DSL.net Closes on Acquisition of Network Assets and Customer Lines of Network Access Solutions.Business Editors NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn.--(BUSINESS WIRE)--Jan. 13, 2003 Deal Expected to Increase Company's Monthly Revenue and Subscriber Lines by Approximately 50% While Doubling Network Points of Presence 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 it has completed its acquisition of network assets and associated subscriber lines of Herndon, Va.-based 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). "This acquisition represents a major milestone for DSL.net by further improving our already strong position as a national broadband service provider An ISP, telephone company, cable company or other carrier that offers high-speed communications to homes and businesses, typically for Internet access. Cable modems, DSL and T1 lines are the common technologies. See broadband, cable modem, DSL and T1. with a significant concentration of network assets in the densest region for data communications traffic in the United States," said David F. Struwas, chairman and chief executive officer of DSL.net. "As a result of this transaction, we expect that both our monthly revenue and current subscriber lines will increase by approximately 50 percent. In addition, we have more than doubled our network points of presence and increased our ability to drive new sales onto our network." The acquired network extends from Virginia to Massachusetts and includes more than 300 central offices in major metropolitan areas. Struwas said the acquired network assets complement DSL.net's existing network, which is primarily located in second-tier cities. He reiterated that the thousands of customers currently serviced by the acquired network assets should experience a seamless transition since no new installations or equipment changes are required. The DSL.net bid of $14 million - consisting of $9 million in cash and a $5 million note - was recently approved by the U.S. 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. for the District of Delaware following an auction of the 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 network assets and associated subscriber lines. NAS had filed for Chapter 11 reorganization in June 2002. 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) in all 50 states, plus 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 businesses, 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 integration of the acquired NAS network assets and subscriber lines into DSL.net and the effect of those assets and subscriber lines on DSL.net's operating results, 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) successful integration of the acquired NAS assets and subscriber lines into DSL.net, (ii) DSL.net's ability to realize the revenue, earnings, cash flows 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 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. 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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