RMI.NET Acquires Colorado Resort Internet Company; ImageNet Contributes Profits, Customers, and Expanded Coverage to RMI
DENVER, June 13 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII - news), a national Web solutions/e-commerce andconnectivity company, announced today that it has acquired ImageNet, Inc., a Web hosting and Internet access provider based
in Loveland, Colo., subject to the completion of certain conditions. ImageNet is a profitable company serving key Colorado resort communities, including Vail, Aspen, and Breckenridge/Keystone. (Photo: newscom.com )
``We are delighted to welcome ImageNet's customers to RMI,'' said Douglas H. Hanson, RMI.NET Chairman and CEO, ``and we look forward to offering them our WARP WIRE(SM) digital subscriber line (DSL) service and suite of Web solutions and e-commerce products. Our goal is to help businesses in these fast-growing communities design and implement successful Internet strategies, and the acquisition of ImageNet gives us a head-start in meeting that objective.''
In keeping with RMI's stated objective of reaching EBITDA neutrality by December 2000, ImageNet is a profitable business.
Hanson added, ``We have identified key synergies that will improve the company's performance in the coming months.''
ImageNet has approximately 5,000 customers and $1 million in annualized revenues. The company, in business since 1996,
offers Web hosting and dedicated and dial-up Internet access service. It serves the Interstate 70 corridor from Denver west to Grand Junction, plus the northern Front Range and Winter Park areas.
``I am excited that ImageNet will become part of RMI.NET, as it will allow us to offer better and more reliable service to our customers,'' said Neal Bronsert, president of ImageNet. ``RMI's national backbone, secure data center, robust DSL solution, and 24-hour technical support will all benefit our customers.''
Bronsert will remain with RMI.NET.
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