nasdaq Stock
Market.
Copyright 2000, Bloomberg L.P. All rights reserved.
And, good mid-morning coffee break to you Bob! I'd say 'morning but given the time of your posting, you must be getting ready for lunch!
Regards,
Lynn |
