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Microcap & Penny Stocks : XSNI - X-Stream Network -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (3459)	3/2/2000 11:43:00 AM
From: Jeffrey D	Read Replies (2) \| Respond to of 3519

Glenn, confirmation from another newswire. Well, the mystery stock is gone but I will not soon forget it. On to the next one. Best regards, Jeff << X-STREAM NETWORK: Liberty Surf Group S.A. to acquire the X-Stream Network Inc. -------------------------------------------------------------------------------- Story Filed: Thursday, March 02, 2000 11:10 AM EST MAR 2, 2000, M2 Communications - These materials are not an offer for sale of the shares of Liberty Surf in the United States. The shares may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Liberty Surf does not intend to register any portion of the offering in the United States or to conduct a public offering of shares in the United States. Paris, France and London, England -- Liberty Surf Group S.A. and The X-Stream Network Inc. (OTC BB: XSNI) today announced that they had entered into a merger agreement pursuant to which Liberty Surf will acquire all of the outstanding shares of common stock of X-Stream. This merger brings together two leading providers of free Internet access in France and the United Kingdom (X-Stream also has start-up operations in Scandinavia and the Netherlands). Liberty Surf was founded in April 1999 by a group of shareholders including Kingfisher plc, one of Europe's leading retailers, and Europ@web, a group created by Bernard Arnault, Chairman of LVMH, to support and accelerate the growth of Internet companies. Liberty Surf currently offers Internet users in France free Internet access, French-language Internet content, Internet tools and services (including free e-mail), e-commerce offerings from local and global online retailers, and bundled telecommunications offers. The X-Stream Network, launched in March 1998, was the U.K.'s first free ISP and also recently launched its services in Norway, Denmark, Sweden and the Netherlands. It offers subscribers a local portal that delivers an integrated offering of country-specific content, a wide selection of e-commerce services, and free e-mail. The merger agreement provides that following compliance with limited closing conditions relating in particular to regulatory matters, the merger will be completed and X-Stream will become a wholly owned subsidiary of Liberty Surf. X-Stream shareholders (other than Liberty Surf, which currently owns approximately 10% of X-Stream) will receive U.S. $1.26 for each X-Stream share, representing aggregate cash consideration of U.S. $68.35 million. The total valuation of X-Stream on this basis is U.S. $75.35 million. The Board of Directors of X-Stream has unanimously approved the merger and holders of a majority of X-Stream's shares have also approved it. Top management and certain financial investors of X-Stream have taken advantage of the opportunity (which is also being offered to X-Stream's public shareholders outside the United States) to reinvest a portion of their cash consideration in Liberty Surf shares upon Liberty Surf's initial public offering. X-Stream shareholders will shortly be sent more detailed information on the transaction and how they can receive the merger consideration. Copyright 1994-2000 M2 COMMUNICATIONS LTD CONTACT: Stephanie Raynaud, Euro RSCG Corporate Tel: +33 1 41 34 45 49 Dina Brewer, The X-Stream Network Inc. Tel: +1 870 730 6466 Kate Webb, Diversion Tel: +44 (0)1628 676727 e-mail: katew@diversion.co.uk ((M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at presswire.net on the world wide web. Inquiries to info@m2.com)).