Jun, 2002 : VIA NET.WORKS Announces Sale of Selected Operations
📅 - Single-source managed Internet service provider VIA NET.WORKS (via-net-works.com) announced on Monday that it has arranged the sale of its operations in Argentina, Brazil and Austria.
The company says all three dispositions were completed through stock deals, but other terms of the arrangements were not disclosed. VIA says it sold its Austrian operation to the existing management team led by Martin Zandonella. The company's Brazilian subsidiary was also sold to its management team led by Antonio Tavares. The Argentine operation, says VIA, was sold to technology infrastructure provider DATCO S.A., which has operations in both Argentina and Chile.
VIA NET.WORKS is a facilities-based Internet services company, managing its own backbone network. The company says that the combined agility of a local, customer-focused company and reliability of an international high-speed network allows it to be responsive to specific customer needs.
"These divestitures represent further progress in our turnaround plan that is focused on significantly reducing our cash burn and driving the company towards profitability," says VIA's acting chief executive officer. "They also allow us to focus more intently on our core country operations. We are pleased with our turnaround progress to date and will continue to take actions that allow us to achieve our operational and financial objectives."
The company says all three dispositions were completed through stock deals, but other terms of the arrangements were not disclosed. VIA says it sold its Austrian operation to the existing management team led by Martin Zandonella. The company's Brazilian subsidiary was also sold to its management team led by Antonio Tavares. The Argentine operation, says VIA, was sold to technology infrastructure provider DATCO S.A., which has operations in both Argentina and Chile.
VIA NET.WORKS is a facilities-based Internet services company, managing its own backbone network. The company says that the combined agility of a local, customer-focused company and reliability of an international high-speed network allows it to be responsive to specific customer needs.
"These divestitures represent further progress in our turnaround plan that is focused on significantly reducing our cash burn and driving the company towards profitability," says VIA's acting chief executive officer. "They also allow us to focus more intently on our core country operations. We are pleased with our turnaround progress to date and will continue to take actions that allow us to achieve our operational and financial objectives."
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