Company Continues Strategy of Organic Growth, Acquisitions,
Development of New Services; Notes Progress of Its E-Commerce Business
DENVER, Oct. 1 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
e-business and convergent communications company, today celebrated the three-
year anniversary of the completion of its Initial Public Offering (IPO). The
company noted it significant growth, including in its e-commerce business
sector.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
Revenues have grown from $3.3 million in 1996 to an annualized revenue run
rate of $42.0 million. More importantly, e-commerce revenues have grown from
zero in 1996 to 15 percent of RMI.NET's current revenue run rate.
"RMI.NET has moved from a localized Internet service provider on the Front
Range of Colorado to one of the nation's premier commerce solutions
providers," said Douglas H. Hanson, chairman and chief executive officer for
RMI.NET. "As we continue with our successful business strategy, it is
important for us to remember how we have grown nationally and increased our
services, including e-commerce solutions, in a relatively short period of
time."
On Oct. 1, 1996, RMI.NET, then known as Rocky Mountain Internet, Inc.,
completed its IPO by offering 1,365,000 units at a price of $3.50 per unit.
Each unit consisted of one share of common stock and one redeemable warrant.
Neidiger/Tucker/Bruner, Inc. was the lead underwriter for the offering.
Since that time, RMI.NET has grown in national presence to a company with
a market capitalization of more than $115 million. It has significant
operations in 12 states, and is able to provide Internet and
telecommunications services across the nation. RMI.NET has more than 90,000
customers, and more than 400 employees.
In the past 15 months, the company has acquired 19 Internet service
provider, web solution and telecommunication companies for a combined
$37.8 million. These companies have contributed to RMI.NET's business
strategy and focus, which includes providing e-commerce applications, high-
speed Internet access and web solutions for small and medium-sized businesses.
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
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:
Mark Stutz, Manager, Media Relations,
303-313-0672, mark.stutz@corp.rmi.net, or Steven P. Eschbach,
CFA, Vice President, Investor Relations, 303-308-2272,
steve.eschbach@corp.rmi.net, both of RMI.NET, Inc.
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