Clearnet Communications Inc. Announces Year Ended December 31, 1996 Results Closes Acquistion of Mobilair Communications.PICKERING Pick·er·ing , Edward Charles 1846-1919. American astronomer noted for his work on stellar photometry. His brother William Henry Pickering , Ontario--(BUSINESS WIRE)--March 4, 1997--CLEARNET COMMUNICATI (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME NET.A., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on CLNTF.) Clearnet Clearnet may refer to:
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12 Months Ended 12 Months Ended
Dec 31, 1996 Dec 31, 1995
-----------------------------------------------------
(audited) (unaudited)
Revenue $38,762,000 $ 32,137,000
EBITDA (39,210,000) (8,859,000)
Net Loss Before
Income Taxes (73,600,000) (16,055,000)
Net Loss for the
Period (74,812,000) (17,131,000)
Loss per Share
under Cdn. GAAP (2.07) (0.62)
Loss per Share
under U.S. GAAP (2.11) (0.65)
Capital Expenditures 124,569,000 126,947,000
Total Subscribers 59,302 54,628
-0- For the twelve months ended December December: see month. 31, 1996, revenue increased 20.6 percent to $38.8 million from $32.1 million in the same period in the prior year. For the twelve months ended December 31, 1996, there was a net loss of $74.8 million as compared to a net loss of $17.1 million in the same period in the prior year. The increase in net loss in the twelve months ended December 31, 1996 resulted primarily from an increase in selling, general, and administration expenses and increases in depreciation and amortization expenses. Loss per share for the twelve months ended December 31, 1996 was $2.07 as compared to a loss per share of $0.62 for the same period one year earlier. The average number of Class A share equivalents outstanding in the twelve months ended December 31, 1996 was 36,225,000 versus 27,560,000 for the twelve months ended one year earlier. In the 1995 annual report, Clearnet projected negative operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. before cash interest income or expense for 1996 of $50 million and capital expenditures of $225 million. Actual results for 1996 were negative operating cash flow before cash interest income or expense of $44 million and capital expenditures of $125 million. Capital expenditures were lower than projected primarily because of PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. expenditures being deferred to the first quarter of 1997 and therefore the difference is considered to be one of timing and not permanent in nature. CORPORATE DEVELOPMENTS Mobilair Acquisition Closes - On February February: see month. 28, 1997, Clearnet closed the acquisition (previously announced on February 5th) of the wireless communication business of Autostock Inc. known as the Mobilair Communications division for a purchase price of $19.8 million payable substantially in cash. Mobilair operates entirely in the province of Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. . Mobilair is believed to be the largest distributor of wireless two-way radio A voice network that provides an always-on connection enabling the user to just "push the button and talk." Also called "dispatch radio," two-way radio has traditionally been used by police, fire, taxi and other mobile fleets. product in Quebec with 14 sales and service outlets and over 130 employees, substantially all of whom were offered employment with Clearnet. Mobilair also provides wireless dispatch A dispatch or dispatches can refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 100 transmission sites utilizing over 300 radio channels (including 3.5 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. in Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. ) to approximately 10,000 subscribers. Mobilair is also an integration specialist in the field of mobility and public safety. Mobilair has annual combined revenue of approximately $18 million. Consent to Amendment of Senior Discount Notes Obtained - In February 1997, Clearnet announced that it had received the required consents from its noteholders to permit its wholly- owned subsidiary, Clearnet PCS Inc. ("CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I "), to borrow under certain vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. arrangements which have been arranged to enable CPI to construct and operate its new PCS network. As a result of the amendments, Clearnet has the necessary flexibility to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. the Lucent vendor financing as well as other financing arrangements necessary to fund the Company's future debt requirements. Fall 1997 Move to New Head Office Facility - In January January: see month. 