DENVER, June 13 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
Web solutions/e-commerce and connectivity company, announced today that it has
acquired ImageNet, Inc., a Web hosting and Internet access provider based in
Loveland, Colo., subject to the completion of certain conditions. ImageNet is
a profitable company serving key Colorado resort communities, including Vail,
Aspen, and Breckenridge/Keystone.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
"We are delighted to welcome ImageNet's customers to RMI," said Douglas H.
Hanson, RMI.NET Chairman and CEO, "and we look forward to offering them our
WARP WIRE(SM) digital subscriber line (DSL) service and suite of Web solutions
and e-commerce products. Our goal is to help businesses in these fast-growing
communities design and implement successful Internet strategies, and the
acquisition of ImageNet gives us a head-start in meeting that objective."
In keeping with RMI's stated objective of reaching EBITDA neutrality by
December 2000, ImageNet is a profitable business.
Hanson added, "We have identified key synergies that will improve the
company's performance in the coming months."
ImageNet has approximately 5,000 customers and $1 million in annualized
revenues. The company, in business since 1996, offers Web hosting and
dedicated and dial-up Internet access service. It serves the Interstate 70
corridor from Denver west to Grand Junction, plus the northern Front Range and
Winter Park areas.
"I am excited that ImageNet will become part of RMI.NET, as it will allow
us to offer better and more reliable service to our customers," said Neal
Bronsert, president of ImageNet. "RMI's national backbone, secure data
center, robust DSL solution, and 24-hour technical support will all benefit
our customers."
Bronsert will remain with RMI.NET.
About RMI.NET
Denver-based RMI.NET, Inc., formerly Rocky Mountain Internet, is a
national Web solution/e-commerce and connectivity company focusing on
solutions for small and medium-sized businesses. The company specializes in
e-business applications; Web solutions, including design, hosting and
marketing; and high-speed Internet access, including digital subscriber line
(DSL). RMI.NET has an annualized revenue run rate of more than $50 million
and more than 100,000 nationwide customers. The company wholly owns a
proprietary portal site and search engine, Infohiway, at http://www.infohiway.com.
For more information, call (800) 411-6066, or visit RMI.NET's web site at
http://www.rmi.net.
This press release may contain forward-looking statements within the scope
of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Although the company believes these statements are based on reasonable
assumptions, it can give no assurance that its goals will be achieved.
Differences between assumed facts and actual results can be material depending
on the circumstances and investors should be aware of the important factors
and risks that could have a material impact on future results, including but
not limited to, the company's inability to increase revenue though organic
growth in the amounts or during the time period projected, the company's
failure to successfully reduce carrier costs, vendor costs, and SG&A expenses
as quickly and efficiently as planned, and the company's inability to raise
additional funding for working capital needs in the future. Please refer to
the company's cautionary statements section of RMI.NET's Form 10-K, dated
December 31, 1999, the company's Form 10-Q, dated March 31, 2000, and other
Securities and Exchange Commission (SEC) filings subsequent to this date.
SOURCE RMI.NET, Inc.
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Related links:
http://www.rmi.net
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/139760.html or fax,
800-758-5804, ext. 139760
CONTACT:
Steven P. Eschbach, CFA, Vice President -
Investor Relations of RMI.NET, Inc., 303-308-2272,
steve.eschbach@corp.rmi.net
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