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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: DubM who wrote (928)	12/3/1999 10:40:00 AM
From: MangoBoy	Read Replies (1) \| Respond to of 1860

[Cypress Communications files for $150 mln IPO] WASHINGTON, Dec 3 (Reuters) - Cypress Communications Inc., which offers local and long distance, Web access and other services to small- and medium-sized businesses, filed on Friday to raise $150 million in an initial public offering. Cypress' services are delivered over fiber optic, digital and broadband networks built inside medium and large buildings. The company said it will use net proceeds to construct more in-building networks, buy equipment and for working capital. Atlanta-based Cypress began operating its first in-building network in June 1996 and now operates networks in 113 buildings in 12 major U.S. cities. Various agreements with building owners and property managers give Cypress the right to install and operate its networks in more than 700 buildings in 50 big cities. In its preliminary prospectus, filed with the Securities and Exchange Commission, the company did not disclose how many shares are in the IPO, their projected price range or other details. They are expected in future filings. Cypress has applied to trade the shares on Nasdaq under the symbol "CYCO," and the underwriters are Bear Stearns, Donaldson Lufkin & Jenrette and J.C. Bradford & Co. In explaining its market, Cypress said: "We believe it has become increasingly difficult for small and medium-sized businesses to evaluate the many new products, services and carriers that are available in today's communications marketplace." "We believe there is significant market demand for an integrated communications provider that can provide a high-quality, affordable single-source solution addressing all of the communications needs" of those businesses. Small and medium-sized companies spent more than $47 billion for voice communication services and more than $14 billion for data and Internet services in 1998, said Cypress, using industry figures. It is projected that spending will rise to more than $53 billion and $40 billion, respectively, by 2002. Cypress's competitors include Advanced Radio Telecom Corp., Allied Riser Communications Corp. and Teligent Inc. as well as incumbent local telephone companies like GTE Corp. and regional Bell companies.