DENVER, Sept. 26 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
web solutions/e-commerce and connectivity company, announced today that it has
acquired LanMinds, Inc., a business-focused Internet connectivity and web
solutions provider based in Berkeley, California.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
LanMinds has annualized revenue of over $3 million and positive EBITDA
from its customer base of web solutions (hosting, co-location, and custom web
site design), dedicated connectivity, and dial-up Internet users. The
company's customers are located in the San Francisco Bay Area, Colorado, and
Japan.
"This is an exciting and very strategic acquisition," stated Douglas H.
Hanson, RMI.NET Chairman and CEO. "Merging LanMinds into RMI.NET creates
value for our shareholders in three key ways: first, the management team at
LanMinds will help us maximize the performance of our existing assets,
including our premier Internet Data Center in San Francisco; second, we gain
entry into the lucrative Japanese market through LanMinds' fast-growing web
hosting and co-location business there; and third, the company accelerates us
toward our goal of EBITDA neutrality in December 2000."
Gary Morrell, co-founder and president of LanMinds, said, "We are eager to
bring RMI.NET's wider range of products and services -- as well as our shared
commitment to quality customer service -- to our growing customer base.
Having access to RMI.NET's seasoned web development team, national Internet
backbone, mirrored data centers, and 24-hour technical support will allow us
to deliver a more robust solution and generate more profitable revenue."
Morrell added that RMI.NET's nationwide contracts and existing operations
should result in immediate savings in his group's cost of sales. Morrell and
all key employees of LanMinds have joined RMI.NET, with Morrell as general
manager of RMI.NET's San Francisco Bay Area operations.
About RMI.NET
Denver-based RMI.NET is a national 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) service. RMI.NET has annualized revenue of over $50
million and more than 100,000 customers nationwide. The company wholly owns a
shopping, e-commerce and portal site, http://www.webzone.com, which includes the
proprietary search engine, Infohiway. 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
that could have a material impact on future results. Please refer to the
cautionary statements section of RMI.NET's 10-K dated December 31, 1999, and
other Securities and Exchange Commission filings subsequent to this date.
SOURCE RMI.NET, Inc.
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Related links:
http://www.rmi.net
Company News On-Call:
http://www.prnewswire.com/comp/139760.html or fax,
800-758-5804, ext. 139760
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Jeremy Bronson of RMI.NET, Inc.,
303-672-0706, jeremy.bronson@corp.rmi.net
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