Quest Net Corp. To Spin Off Subsidiary <QNET.OB>
Quest Net Corp. To Spin Off Subsidiary MIAMI--(BUSINESS WIRE)--June 23, 2000--Charles Wainer, President of Quest Net Corp. (OTCBB:QNET), announced today that on May 2, 2000 the Company's Board of Directors voted to "spin-off" GlobalBot Corp to Quest's shareholders of record as of May 1, 2000, subject to certain contingencies, including the filing of the Company's Form 10-Q, that have now been met. The Company anticipates that the spin-off will occur in or before September 2000. Before the spin-off can occur GlobalBot must register its common stock pursuant to the Securities and Exchange Act of 1934 and Quest must provide its shareholders of with an information statement that describes the spin-off and GlobalBot. Once the information statement is distributed and the 34 Act registration is effective, the Company will issue to its shareholders of record on May 1, 2000, one share of GlobalBot common stock for each four shares of the Company's common stock held by the shareholders. The Company's Board of Directors believes that since the Company does not have the resources available to operate, fund, and grow GlobalBot to its full potential, the spin-off would be in the best interests of the Company, GlobalBot and the Company's shareholders. In addition, the spin-off would allow management of the Company to concentrate on its core business, and enhance GlobalBot's access to financing. Once the 34 Act registration is effective, the GlobalBot intends to apply for listing of its common stock on the OTCBB. About Quest Net Corp. Based in Pembroke Park, Florida, Quest Net Corp. is a provider of complete communication services, including local dial tone, long distance services, Internet and Intranet broadband networking for commercial and residential customers. Quest Net is a regional wireless Internet communication providers, with connection speeds of up to 24Mb over a distance of over 40 miles. Additionally Quest Net provides local Internet dial-up and nation-wide roaming, web hosting, secure servers, e-commerce solutions, and collocation. 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 filings with the Securities and Exchange Commission. --30--ta/mi* CONTACT: Quest Net Corp., Pembroke Park, Fla. Charles Wainer, Tel 954/457-0900 Fax 954/457-0901 Email: investors@questnetcorp.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com
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