Some pretty exciting news in the last few months......
KLP
Net2Phone Shareholders Approve Charter Amendments Required for AT&T-led Group's $1.4 Billion Investment in Net2Phone
HACKENSACK, N.J., Jul 6, 2000 (BUSINESS WIRE) -- Net2Phone Inc. (NASDAQ: NTOP chart, msgs) today announced that, at a special shareholders meeting held today in Newark, NJ, its shareholders have voted to approve amendments to Net2Phone's certificate of incorporation that are a precondition to the consummation of the AT&T-led (NYSE: T chart, msgs) consortium's proposed purchase of a 39 percent voting stake in Net2Phone, which was previously announced on March 31, 2000.
By approving the amendments, Net2Phone's shareholders have effectively strongly endorsed the proposed AT&T-led investment. The proposed amendments are the precondition to the investment received the necessary votes for approval.
"We look forward to working with Net2Phone in developing a new generation of communications services," said John Petrillo, AT&T executive vice president of strategy and business development. "Our goal is to develop new Internet voice applications for consumers and businesses."
Howie Balter, CEO of Net2Phone, said: "The opportunities for the relationship with AT&T are far reaching and we continue to see multiple business prospects for both companies on a regular basis. We appreciate the strong endorsement by our shareholders."
As announced on March 31, AT&T agreed that an AT&T-led group would purchase four million newly-issued Class A shares from Net2Phone at a price of $75 per share, subject to satisfaction of certain preconditions. In addition, AT&T agreed that the AT&T led group would purchase 14.9 million Class A Net2Phone shares from IDT Corporation (NASDAQ: IDTC chart, msgs), Net2Phone's controlling shareholder, for $75 per share upon satisfaction of certain preconditions. Upon closing these transactions, the AT&T led group would have a 39 percent voting stake and a 32 percent economic stake in Net2Phone for a total cash investment of approximately $1.4 billion.
Net2Phone management is currently working toward the objective of consummating the agreed-upon investment early in Net2Phone's next fiscal year, commencing in August.
Separately, the shareholders of Net2Phone approved an amendment to the Net2Phone, Inc. 1999 Amended and Restated Stock Option and Incentive Plan to increase the number of shares authorized for issuance from 11,040,000 to 14,940,000.
Net2Phone is a leading provider of voice-enhanced Internet communications services to individuals and businesses worldwide. Net2Phone enables people to place low-cost high quality calls from their computer, telephone, or fax machine to any telephone or fax machine in the world. Net2Phone develops and markets technology and services for IP voice and e-commerce solutions for the web and other IP networks. For more information about Net2Phone's products and services, please visit net2phone.com
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Microsoft, Net2Phone to offer free calls online
REDMOND, Wash., July 20 (Reuters) - Microsoft Corp (NASDAQ: MSFT) said early Thursday it entered a deal with Web telephony company Net2Phone Inc (NASDAQ: NTOP) to offer free phone calls to users of Microsoft's instant messenger service.
Financial terms of the deal were not released.
Net2Phone's computer-to-phone technology has been integrated directly into Microsoft's MSN Messenger, which allows users to send instant messages to other users and hold "conversations" online.
With the Net2Phone addition, users will need a sound card, microphone and speakers to also make calls while online.
Net2Phone is planning a similar service for Microsoft rival America Online (NYSE: AOL), the Wall Street Journal reported in Thursday's electronic edition. But the AOL-linked service would cost users one penny per call, the Journal said.
AOL and Net2Phone have been partners on other projects, including investing in electronic messaging company Webley Systems Inc in April. AOL currently holds a minority stake in Net2Phone.
Shares of Microsoft closed on Wednesday at 73-1/8, off a year high of 119-15/16 but up from a low of 60-3/8. AOL closed at 59-5/16, off a high of 95- but up from a low of 38-1/2.
Net2Phone shares ended at 38-3/8, up from a low of 15 but off a year high of 92-5/8.
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InfoSpace to offer Net financial access
By Deborah Adamson, CBS.MarketWatch.com
Last Update: 1:18 PM ET Jul 24, 2000 NewsWatch
Latest headlines
InfoSpace, a provider of infrastructure services for wireless devices, will launch a service enabling wireless customers to access their online bank accounts, bills, investments and other financial information over their cell phones or hand-held devices. Future versions of this service will allow consumers to make financial transactions such as bill payment and fund transfers among accounts. Separately, Infospace (INSP: news, msgs) also introduced a new product that lets consumers access personal and corporate e-mail accounts wirelessly, through one ID and password.
Net2Phone, Rhythms to offer cheap or free phone calls over DSL
Net2Phone, a company that offers low-cost or free phone calls over the Internet, is partnering with Rhythms NetConnections to enable calls over high-speed digital subscriber line, or DSL, connections. Rhythms (RTHM: news, msgs) is a wholesale DSL provider that provides its service to telecommunications companies, which in turn sells it to residential and business customers. The Net2Phone deal lets users make inexpensive or free phone calls over DSL -- it's free if the caller and recipient both have Net2Phone's IP device. The service is expected to debut in the fall. It's not the first such high-speed access agreement for Net2Phone (NTOP: news, msgs). Earlier this year, the company joined forces with Scientific-Atlanta (SFA: news, msgs) to offer Net phone calls over cable lines.
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InfoSpace to offer Net financial access
By Deborah Adamson, CBS.MarketWatch.com
Last Update: 1:18 PM ET Jul 24, 2000 NewsWatch
Latest headlines
InfoSpace, a provider of infrastructure services for wireless devices, will launch a service enabling wireless customers to access their online bank accounts, bills, investments and other financial information over their cell phones or hand-held devices. Future versions of this service will allow consumers to make financial transactions such as bill payment and fund transfers among accounts. Separately, Infospace (INSP: news, msgs) also introduced a new product that lets consumers access personal and corporate e-mail accounts wirelessly, through one ID and password.
Net2Phone, Rhythms to offer cheap or free phone calls over DSL
Net2Phone, a company that offers low-cost or free phone calls over the Internet, is partnering with Rhythms NetConnections to enable calls over high-speed digital subscriber line, or DSL, connections. Rhythms (RTHM: news, msgs) is a wholesale DSL provider that provides its service to telecommunications companies, which in turn sells it to residential and business customers. The Net2Phone deal lets users make inexpensive or free phone calls over DSL -- it's free if the caller and recipient both have Net2Phone's IP device. The service is expected to debut in the fall. It's not the first such high-speed access agreement for Net2Phone (NTOP: news, msgs). Earlier this year, the company joined forces with Scientific-Atlanta (SFA: news, msgs) to offer Net phone calls over cable lines. |
