MetroNet Communications Corp (METNF) Message Board

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Technology Stocks : MetroNet Communications Corp (METNF)

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To: MangoBoy who wrote (21)	6/30/1998 1:46:00 PM
From: MangoBoy	Read Replies (1) of 30

[Metronet Completes Acquisition Of Rogers Telecom] MetroNet Communications Corp. announced that it closed its previously announced acquisition of Rogers Telecom Inc. Upon closing and subject to working capital and other adjustments, Rogers Communications Inc., Rogers Telecom's parent, received 12.5 million shares of MetroNet Class B Non Voting Common Stock and $600 million in cash. "With this acquisition, MetroNet has rapidly accelerated its network reach and development, further solidifying its position as Canada's preeminent competitive local exchange carrier (CLEC) and the only national full service telecommunications provider to business and government," said D. Craig Young, MetroNet's President and Chief Executive Officer. Young also said that "A rapid integration is now our top priority and efforts in this regard are well underway across all functions of the businesses. We are totally focused across the company on assuring that this process is seamless for our customers while quickly positioning us to further take advantage of the CRTC's recent deregulation of local telecommunications."

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