DSL.net Bid to Acquire NAS Network Assets, Customer Lines Selected Best and Highest in Auction Process.Business Editors NEW HAVEN, Conn.--(BUSINESS WIRE)--Nov. 27, 2002 DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary .net, Inc. (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 : DSLN), a leading nationwide provider of broadband communications services to businesses, today announced that its bid for network assets and associated subscriber lines of Network Access Solutions Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : NASC NASC Norwich Area Schools Consortium (UK) NASC Nottingham Arabidopsis Stock Centre NASC National Animal Supplement Council NASC North American Solar Challenge NASC Northwest Association of Schools and Colleges .OB) was selected by NAS (1) See network access server. (2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular and its creditors' committee creditors' committee A group of lenders who seek to protect their interests in connection with a borrower that experiences financial difficulties. as the best and highest bid during an auction held this week. The purchase price under DSL.net's final bid is $14 million, consisting of $9 million in cash and a $5 million note. Herndon, Va.-based broadband solutions provider NAS filed a voluntary petition for Chapter 11 reorganization in June 2002. "We are pleased that the debtors and the creditors' committee involved in the auction proceedings agreed that the DSL.net bid was the highest and best," said David F. Struwas, chairman and chief executive officer of DSL.net. "We firmly believe this acquisition will benefit NAS and its customers. In fact, NAS customers served by these network assets will not require any new installations or equipment changes, allowing for a seamless transition process." If the transaction is approved by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. at a scheduled December 30, 2002, hearing and the other closing conditions are satisfied, DSL.net expects to close this transaction promptly after receiving such court approval. Until such time, the related customers will continue to receive service and billing from NAS. About DSL.net Based in New Haven, Conn., DSL.net, Inc. combines its own DSL facilities, nationwide network infrastructure, and Tier I Internet Service Provider 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. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) capabilities to provide high-speed Internet access and value-added services directly to small- and medium-sized businesses throughout the United States. A certified CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) throughout the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. -- including Washington, D.C. -- and Puerto Rico, DSL.net sells to businesses, primarily through its own direct sales channel. DSL.net augments its direct sales strategy through select system integrators, application service providers and marketing partners. In addition to a number of high-performance, high-speed Internet connectivity solutions specifically designed for business, DSL.net product offerings include Web hosting, DNS (Domain Name System) A system for converting host names and domain names into IP addresses on the Internet or on local networks that use the TCP/IP protocol. For example, when a Web site address is given to the DNS either by typing a URL in a browser or behind the management, enhanced e-mail, online data backup and recovery services, firewalls, virtual private networks and nationwide dial-up services. For more information on DSL.net, visit www.dsl.net, e-mail info@dsl.net, or call 1-877-DSL-NET1 (1-877- 375-6381). This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, including, without limitation, those regarding the completion of the acquisition of the NAS network assets and subscriber lines, and the integration of the NAS assets with DSL.net's assets, are subject to a variety of risks and uncertainties, many of which are beyond DSL.net's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, (i) the completion of the acquisition of the NAS assets, and if completed, the successful integration of those assets into DSL.net, (ii) DSL.net's ability to realize the revenue, earnings and synergies anticipated from the acquisition of the NAS assets, (iii) market demand for DSL.net's products and services, (iv) DSL.net's ability to recruit and retain qualified personnel and manage the growth of its business, (v) competition and (vi) regulatory, legislative and judicial developments, all of which could adversely affect the way DSL.net operates its business. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. DSL.net undertakes no obligation, and disclaims any obligation, to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional information regarding these and other risks faced by DSL.net, see the disclosure contained under "Risk Factors" in DSL.net's Annual Report on Form 10-K for the year ended December 31, 2001, which has been filed with the Securities and Exchange Commission. DSL.net is a trademark of DSL.net, Inc. Other company names may be trademarks of their respective owners. |
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