Digital Data Networks signs letter of intent to acquire Advanced Communication & Information Services.DALLAS--(BUSINESS WIRE)--Feb. 12, 1997--Digital Data Networks Inc. (DDN (Defense Data Network) An Internet-based global communications network created by the U.S. Department of Defense. In April 1996, users were moved to the more modern Defense Information Systems Network (DISN) made up of NIPRnet (Non-classified IP Router Network) and ) (Nasdaq SmallCap Market: DIDA DIDA Diploma in Digital Application DIDA Dynamic Interactive Decision Analysis DIDA Detection, Identification & Assessment (FEMA) , DIDAW) announced today that it has signed a letter of intent to acquire McLean, Va.-based Advanced Communication and Information Services See Information Systems. Inc. (ACIS). This letter of intent is subject to shareholder approval by both companies. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Donald B. Scott, chairman and chief executive officer of DDN, the purchase transaction will be a combination of cash and stock, and is anticipated to be valued at approximately $30 million. Scott said ACIS had revenues of $3 million in 1995, $9 million in 1996, and ACIS projects revenue in 1997 will exceed $25 million. Through its wholly-owned subsidiaries, ACIS provides a comprehensive array of digital communication and information services to business and government organizations. Its e>Connect division is Canada's leading value-added data networking provider. The company's SmartBuilding(TM) service delivers to tenants of a specific building, Internet access See how to access the Internet. , virtual private networks for LAN/WAN LAN/WAN Local Area Network/Wide Area Network communications, video on demand, and desktop video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. , all at very high speeds. With points-of-presence in nine cities throughout North America and with over 70 SmartBuildings(TM) already in place, e>Connect anticipates bringing the number of SmartBuildings(TM) to over 200 by the end of 1997. Companies using the SmartBuilding(TM) systems include major banks and financial institutions such as the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , Nesbitt Burns and Midland Walwyn; natural resource companies such as Gulf Canada Resources; and high-technology companies such as Netscape Communications Canada and Seagate Technology. ACIS's wireless division, TD Communications, engineers and deploys communication systems for voice and data traffic for WANs using fiber optic, satellite, microwave, cellular and radio technologies integrated with LANs. Since 1961, the company has been supplying these advanced wireless networking solutions to oil and gas companies such as Shell Canada and Westspur Pipeline Company, and others such as Canadian Broadcast Corp. and Nortel. "With the SmartBuilding(TM) having been proven in Canada, and with the first SmartBuilding(TM) in place in Washington, D.C. at the National Press Building, Digital Data Networks is excited to be driving the aggressive expansion into additional SmartBuildings(TM), both in the U.S. and Canada," said Scott. Digital Data Networks provides high-speed Internet access services for corporations, and also corporate Web page design, among other Internet-related services. CONTACT: Digital Data Networks Inc., Dallas Rick Boeglin, 214/969-7200 or Martin E. Janis & Company Inc. Hal Schweig, 312/943-1100 |
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