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Technology Stocks : Internap Network Services Corporation
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To: Dave B who wrote (316)4/11/2001 2:31:58 PM
From: Jibacoa  Read Replies (1) of 1011
 
I think the news that gave a little boost to INAP's shares yesterday was the one from Japan and their dealings with NTT:

TOKYO, April 10 /PRNewswire/ -- Internap Network Services Corporation (Nasdaq: INAP - news), NTT-ME Corporation and Nippon Telegraph and Telephone Corporation (NYSE: NTT - news) announced today at a ribbon-cutting ceremony in Tokyo that the companies have completed a joint venture agreement and formed Internap Japan Co., Ltd. Atsushi Yano has been named the new company's Chief Executive Officer.

With further explanations today:

TOKYO (Reuters) - InterNAP Network Services Corp (NasdaqNM:INAP - news) and Japan's NTT (9432.T) group said on Wednesday they have formed a joint venture to offer high-speed connectivity services for Internet service providers (ISPs) and other corporate clients.

The services, which would speed up Internet connectivity by bypassing traffic congestion through InterNAP's patented technology, are already well-established in the United States.

The U.S.'s InterNAP owns 51 percent of the venture, called Internap Japan Co Ltd, capitalized at 350 million yen ($2.82 million). Nippon Telegraph and Telephone Corp (NTT) holds nine percent, while unit NTT ME Corp has 40 percent.

Bernard
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