DENVER, Oct. 19 /PRNewswire/ -- RMI.NET, Inc. (Nasdaq: RMII), a national
web solutions/e-commerce and connectivity company, announced today that CSG
Systems International, Inc. (Nasdaq: CSGS) will make a $1 million equity
investment in RMI.NET, with $750,000 already invested and the balance to come
before June 2001.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990628/RMILOGO )
RMI.NET and CSG formed a strategic relationship in May 2000 whereby CSG
Systems will furnish enhanced billing services for RMI.NET's customers. This
new process is expected to generate significant monthly savings for RMI.NET,
increase revenues, and provide more accurate, timely billing of customers.
"This investment is another strong vote of confidence in RMI.NET," stated
Douglas H. Hanson, RMI.NET Chairman and CEO. "CSG is an important business
partner for us. Given how well they know our business, their investment shows
that they like how we're executing on our strategic action plan."
In June, RMI.NET announced a five-point strategic action plan to reach
profitability, under which RMI.NET will grow organic revenue, control
operating costs, retain customers, develop market-driven products, and upgrade
its network. RMI.NET remains on track to reach neutral EBITDA in December,
according to Hanson.
About RMI.NET
Denver-based RMI.NET is a national e-commerce and connectivity company
focusing on Web solutions for small and medium-sized businesses. The company
specializes in e-business applications; hosting and co-location; web design
and web marketing; and high-speed Internet access, including DSL service.
RMI.NET has annualized revenue of approximately $50 million and more than
100,000 customers nationwide. The company wholly owns a shopping, e-commerce
and portal site, http://www.webzone.com. For more information, call (800) 411-6066
or visit RMI.NET's website at http://www.rmi.net.
This press release may contain forward-looking statements. Although the
company believes these statements are based on reasonable assumptions,
differences between assumed facts and actual results can be material,
depending on the circumstances. For example, the conversion to CSG.net may
not yield expected results, or RMI.NET may not continue to receive capital
infusions or may not meet its cash-flow and profitability objectives, possibly
resulting in an inability to execute on all aspects of the company's business
plan. Investors should be aware of the important factors and risks that could
have a material impact on future cash results and should refer to the
cautionary statements sections of RMI.NET's periodic filings with the
Securities and Exchange Commission, including the most recent forms 10-K and
10-Q.
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
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Jeremy Bronson of RMI.NET, 303-672-0706,
jbronson@rmi.net
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