MIAMI--(BUSINESS WIRE)--March 20, 2000--Quest Net Corp.
(OTCBB:QNET) (OTCBB:QNETE), announced today that it has effected a
merger with Parputt Enterprises, Inc. ("PEI"), and has become a
successor issuer in order to comply with the reporting company
requirements implemented by the Nasdaq Stock Market.
Pursuant to an Agreement and Plan of Merger dated as of March 13,
2000 between PEI and Quest, all of the outstanding shares of common
stock of PEI were exchanged for 275,000 shares of common stock of
Quest in a transaction in which Quest was the surviving company.
PEI was a reporting company (Commission file number 000-24447).
The Articles of Merger were filed with the Secretary of State of
Florida on March 15, 2000 and with the Secretary of State of Nevada on
March 16, 2000. The Articles of Merger became effective upon filing
with the respective Secretaries of State.
Upon effectiveness of the merger, pursuant to Rule 12g-3(a) of
the General Rules and Regulations of the Securities and Exchange
Commission, Quest became the successor issuer to PEI for reporting
purposes under the Securities Exchange Act of 1934 and elected to
report under the Act effective on March 17,2000.
Quest has advised the OTCBB Filing Department of its new status
as a reporting company and is requesting the termination of the
delisting process and the removal of the E from its trading Symbol.
Quest, in compliance with the reporting requirements of the
Securities Exchange Act of 1934, is in the process of filing a Form
8-K with the Securities and Exchange Commission.
Based in Miami, Quest Net Corp. is a provider of secure,
full-service global Internet and Intranet broadband digital networking
solutions for businesses and individuals. Quest Net is one of the
largest regional Internet Service Providers (ISP) of bandwidth. It
also offers dedicated high speed Internet access, metropolitan and
wide area network data transport services, including virtual private
networks to several commercial clients and other ISP's and Wireless
Internet Connections at speeds of up to 3Mbps, and a distance of up to
20 miles on a 2.4 Ghz and 5.8 Spectrum. Quest Net offers one of the
fastest and cleanest routing systems for the transfer and delivery of
voice, video, and data streams at speeds ranging from 64Kps to speeds
of up to 45 Mbps.
The statements which are not historical facts contained in this
press release are forward looking statements that involve certain
risks and uncertainties including but not limited to risks associated
with the uncertainty of future financial results, development of new
products, government approval processes, the impact of competitive
products or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the company's filing
with the Securities and Exchange Commission.
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