NewCom and 4th Network Form Alliance to Provide Internet Access to
Hotels using WebPal
Business Wire - February 11, 1998 09:14
%NEWCOM NWCM %CALIFORNIA %COMPUTERS %ELECTRONICS %COMED %INTERACTIVE %MULTIMEDIA %INTERNET %TELECOMMUNICATIONS %TRAVEL %AIRLINES %PRODUCT V%BW P%BW
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Feb. 11, 1998--NewCom, Inc. (NASDAQ:NWCM) and The Fourth Communications Network, Inc. (4th Network) today announced that they have signed a strategic agreement to establish and deploy high speed Internet-on-TV services for business and leisure travelers in hotels worldwide. The agreement calls for NewCom to supply 4th Network with its WebPal Internet TV set top boxes in support of the rapid deployment of 4th Network's global @Hotel(TM) Internet access services.
NewCom intends to begin delivery of over 6000 WebPals to 4th Network in February upon completion of the final closing documents. On a going-forward basis, 4th Network intends to integrate the WebPals into its high bandwidth system in selected participating hotel properties to provide guests with easy access to the Internet from their hotel room TV. The agreement calls for NewCom to supply TV set-top Internet appliances subject to 4th Network's fulfillment of existing commitments to third parties. Also pursuant to the agreement, NewCom will purchase preferred stock convertible into roughly 2% of the common stock of 4th Network on a fully diluted basis.
Founded in 1992, 4th Network, a privately held company, has long term exclusive contracts to provide high speed Internet access to business and leisure travelers via its @Hotel PC and TV Internet services through hotels in the U.S. and abroad. The firm has over 200 thousand hotel rooms under exclusive contract globally and has installations operating in over seventy-five hotels worldwide.
NewCom Inc. is a manufacturer and a seller of computer communications and multimedia equipment, supplying high speed modems, ultra fast CD-ROM drives, upgrade kits, Internet set-top boxes, plug and play sound cards, and other products for the efficient flow of information.
CONTACT: NewCom, Inc.
Sultan Khan, 818/597-3200
clewis@newcominc.com
or
Willstar Consultants, Inc.
Diane Will, 214/954-9300
djwill@flash.net |
