DDEV now at 1.18 had sell off, looks interesting...
- offering wireless, "last mile" high speed, broad
bandwidth, voice, data and Internet connectivity located
in Manhattan and northeast New Jersey
- Completed private placement of 3,156,810 shares at $1
- 17,163,404 shares outstanding.
From their 6/30/2000 10Q:
NOTE 4: PRIVATE PLACEMENT
During the six months ended June 30, 2000, DDI offered in a private placement,
shares of its $.05 par value common stock, at a price of $1 per share. The
shares were offered on a best efforts basis with no minimum and DDI issued an
aggregate of 3,156,810 shares of its common stock for $3,156,810 in cash.
17,163,404 shares of issuer's common stock, $.05 par value, were outstanding at July 31, 2000
After an overlong delay, our antenna array tower, atop a building in Union
City, New Jersey, was finally connected to T-3 service provided by
MCIWorldCom's Internet backbone on June 20, 2000. For the first time, we've
since been able to conduct beta tests of the various features and services
offered by our two-way, wireless, "last mile" communication system to be used
by prospective subscribers located in Manhattan and northeast New Jersey.
As part of our system development program, high speed, broad bandwidth, voice,
data and Internet connectivity has now been successfully demonstrated between
our antenna array tower , in New Jersey, and four locations in northeast New
Jersey and Manhattan, the latter at the Empire State Building and the World
Trade Center. Further, the video-conferencing feature of our intended services
has been successfully tested by wireless connectivity between our new sales and
demonstration offices in the Empire State Building and the New Jersey antenna
array tower, and then, via Internet, to our offices in Delray Beach, Florida.
By offering free Internet connectivity for a 60 day trial period, to
prospective subscribers in our New York-New Jersey service area, we intend to
broaden our beta test area to include additional user locations. As we add to
the number of users we gain needed research information with respect to the
traffic-handling capabilities of the array tower. At the same time, additional
users will provide an opportunity to test antennas made by several
manufacturers, for use at subscribers' premises.
Meanwhile, the Company's new management (see Part II, Item 5(b), below) has
initiated contacts with local realtors, and others, with a view to towards
offering our wireless "last mile" Internet connectivity to managers and owners
of office and apartment buildings in our service area. |