1997, Clearnet announced that in the fall of 1997 it will consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. its fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive national headquarters into a single 220,000 square-foot operation in the Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Scarborough Scarborough, town (1991 pop. 36,665) and district, North Yorkshire, NE England, on the North Sea. The town, primarily a resort, is also an important conference and retirement center. The area was recognized at an early time for its strategic location. . Clearnet has entered into a 10 year lease for the space in Scarborough's prestigious Consilium CONSILIUM, or dies consilii, practice. A time allowed for the accused to make his defence, and now more commonly used for a day appointed to argue a demurrer. In civil cases, it is a special day appointed for the purpose of hearing an argument. Jer. Eq. Jur. 296; 4 Bouv. Inst. n. 3753. Place office complex. The deal represents an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $45 million commitment over the entire lease term. The new space is more than four times the size of Clearnet's existing Pickering head-office space and will allow the wireless-communications company to consolidate employees from four Toronto-area locations into the facility at 200 Consilium Place. PCS Supply Contract and Credit Facility Signed - In December 1996, Clearnet announced that it had entered into binding contracts for the purchase and financing of CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. (Code Division Multiple Access) PCS (Personal Communications Services See PCS. ) infrastructure and subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. equipment from Lucent Technologies Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Inc. ("Lucent"). Clearnet's credit facility with a Lucent affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. provides for Cdn. $475 million in financing (the "Lucent Credit Facility"). It is believed to be the largest wireless equipment supply arrangement and financing ever in Canada. Including the Lucent Credit Facility, Clearnet has now raised over $1.1 billion in financing for the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. and implementation of the Company's MiKETM and PCS networks since completing its initial public offering in October October: see month. 1994. Clearnet does not expect any material cash interest payments on any debt obligations to be required until after the completion of the build-out and commercialization of both its MiKETM and PCS digital networks. Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Results Clearnet's financial results reflect (i) the construction, initial operation and expansion of the MiKE network which was launched in October 1996; (ii) the construction of the PCS digital network since Clearnet was awarded one of two national 30 MHz PCS licences for Canada in December 1995; (iii) the operation of the Company's analogue Specialized Mobile Radio ("SMR") network business; and (iv) the operation of mobile equipment sales, rental and service dealerships known as the Clearnet Communications Business Centres. Accordingly, Clearnet's financial results are not necessarily indicative of future operational performance, given the Company's strategy which entails the construction and operation of the Company's MiKE and PCS networks and the expected resulting significant future expansion of the Company's subscriber base. MiKE services are directed at the commercial market place, particularly the dispatch and integrated markets (two or more of enhanced dispatch (group calling), mobile telephone, text messaging Sending short messages to a smartphone, pager, PDA or other handheld device. Text messaging implies sending short messages generally no more than a couple of hundred characters in length. with acknowledgment acknowledgment, in law, formal declaration or admission by a person who executed an instrument (e.g., a will or a deed) that the instrument is his. The acknowledgment is made before a court, a notary public, or any other authorized person. (paging) and mobile data services). PCS is intended to be directed at the consumer market for mobile telephone and other wireless services on a national basis. As previously announced, Clearnet changed its fiscal year end to December 31 from April 30 effective December 31, 1995. Accordingly, Clearnet is reporting its audited financial results for the twelve months ended December 31, 1996 and, for comparison purposes, unaudited results for the twelve months ended December 31, 1995 are also provided. Revenue increased 20.6 percent to $38.8 million for the twelve months ended December 31, 1996 from $32.1 million in the twelve months ended December 31, 1995. Network revenue increased by $0.8 million or 5.3 percent primarily due to the MiKE digital network launch in October 1996 which had 5,065 subscribers at December 31, 1996. The average revenue per subscriber unit A Subscriber Unit, or SU is a broadband radio that is installed at a business or residential location to connect to an Access Point to send/receive high speed data wired or wirelessly. Devices commonly referred to as a Subscriber Unit include cable modems, mobile phones, etc. ("ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. ") for MiKE was $45.08 since its commercial launch in October 1996. Clearnet expects MiKE ARPU to increase in 1997 as the proportion of higher yielding client units to dealer units increases. Analogue subscribers remained relatively unchanged at December 31, 1996 from December 31, 1995 at 54,237 and 54,628, respectively. The average ARPU for analogue for the year ended December 31, 1996 was $23.41 representing a 6.7 percent increase as compared to $21.94 for the