To: Patricia Meaney who wrote (63829 ) 9/22/2000 7:22:26 AM From: Taki Read Replies (1) | Respond to of 150070 QNET Looks for Funding – Business is too Good By Jack Burney Published by OTCNN.com 09/21/2000 09:12 AM EST Quest Net Corp. (OTCBB: QNET) is looking for funds because business is too good. It equipped two more Miami buildings for wireless service last month and had 11 more buildings sold and ready for installation. Tenants in these buildings will have access to local and LD phone and high-speed Internet service, delivered by wireless transceivers, from subsidiary Questel Corp. The company says that as soon as the equipment purchases are approved by the leasing companies, it is promptly installed. But in order to keep up with current sales and operations, QNET needs additional funding. QNET is looking into private funding as well as commercial loans. The company’s president claims that the return on investment for the wireless equipment is relatively short – around 5 months – and that QNET’s installation crews can equip one to two buildings per week, with each completed building yielding an average of 30 customers. Questel operates under the Questel Wireless trademark. It offers tenants basic telephone service, also known as local dial tone, Long Distance calling, and high-speed Internet services, delivered to commercial buildings via wireless transceivers. QNET’s stock peaked in late April at $1.1875, but fell sharply and has been bouncing up and down between $0.07 and $0.12 on relatively good volume. It reaches, but gravity always seems to bring it down. The stock closed Tuesday at $0.0781. Shortage of funding is not a new problem for Quest Net. Only last May, QNET’s board of directors voted to spin-off subsidiary GlobalBot Corp. to Quest's shareholders of record as of May 1, 2000, subject to certain contingencies, including the filing of the company's Form 10-Q. The spin-off is schedule sometime this month. The spin-off awaits registration of GlobalBot common stock and QNET must provide its shareholders of with an information statement. Since QNET does not have the resources available to operate, fund, and grow GlobalBot to its full potential, the spin-off would be in the best interests of the company, GlobalBot and the shareholders, the Board said. The spin-off would allow management to concentrate on its core business, and enhance GlobalBot's access to financing. Based in Pembroke Park, Fla., Quest Net is a regional wireless CLEC and wireless Internet Service Provider, with wireless connection speeds of up to 24Mb over a distance of 40 miles and 90Mb for distances up to 15 miles. It also provides local Internet Dial-Up for 56K and ISDN modems, nationwide roaming, Web hosting, secure servers, e-commerce solutions, and collocation.