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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here
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To: zbyslaw owczarczyk who wrote (9360)11/29/2000 3:01:07 PM
From: elmatador  Read Replies (1) of 12823
 
Verizon Ends Merger Pact with NorthPoint

Nov 29 2:33pm ET

NEW YORK (Reuters) - Local telephone company Verizon Communications (VZ.N) said on Wednesday it canceled its merger agreement with high-speed Internet access company NorthPoint Communications due to the recent deterioration in NorthPoint's finances and operations.

Verizon agreed in August to purchase a controlling stake in NorthPoint for $800 million and merge the companies' digital subscriber line (DSL) businesses. DSL technology provides high-speed Internet access over copper telephone wires.

Earlier this month, NorthPoint (NPNT.O) restated its third-quarter financial results after it discovered some of its customers may not have the money to pay for services.

``NorthPoint recently reported a continuing decline in revenues, an erosion of its customer base, an increase in expenses due to write-offs for increased bad debt, and, as a result, a material increase in net losses,'' Verizon said in a statement.

Due to that ``material adverse change,'' Verizon canceled the merger pact. It also said it has no obligation to arrange for NorthPoint to receive additional financing. NorthPoint could not be immediately reached for comment.

THE SLOW KILLING CONTINUES
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