twelve month period ended December 31, 1995. Equipment sales, rental and service sales increased 33.7 percent to $23.1 million in the twelve month period ended December 31, 1996 as compared to $17.3 million in the twelve month period ended December 31, 1995. Equipment sales increased over the prior year due to MiKE subscriber unit sales for the last three months of 1996 since the MiKE commercial launch and two new dealerships that were acquired in the second half of fiscal 1995. The analogue "churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period. (2) The percentage of employees who leave the company during a certain time period. See churning. " (number of subscriber units disconnected divided by the average number of units on the network) increased slightly during the twelve month period ended December 31, 1996 to 1.63 percent per month from 1.5 percent per month for the twelve month period ended December 31, 1995. The churn rate for the MiKE digital network since its commercial launch was 1.25 percent per month for the three months ending December 31, 1996. Earnings before interest, taxes, depreciation, amortization and other ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ") was negative $39.2 million or negative 101.2 percent of revenue and negative $8.9 million or negative 27.6 percent of revenue for the twelve month periods ended December 31, 1996 and 1995, respectively. Clearnet currently expenses subscriber acquisition costs as incurred. General marketing expenses, training costs, subscriber acquisition costs and increased employee levels especially in the retail distribution area were significantly higher in the twelve month period ended December 31, 1996 with the MiKE network commercial launch in October 1996. Operating, selling, general and administrative expenses increased by $37.0 million over the comparable period in the prior year. As at December 31, 1996, Clearnet had 680 employees, compared with 375 employees as at December 31, 1995. Increases in operating, selling, general and administrative expenses are consistent with the Company's business plan and are expected to continue during the construction and initial operation of the Company's MiKE and PCS networks and the expected resulting significant future expansion of the Company's subscriber base. Accordingly, overhead costs overhead costs see fixed costs. are expected to continue to increase faster than revenues until sometime after the initiation initiation, the transition and attendant ceremonies, such as ordeals and rites, involved in passing from one state or status to another, often from childhood to adulthood. It was among the most important social institutions of early humans. of commercial service of the PCS digital wireless network. Clearnet generated an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $66.5 million and $16.2 million for the twelve month periods ended December 31, 1996 and 1995, respectively. Clearnet expects that it will incur net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. over the next several years in connection with the expansion of the MiKE network, the build-out and launch of the PCS network and the expected resulting expansion of the subscriber base. Losses before taxes and minority interest of $73.6 million for the twelve month period ended December 31, 1996 increased from a loss before taxes and minority interest of $16.1 million for the comparable period one year earlier. The increase in net losses of $74.8 million from $17.1 million for the twelve months ended December 31, 1996 and 1995, respectively, is due mainly to the increase in operating losses, interest expenses and depreciation and amortization expenses. The loss per share for the period ended December 31, 1996 was $2.07 as compared to the net loss per share of $0.62 per share for the comparable period ended December 31, 1995. The average Class A non-voting non-voting adj non-voting shares → azioni fpl senza diritto di voto shares outstanding was 36,225,000 and 27,560,000 for the periods ended December 31, 1996 and 1995, respectively. In addition, as at December 31, 1996 there were 2,706,000 options outstanding as well as 1,211,000 warrants, which when exercised would entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holders thereof to acquire 1,211,000 Class A Non-Voting Shares. The increase in the average number of shares outstanding was principally a result of the May 1996 issuance of 9.2 million Class A Non-Voting shares. Clearnet used $25.3 million in cash from operating activities during the twelve month period ended December 31, 1996, as compared to $5.8 million during the same period one year earlier. The $25.3 million in cash used in operating activities during the twelve month period ended December 31, 1996 resulted primarily from negative EBITDA of $39.2 million and a net increase in operating assets Operating Assets Another term for working capital. $4.5 million offset by investment income of approximately $19.0 million. Cash used in investing activities was $126.3 million and consisted primarily of $94.1 million in digital network equipment and assets under development and $18.1 million in computer hardware and software. Assets under development include all