📅 - FastNet Corporation (fast.net -> hostinger.com), a provider of Internetsolutions including broadband connectivity, Web hosting and Web design,announced today they secured $2.3 million of financing from an as-yetunnamed financial institution. The proceeds will allow FastNet to retireover $12 million in capital lease obligations and build upon its foundationwith a strengthened balance sheet, reduced debt level, and a funded businessplan, the company said.
"FastNet has worked hard to deliver solid financial results that would meetor exceed our forecast. Today we have accomplished our goal of excellentfinancial health," said Stephen Hurly, CEO of FastNet. "At the end of 2000,we had $11.8 million in capital lease obligations and $25.5 million in totalliabilities. With the conclusion of recent negotiations, we brought thisamount down to under $400,000 in capital lease obligations, representing areduction of $11.4 million, and $14.5 million in total liabilities. Weachieved this debt reduction with a total cash outlay of only $3.6 million.Basically, we exchanged $11.4 million in capital lease debt for a $2.3million twenty-four month, 4% term loan. This is a great success." "We are delighted to welcome another financial partner to the FastNetfamily," Mr. Hurly added. "This new capital is validation of FastNetdelivering on its promises. Our new partner dug deep into our financialhealth and validated our efforts with a capital commitment." During 2002, FastNet will continue to focus on its business plan of organicsales to new customers, cross-selling additional products to the existingcustomer base, and when the right partner is available, throughacquisitions. As part of the growth strategy, FastNet has recently announced theacquisition of Superlink, an Internet Service Provider in the New Jerseymarket. Superlink brings a direct connect customer base, networkinfrastructure in New Jersey, and an immediate cash flow contribution.
Reads: 1927 | Category: General | Source: TheWHIR : Web Host Industry Reviews URL source: http://www.thewhir.com/marketwatch/fn020702.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!
Related news
📅 - FASTNET Wins Tarantella Inc., Outsourcing Contract For Web Hosting and Email Services - FASTNET Corporation (fast.net -> hostinger.com), a growing business Internet solutions, web hosting and colocation provider, announced today that Tarantella Inc., of Santa Cruz, Calif., has selected FASTNET to provide colocation, web hosting and email services. Tarantella selected FASTNET to migrate its web hosting services, electronic commerce application and database application to FASTNET's state- of-the-art data center. FASTNET will also provide managed email services enabling Tarantella personnel in the USA and UK to use browser-based email services from anywhere in the world. "We are very excited about our relationship with FASTNET. We sought a provider and partner that could
📅 - Fastnet Provides Co-location to 4anything.com - Fastnet Corporation (fast.net -> hostinger.com), a leading business Internet solutions, Web hosting and co-location provider, announced yesterday that they have been chosen by 4anything.com to provide co-location services for its new Live Interactive Voice and Video Entertainment Service (livve.com). 4anything.com, a leading provider of interactive Internet entertainment services, electronic commerce, and a network of web guides, said it could not afford to be offline for any amount of time. They were informed that they had only three weeks to find a new co-location provider, a task that would normally be very difficult. "We were given very short notice to find a new co-location prov
📅 - FastNet Completes SuperLink Acquisition - FastNet Corporation (fast.net -> hostinger.com), an Internet communications, consulting, Web hosting and colocation provider, announced the acquisition of SuperLink Internet Services (superlink.net), headquartered in East Brunswick, New Jersey. SuperLink currently offers service throughout the northeastern New Jersey region, including New Brunswick, Red Bank, Parsippany, and Newark. "The acquisition of SuperLink accelerates our growth in the New Jersey Internet access and data solutions market. SuperLink has an entrenched dedicated Internet access customer base, which includes large corporations and governmental entities. FastNet's decision to acquire SuperLink was based on its size
📅 - Fastnet Corp. Appoints New VP of Corporate Integration - Fastnet Corp., a Internet service provider, announced today the appointment of Paula I. Birth to the position of Vice President of Corporate Integration. Aiding Fastnet's ability to create strategic partnerships Birth will use her extensive background in operations, management, sales, and marketing within the data communications industry to better the company. with over 15 years in operations and management in the telecommunications industry, she has worked at companies such as Charter Business Networks, a division of Charter Communications, and C-TEC Corporation. ?We are pleased to be expanding our senior management team with a seasoned professional who brings unpa
📅 - FASTNET Acquires Two Philadelphia-Based ISPs - FASTNET Corp., an Internet solutions provider, announced today the acquisition of Netaxs, Inc. and Earthstation, collectively be known as Netaxs, Inc. The Philadelphia-based business combination creates one of the largest regional Internet service providers in the country. This purchase is part of FASTNET's (fast.net -> hostinger.com) strategy to complement organic growth with carefully selected acquisitions. It is the second acquisition completed by FASTNET this year and the fourth in the last thirteen months. The combination with Netaxs is expected to expand network infrastructure through dark fiber and large-scale transit and peering, build brand recognition in the Philadelphia r