Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : WorldGate Communications, Inc. (WGAT) -- Ignore unavailable to you. Want to Upgrade?

To: Stormweaver who wrote (56)	4/16/1999 10:45:00 AM
From: John F Beule	Read Replies (1) \| Respond to of 589

WorldGate More Than Doubles in 2 Days After Initial Share Sale Bensalem, Pennsylvania, April 16 (Bloomberg) -- Shares of WorldGate Communications Inc., which provides high speed Internet access to cable-television subscribers, surged as much as 33 percent, more than doubling in its second day of trading. WorldGate rose 8 to 42 in midmorning trading. The suburban Philadelphia based-company sold 5 million shares to the public yesterday at $21 each, its initial stock sale. WorldGate's access service works through set-top boxes connected to a cable television service, providing access to the Internet at speeds as much as 500 times that of standard dial-up modems. Cable operators buy WorldGate's equipment and pay a monthly fee for each subscriber using the company's Internet access service. The company began operations in March 1995. It had revenue of $1 million last year and a loss of $27 million. In 1997, it had a loss of $14 million on revenue of $141,000. General Instrument and Scientific-Atlanta Inc., the two leading suppliers of set-top boxes, both hold stock in Bensalem, Pennsylvania-based WorldGate. WorldGate has multi-year agreements with six operators of cable televisions systems, which collectively have about 2.7 million subscribers. As of March 29, some 2,645 homes subscribed to WorldGate. Apr/16/1999 10:26 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P. Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1999 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.