Acquisition Strengthens RMI.NET's Web Solution Products and Services;
Augments Growing E-Commerce Business
DENVER, Sept. 7 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
e-business and convergent communications company, announced today that it has
acquired the high-end web hosting and dedicated access service assets of San
Francisco-based Novo MediaGroup for $1.2 million in common stock. Annualized
revenue run rates are expected to be $600,000.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
The acquisition of these assets, including a premier hosting facility,
will augment RMI.NET's existing sales operations in the San Francisco Bay
Area. Novo MediaGroup, which retains its digital commerce architectural
business in San Francisco, has a number of major global clients, including
Sony, Toyota, Levi Strauss & Co., E*TRADE and Lotus.
"The acquisition of these Novo MediaGroup assets strengthens our web
hosting and web solutions business," said Douglas H. Hanson, chairman and
chief executive officer for RMI.NET. "In addition, this acquisition enhances
our efforts as a leading national e-commerce solutions company, and we intend
to continue to focus our efforts in this area."
Through its business strategy and acquisitions efforts, RMI.NET is
uniquely positioned in the industry to offer its customers the three major
components of a successful e-commerce solutions provider: e-business
applications services, high-speed Internet access services, and Internet
hosting and Internet marketing services.
In a separate transaction, RMI.NET also announced the acquisition of
Sterling Online Services, Inc. (SOS), an ISP based in Sterling, Colo., in a
common stock transaction. SOS provides traditional Internet services to
markets in northeastern Colorado, including dialup, dedicated and web hosting.
With the two recent additions to the company, RMI.NET is continuing to
focus on its business strategy to grow the company organically and through
strategic acquisitions. Since the start of the 1999, RMI.NET has purchased
12 companies for combined total of $18.2 million; the combined annualized
revenue run rate of these companies is $19.1 million.
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
traditional communication services, including Internet telephony. The company
wholly owns a proprietary portal site and search engine, Infohiway, at
http://www.infohiway.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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Related links:
http://www.rmi.net
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO For
assistance: PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Mark Stutz of RMI.NET, Inc., 303-313-0672,
mark.stutz@corp.rmi.net
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