FCCN acquires another ISP and doubles its customer base:
biz.yahoo.com
Wednesday March 31, 3:47 pm Eastern Time
Company Press Release
Frontline to Acquire Leading Northeast Internet Service Provider
Doubles its subscriber base to 30,000
PEARL RIVER, N.Y.--(BUSINESS WIRE)--March 31, 1999-- Frontline
Communications Corporation (Nasdaq: FCCN - news) today announced it has
executed a letter of intent to acquire an Internet Service Provider with
over 15,000 subscribers, located in the Northeastern United States. The
Company, the identity of which has not yet been disclosed, has points of
presence (POP's) covering areas from Pennsylvania to New England.
According to the announcement by Frontline President and CEO Stephen J.
Cole-Hatchard, the Company provides Internet access, web hosting and
leased communications lines to a wide variety of customers, including
numerous business and corporate clients, and has annualized revenue of
approximately $4 million. The proposed transaction is subject to the
satisfactory completion due diligence and other conditions. Frontline
has engaged the services of Auerbach, Pollak, & Richardson to assist in
the financing of the transaction, the terms of which are not yet
disclosed.
Commenting on the acquisition, Cole-Hatchard said ''Frontline's focused
and aggressive acquisition strategy has resulted in the exponential
growth of the company's subscriber base. The acquisition of an
additional 15,000 subscribers will result in yet another doubling of our
current base, to over 30,000 subscribers.''
In a related note, Frontline also announced the mutual termination of
negotiations with Stock Pro. Corp, and the cancellation of the Letter of
Intent in that matter.
About Frontline Communications Corporation:
Founded in 1995, Frontline Communications Corporation provides
''Effortless e-commerce and Internet access''(tm). Frontline provides
Internet access to subscribers throughout New York, New Jersey, and
Pennsylvania and plans to extend its reach through acquisition. More
information regarding the company and its business strategy may be found
in its annual Form 10 KSB (which may be retrieved online from the SEC's
Edgar website), or by referencing the Company's website at
www.frontline.net
The statements which are not historical facts contained in this press
release are forward looking statements that involve risks and
uncertainties, including but not limited to, changes in the market for
internet services, regulatory and technological changes, economic
factors, increased competition, and the nature of supplier or customer
arrangements which become available to the Company in the future. The
Company's actual results may differ materially from the results
discussed in any forward looking statement. |
