Gary, Right you are again...... News this morning :}
Wednesday December 30, 7:01 am Eastern Time
Company Press Release
Internet Media Acquires Shares of Private Internet Telephony Company
BATON ROUGE, La.--(BUSINESS WIRE)--Dec. 30, 1998--Internet Media Corporation (OTC BB: USRF - news; pronounced ''you surf''), which has developed a low-cost, high-speed Wireless Internet access system, announced today that it has acquired 800,000 common shares of privately-held Woodcomm, Inc., a Dallas-based Internet telephony company. All of the Woodcomm shares acquired by USRF will be distributed as a dividend (to Internet Media shareholders of record on January 30, 1999). USRF shareholders will receive approximately 1 share of Woodcomm for every 10 shares of USRF held. After the dividend distribution has been registered with the SEC, Woodcomm will be publicly owned.
Woodcomm provides unique Internet telecommunications services, by applying proprietary methods to the Internet. Woodcomm's services allow users connected to the Internet to set up and place telephone calls from a single web site at rates that are between 25% and 50% below those charged by the large national carriers. Woodcomm also markets an e-commerce product which connects customers of a company from that company's web site to a predetermined telephone number (sales, customer service, etc.) within the company, with the click of a button.
''Because the Woodcomm transaction required no cash outlay, we view this transaction, as with prior announced dividends, as an excellent opportunity to increase shareholder value in Internet Media Corp,'' said David Loflin, USRF President. ''Woodcomm has contracts with substantial partners and is beginning to make inroads in the Internet telephony niche. As we have learned more about Woodcomm, the more we believe Internet Media's Wireless Internet products to be compatible with Woodcomm's Internet telephony products, and we intend to attempt to have Woodcomm's products available to our Wireless Internet customers,'' added Mr. Loflin.
When asked for comment, Woodcomm's chairman and CEO, Mark Wood, stated, ''Woodcomm is pleased with this opportunity and hopes to provide Internet Media Corporation's customers access to our technology.''
Internet Media's technology provides several compelling advantages over existing Internet service. The system is completely non-reliant on a hard-wire or a cellular telephone system, requires no FCC license and provides constant Internet access from any computer -- stationary or mobile -- within its transmission area. The technology employs a two-way modem, developed by USRF.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are subject to contingencies and uncertainties. Such forward-looking statements are not guarantees of future performance and are based on numerous assumptions about future conditions that could prove to be inaccurate. Actual events, transactions and results may differ materially from anticipated events, transactions or results described herein.
Contact:
Internet Media Corp.
James Kaufman, 805/493-9273
internetmediacorp.com
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