BiznessOnline.com to Restructure Existing Debt With MCG Finanace Corporation.Business Editors WALL, N.J.--(BUSINESS WIRE)--Oct. 2, 2000 BiznessOnline.com (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BIZZ) today announced that it has reached agreement in principal with its senior lender, MCG mcg microgram. mcg abbr. microgram mcg microgram. mcg Microgram, see there; the preferred written abbreviation is µg Finance Corporation, to amend the terms of its existing $15 million credit facility. MCG has agreed to extend the time for compliance with certain (non-payment related) financial covenants from September 30, 2000 to March 31, 2001. As previously announced, the Company expected not to be in compliance with these covenants as of September 30, 2000 and had requested the extension granted by MCG. In addition, MCG has agreed repayment of principal under the loan will not commence until February 2002, extended from May 2001. Mark E. Munro, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BiznessOnline.com commented, "MCG is a strong strategic partner, and we value their commitment to our business plan during these difficult equity capital markets. This restructuring is a critical component of our plan to continue to raise additional investment capital, enhance service to our customers and to enhance shareholder value." MCG Finance Corporation MCG has originated over 200 transactions that have resulted in over $2.0 billion in loans since its inception. MCG has over 30 multi-disciplined professionals available to serve its customers in "New Economy" sectors of the Communication, Content and Information Technology industries. BiznessOnline.com BiznessOnline.com is one of the Northeast's leading integrated communications providers, and offers customers co-location, e-commerce development, Web design and hosting services, high-speed Internet See broadband. access and local/long distance telco services. Committed to satisfying the increasing Web and telecommunications needs of businesses, BiznessOnline.com provides bundled, advanced IP and essential telco services. Customers' secure broadband and Internet connections are served via BiznessOnline.com's state-of-the-art Internet Data Centers and fault-tolerant, fiber-optic backbone network A backbone network provides a path for the exchange of information between different LANs or subnetworks.[1] A backbone can tie together diverse networks in the same building, in different buildings in a campus environment, or over wide areas. , and are supported by the Company's 24x7 customer care and network monitoring The term network monitoring describes the use of a system that constantly monitors a computer network for slow or failing systems and that notifies the network administrator in case of outages via email, pager or other alarms. . BiznessOnline.com is focused on continuing to quickly build its regional presence in the Northeast and expanding its growing IP and telco network infrastructure. The Company can be found on the World Wide Web at www.biznessonline.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including but not limited to risks inherent to the Company's growth strategy, the ability to complete and integrate acquisitions, market demand for the Company's services and other factors affecting the highly competitive telecommunications and Internet industry. Please refer to BiznessOnline.com's reports from time to time filed with the Securities and Exchange Commission, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 30, 2000, for a further discussion of risk factors that may affect the Company's operating and financial results. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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