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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Mighty Mizzou who wrote (52335)	8/20/1998 12:09:00 PM
From: Mighty Mizzou	Read Replies (1) \| Respond to of 61433

ASND customers keep growing and growing and... PSINet to Acquire INET INC. Extending International Growth to Korea Country's Original Commercial Internet Service Provider, Adds Business Customers to PSINet Herndon, VA, August 20, 1998 - PSINet Inc. (NASDAQ: PSIX), the first and largest independent commercial Internet service provider (ISP), today announced plans to expand its Asia/Pacific presence with the acquisition of Inet, Inc. in the Republic of Korea. This purchase will make PSINet, already one of the largest commercial ISPs in the Asia-Pacific region, the fastest growing independent ISP serving over 40,000 businesses worldwide. Financial terms of the acquisition, which is expected to close in September, were not disclosed. "With the addition of Inet, PSINet continues to position itself as the premier global ISP for business and professional individual users. As the leading commercial provider in Korea, Inet will enhance our ability to service our ever-growing list of international bsiness customers with greater efficiency and at lower cost. This purchase positions PSINet in 12 of the top 20 telecommunications markets worldwide. By combining the operations of Inet with PSINet, both companies will be able to provide enhanced connectivity and application services for all customers," said William L. Schrader, PSINet Inc. chairman, president, and chief executive officer. Inet's subscribers will have immediate access to PSINet's full portfolio of dial-up and dedicated connectivity services and value-added applications such as electronic commerce, security services, Web hosting and multimedia, global roaming for remote access, enterprise intranet and extranet services, Internet faxing (InternetPaper), voice over the Internet (PSIVoice), and others. "We believe PSINet and Inet to be an excellent match, not only because of the similarities of our business approaches, but also in our shared vision for the future of this competitive industry," said Dr. Jin Ho Hur, Inet's founder, CEO and president. "We are confident that our combined offerings will enable our customers to realize the inherent value in our services on a much broader scale." (more) Founded in August 1994, Inet, Inc. is one of Korea's first commercial Internet service providers that provides a comprehensive range of Internet access options, applications, consulting services, and education programs for businesses and individual professionals. Inet also offers businesses additional services such as Web content development and hosting, intranet application development, and training. The company has experienced consistent strong growth in one of Asia/Pacific's most competitive and challenging market conditions.