INCC Agrees to Dismiss with Prejudice All Claims Brought Against RMI.NET;
Both Parties Agree to a Mutual Full Release and Settlement
DENVER, Aug. 9 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), formerly
Rocky Mountain Internet, a national e-business and convergent communications
company, announced today that Internet Communications Corp. (Nasdaq: INCC)
agreed to dismiss with prejudice all claims brought in the $30 million lawsuit
INCC filed against RMI.NET in October 1998, and entered into a Settlement
Agreement with RMI.NET resolving any and all claims either party has now or in
the future that are related to a failed merger. Both parties agreed that no
payment of any monies, or anything of value, would be paid as a result of the
settlement and the dismissal of all claims.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
"We have stated since the inception that the INCC litigation was frivolous
and without merit, and that INCC was not entitled to recover any monies or
damages as a result of RMI.NET's decision to terminate the proposed merger
with INCC," stated Christopher J. Melcher, vice president and general counsel
for RMI.NET. "We are pleased to put this matter behind us, and to finally be
able to focus all of our energies on the continued growth and success of
RMI.NET. The company is also very appreciative of the valuable assistance in
this matter provided by Jay Horowitz, of Krendl Horowitz & Krendl in Denver."
As previously announced, RMI.NET terminated a merger agreement with INCC
in the Fall of 1998 because of INCC's failure to satisfy certain obligations
in the Merger Agreement. INCC filed a $30 million lawsuit claiming RMI.NET
had improperly terminated the Merger Agreement. RMI.NET filed an answer
completely rejecting all allegations, and also filed counter suit against INCC
for its failure to obtain shareholder approval of the merger in a timely
manner. INCC is a Denver-based equipment services company. Interwest Group,
Inc., which is owned and controlled by Denver billionaire Philip Anschutz,
holds the controlling interest in INCC.
Denver-based RMI.NET, Inc., formerly Rocky Mountain Internet, is a
national commerce solutions provider focusing on turnkey e-business
applications and convergent communications. RMI.NET has developed and
provides small and medium-sized companies with scalable e-business
capabilities; customized web page development and hosting; nationwide Internet
dialup and dedicated access; digital subscriber line (DSL) service; and local,
long distance and enhanced telephony. RMI.NET also provides Internet, and
data and voice communications services to consumer households. The company
wholly owns a proprietary port site and search engine, Infohiway, at
http://www.infohiway.com; and develops and markets Simplified Domains, a new and
emerging Internet domain registration, at http://www.simplifieddomains.com. For more
information on RMI.NET, call (800) 864-4327, or visit the company's web site
at http://www.rmi.net.
This press release might contain forward-looking statements. These
forward-looking statements are subject to risks and uncertainties. Actual
results may differ materially from such forward-looking statements as a result
of risks and uncertainties which are described in the cautionary statements
section of the company's 10K dated December 31, 1998, and may include other
risks described in all Securities and Exchange Commission filings submitted as
of this date.
SOURCE RMI.NET, Inc.
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http://www.rmi.net
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http://www.prnewswire.com/comp/139760.html or fax,
800-758-5804, ext. 139760
CONTACT:
Mark Stutz of RMI.NET, Inc., 303-313-0672,
mark.stutz@corp.rmi.net
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