BiznessOnline.com Announces Initial Public Offering.WALL, N.J.--(BUSINESS WIRE)--May 12, 1999-- BiznessOnline.com, Inc. today announced that its initial public offering of 2,900,000 shares of common stock has been priced at $10.00 per share. The initial public offering raised gross proceeds of $29 million. The shares began trading today on the Nasdaq National Market under the trading symbol Trading symbol See: Ticker symbol "BIZZ". The Company has granted the underwriters an option to purchase up to an additional 435,000 shares of common stock to cover over-allotments. BiznessOnline provides dial-up and private Internet access See how to access the Internet. , designs and hosts customer web sites, and offers related e-commerce services to individual and business subscribers through its subsidiary in Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. . At the closing of its initial public offering, BiznessOnline plans to consummate its agreements to acquire four additional Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. serving Connecticut and northeastern New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The managing underwriters Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. of the offering are Joseph Stevens & Company, Inc., Schneider Securities, Inc., Neidiger, Tucker, Bruner, Inc. and Royce Investment Group, Inc. A copy of the prospectus related to the offering may be obtained from Joseph Stevens & Company, Inc., 33 Maiden Lane, New York, NY 10038. A copy of the prospectus will be available for viewing at www.ipo.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. related to BiznessOnline's opportunities and future growth. Any or all of our forward-looking statements in this press release or in any other public statements we make may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including risks related to the Company's growth strategy, its ability to complete and integrate acquisitions; and other factors affecting the Company's prospects described in the Company's prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. The offering is made only by the prospectus. |
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