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INTERJET NET CORP (OTC BB: IJNT)
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News August 11, 13:24 Eastern Time <Picture: News Provided by Comtex>HOUSTON (Aug. 10) BUSINESS WIRE -Aug. 10, 1998--InterJetNet Corporation (OTC BB:IJNT) announced today that it has acquired the web development business and certain proprietary technologies from The Cedro Group, Inc. This is the fifth acquisition InterJetNet has made since January, following last week's acquisition of Man, Rabbit, House Multimedia, Inc.
The Cedro Group is a leading e-commerce and web development firm that designs websites primarily for sporting good manufacturers. The company has developed sites for over 50 sporting good companies, including Spalding, Nordic Track, Oakley, Mizuno, and Diamondback Bicycles.
"Through the acquisition of The Cedro Group's web development business, we have gained an invaluable customer base of over 50 top name sporting good companies along with a number of unique proprietary technologies," said Robert Santore, creative director of the web development division at IJNT. "As a result of last week's Man, Rabbit, House acquisition, we now have the tools and creative personnel to design premier websites for our new clients. This is an ideal opportunity for our web development team to present our superior skills to some very high-profile companies.
"We are thrilled to announce this latest acquisition and expect IJNT's revenues to soar as we also introduce our high-speed wireless capabilities to our new clients," added Santore.
In addition to an extensive client base, IJNT has acquired a number of proprietary web technologies including software that generates maps, a web postcard program, a dealer search, and e-commerce solutions. These technologies enable IJNT to provide highly specialized web and hosting services to its clients.
The Cedro Group sold its web development business to pursue e-commerce through its recently developed SportsSite.com. Brett Allsop, chief executive officer and co-founder of The Cedro Group, said, "By selling our web development business to IJNT, we feel confident that our former clients will continue receiving the highest quality web design services.
"We will work closely with IJNT's web development team to ensure a seamless transition while our merchandising team concentrates on the development of an Internet retailing campaign for SportSite.com."
The acquisition of The Cedro Group's web development business follows last week's acquisition of Man, Rabbit, House Multimedia, a website development firm. This transaction is the fifth in a string of acquisitions which began in January of this year, reflecting IJNT's commitment to its aggressive acquisition campaign.
IJNT first acquired Access Communications, a Houston-based Internet service provider, expanding its customer base 1,000%. In June, IJNT acquired Debit, Inc., a national website development firm, as well as a customer base from Internet Solutions, LL. With the recent letter of intent to acquire Visual Numeric, Inc., which grossed $23 million in revenues in 1997, IJNT is poised for even more dramatic growth.
InterJetNet Corporation provides high speed internet access and service to homes and businesses without the use of phone lines. InterJetNet's subscriber base is rapidly growing and expected to exceed 10,000 by the end of 1998 as the Company expands into markets worldwide. The Company's rapid growth is the result of aggressive marketing and sales, internal development, acquisitions, and strategic alliances. InterJetNet is currently in the process of changing its name to IJNT International.
This press release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties detailed from time to time in the Company's periodic reports, including Quarterly Reports on Form 10-Q and Annual Reports on 10-K. This and additional information can be found on the Company's web site at www.interjetnet.net or can be obtained from the Company upon request.
For further updates and a current corporate profile, see www.otcfn.com/ijnt or www.interjetnet.com.
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CONTACT: OTC Financial Network InterJetNet Corp.
Geoffrey Eiten Ronald Leland
800-683-5227/ 760-931-9211 949/723-2183
ike@otcfn.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
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