labour, material, transmission and related equipment, engineering, site development, building and other costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the construction and development of Clearnet's MiKE and PCS networks. Cash provided by financing activities of $226.7 million for the twelve month period ended December 31, 1996 was primarily generated from the 9,200,000 million Class A non-voting share offering in May 1996. Proceeds from the issuance of the shares amounted to $226.4 million, net of $12.7 million in share issue costs. As a result of the above, cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments increased during the period by $75.2 million to $347.5 million at December 31, 1996. Clearnet has made capital expenditures relating to its MiKE and PCS networks of approximately $244 million up to December 31, 1996. The Company expects significant future capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. (capital expenditures and negative operating cash flow) over the next several years in relation to the construction and initial operation of the Company's digital wireless networks and as a result of an expected significant future expansion of the Company's subscriber base. As a result of the $475 million in vendor financing for PCS equipment and services in conjunction with the Company's current amount of cash and short-term investments, Clearnet has pre-funded its $520 million capital expenditure program announced for 1997. Additional financing will be required subsequent to 1997 for Clearnet to complete its business plan and there is no assurance that such financing will be available or if available, that the terms thereof will be attractive to the Company. For a more complete description of Clearnet's financial position, see Clearnet's audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . -0-
CLEARNET COMMUNICATIONS INC.
CONSOLIDATED BALANCE SHEETS
[in thousands of Canadian dollars]
As at December 31
1996 1995
$ $
---------------------------------------------------------------
ASSETS
Current assets
Cash and short-term
investments 347,506 272,349
Trade accounts receivable
[net of allowance of
$503 at December 31,
1996 and $355 at
December 31, 1995] 14,531 6,560
Prepaid expenses 3,959 4,487
Inventories 16,440 4,320
Total current assets 382,436 287,716
Capital assets, net 252,313 134,300
Intangible and other assets 168,787 177,311
---------------------------------------------------------------
803,536 599,327
---------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities 83,922 71,638
Deferred revenue 97 130
---------------------------------------------------------------
Total current liabilities 84,019 71,768
---------------------------------------------------------------
Long-term debt 280,987 239,327
Deferred revenue 386 554
Deferred foreign exchange 1,027 2,698
---------------------------------------------------------------
Total liabilities 366,419 314,347
---------------------------------------------------------------
Commitments
Shareholders' equity
Capital 532,228 305,279
Deficit (95,155) (20,343)
Contributed surplus 44 44
---------------------------------------------------------------
Total shareholders' equity 437,117 284,980
---------------------------------------------------------------
803,536 599,327
---------------------------------------------------------------
CLEARNET COMMUNICATIONS INC.
CONSOLIDATED STATEMENTS OF INCOME
[in thousands of Canadian dollars, except share and per share
data]
Eight month
Year ended period ended Years ended
December 31, December 31, April 30,
---------------------------------------------------------------
1996 1995 1995 1994
$ $ $ $
---------------------------------------------------------------
REVENUE
Network 15,639 9,590 10,323 5,815
Equipment sales,
rental and
service 23,123 12,418 14,757 12,104
---------------------------------------------------------------
38,762 22,008 25,080 17,919
---------------------------------------------------------------
Operating,
selling,
general and
administration
expenses 77,972 28,812 26,370 15,856
---------------------------------------------------------------
Operating
income (loss)
before depre-
ciation
and
amortiza-
tion (39,210) (6,804) (1,290) 2,063
Depreciation
and amort-
ization 27,244 5,322 4,077 1,851
---------------------------------------------------------------
Operating
income
(loss) (66,454) (12,126) (5,367) 212
Foreign
exchange
gain (loss) 932 (3,002) 449 -
Interest income
(expense) (8,078) 2,259 3,205 (257)
---------------------------------------------------------------
Loss before
income
taxes (73,600) (12,869) (1,713) (45)
Income tax
provision 1,212 251 1,571 46
Loss before
minority
interest (74,812) (13,120) (3,284) (91)
Minority
interest - - 177 114
---------------------------------------------------------------
Net income
(loss) for
the
period (74,812) (13,120) (3,107) 23
---------------------------------------------------------------
Net income
(loss)
per share (2.07) (0.43) (0.17) 0.01
---------------------------------------------------------------
Average number of
Class A
equivalent
shares
outstanding during
the period
[in
thousands] 36,225 30,734 18,039 3,956
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CLEARNET COMMUNICATIONS INC.
