Vulcan Ventures and Charter Communications Complete $75 Million Investment in High Speed Access Corp.
LITTLETON, Colo., Dec 5, 2000 /PRNewswire via COMTEX/
High Speed Access Corp. (Nasdaq: HSAC chart, msgs), a leading provider of broadband services, today announced the closing and funding of a combined preferred equity investment of $75 million by Vulcan Ventures Incorporated, the investment organization of Paul G. Allen, and Charter Communications Ventures, LLC, an affiliate of Charter Communications, Inc. (Nasdaq: CHTR chart, msgs). Vulcan Ventures and Charter each invested in approximately equal amounts. The definitive agreement was entered into on October 19, 2000.
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The investments take the form of convertible preferred stock, and may convert into HSA common stock at approximately $5 per share, subject to certain adjustments as described on HSA's Form 8-K, filed with the Securities and Exchange Commission on October 23, 2000. HSA stockholders approved the transaction at a special stockholders' meeting held on Monday, December 4, 2000 at HSA headquarters in Littleton.
About High Speed Access Corp.
High Speed Access Corp. (Nasdaq: HSAC chart, msgs), a Wired World Company(TM), is a leading provider of broadband Internet access and related communications services to residential customers and small and medium enterprises, or SMEs, nationwide primarily using cable modem technology. HSA's core service offering currently consists of cable modem Internet access, which HSA offers at several speeds and prices to residential end-users through partnerships with cable multiple system operators. HSA is actively expanding its offering of services to include DSL services as well as expanded web site hosting and a range of other value-added and ongoing support services primarily for commercial customers. HSA also is conducting technical and customer trials for Internet Telephony service in collaboration with major telecommunication vendors.
About Vulcan Ventures Inc.
Vulcan Ventures Inc. of Bellevue, Washington was founded by Paul G. Allen in 1986 to research and implement his investments. Through Vulcan Ventures, Allen invests in companies which offer products, services or technologies that fit his Wired World strategy and can contribute to or benefit from the technology and strategy of other companies within the group's extensive investment portfolio. For more information on Vulcan visit www.paulallen.com.
About Charter Communications
With more than 6.3 million customers, Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies. Charter offers an array of advanced broadband services, including cable television under the Charter Cable TV brand; advanced digital video programming services under the Charter Digital Cable(TM) brand; and high-speed Internet access via Charter Pipeline(TM). Charter's Class A common stock is traded on the Nasdaq National Market under the ticker symbol "CHTR." More information about Charter can be found on the Internet at www.chartercom.com.
Source: High Speed Access Corp.
Contact:
media, Katina Vlahadamis of High Speed Access Corp., 720-922-2823, kvlahadamis@hsacorp.net
Anita Lamont of Charter Communications, 314-543-2215, alamont@chartercom.com
or
Susan Pierson Brown of Vulcan Ventures Inc., 425-453-1940, press@wiredworld.com |
