Action Signals Belief in Continuing Success of The Commerce Solutions
Provider; Investment Provides Additional Funds for Company Expansion Efforts
DENVER, Aug. 17 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
e-business and convergent communications company, announced today that Douglas
H. Hanson, chairman and chief executive officer, has invested an additional
$7.5 million in the company.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
As previously reported, RMI.NET, then known as Rocky Mountain Internet,
Inc., entered into a warrant agreement in October 1997 with Hanson as part of
his original investment in the company. The warrant agreement provided Hanson
the opportunity to purchase four million shares of RMI.NET common stock.
Under terms of the original agreement, Hanson was required to exercise the
warrants prior to September 1999.
"I firmly believe that RMI.NET's organic expansion and active acquisition
program over the past 18 months have positioned the company for continued
success, and it is my desire to further invest in what I believe is one of the
industry's premier commerce solutions providers," Hanson said. "We are
positioned for continued revenue growth and for the successful execution of
our business strategy."
Since June 1998, RMI.NET has acquired 16 companies for a total of $30
million. These companies have an annualized revenue run rate of $25 million.
The company also has successfully expanded its e-SELL(R) e-commerce solutions
package; its proprietary portal site and search engine, Infohighway; and its
Simplified Domains registration program.
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 portal 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
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Related links:
http://www.rmi.net
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO
For assistance: PR Newswire 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:
Mark Stutz of RMI.NET, 303-313-0672,
mark.stutz@corp.rmi.net
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