CONSOLIDATED STATEMENTS OF DEFICIT
[in thousands of Canadian dollars]
Eight month
Year ended period ended Years ended
December 31, December 31, April 30,
---------------------------------------------------------------
1996 1995 1995 1994
$ $ $ $
---------------------------------------------------------------
Deficit,
beginning
of period (20,343) (7,223) (3,185) (5,020)
Net income
(loss) for
the period (74,812) (13,120) (3,107) 23
Contributed
surplus - - - 1,812
Cumulative
minority
interest
share of
losses - - (541) -
Dividends
paid - - (520) -
Dividend tax
refund - - 130 -
---------------------------------------------------------------
Deficit, end
of period (95,155) (20,343) (7,223) (3,185)
---------------------------------------------------------------
CLEARNET COMMUNICATIONS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
[in thousands of Canadian dollars]
Eight month
Year ended period ended Years ended
December 31, December 31, April 30,
---------------------------------------------------------------
1996 1995 1995 1994
$ $ $ $
---------------------------------------------------------------
OPERATING ACTIVITIES
Net income
(loss) for
the period (74,812) (13,120) (3,107) 23
Adjustments to
reconcile
net income
(loss) to cash
provided by
(used for)
operating
activities
Gain on sale
of capital
assets - (9) (107) (57)
Depreciation
and amorti-
zation 27,244 5,322 4,077 1,851
Change in
minority
interest - - (177) (114)
Accreted
interest on
long-term
debt 26,837 1,430 - -
--------------------------------------------------------------
Funds provided
by (used in)
operating
activities (20,731) (6,377) 686 1,703
Decrease
(increase)
in non-cash
working
capital (4,525) 3,329 562 (1,961)
--------------------------------------------------------------
Cash provided
by (used in)
operating
activities (25,256) (3,048) 1,248 (258)
---------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds from
issuance of
senior discount
notes and
warrants, net
of issue costs - 237,733 - -
Increase (decrease)
in accounts
payable for
capital assets (5,087) 58,242 - -
Proceeds from
issuance of
shares, net
of share issue
costs 226,949 752 294,525 -
Redemption of
convertible
preferred
shares - - (9,200) -
Dividends paid,
net of dividend
tax refund - - (390) -
Return of
paid-up capital - - (6,723) -
Deferred tax
effect of
share issuance
cost - - 985 -
Increase
(decrease) in
minority
interest
investment - - (5,999) 1,535
Issue (repayment)
of long-term
debt 4,880 (207) (2,242) (317)
Increase (decrease)
in bank
indebtedness - - (191) 191
---------------------------------------------------------------
Cash provided
by financing
activities 226,742 296,520 270,765 1,409
---------------------------------------------------------------
INVESTING ACTIVITIES
Acquisition of
capital assets (124,569) (114,008) (14,684) (2,245)
Acquisition of
intangible and
other assets (425) (247) (1,392) (3,101)
Business
acquisitions (1,335) (800) (164,546) -
Contributed
surplus - - 44 -
---------------------------------------------------------------
Cash used in
investing
activities (126,329) (115,055) (180,578) (5,346)
---------------------------------------------------------------
Net increase
(decrease)
in cash during
the period 75,157 178,417 91,435 (4,195)
Cash and
short-term
investments,
beginning of
period 272,349 93,932 2,497 6,692
---------------------------------------------------------------
Cash and
short-term
investments,
end of period 347,506 272,349 93,932 2,497
---------------------------------------------------------------
-0- CONTACT: Clearnet Communications Inc. Vincent Surette, 905/ 837-3041 investorrelations@clearnet.com(Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ) |
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