RealTime IT News

Speedus.com Assumes Full Ownership of Wireless ASP

Emerging facilities-based broadband and wireless Internet company Speedus.com today announced that it acquired the remaining 55 percent of wireless ASP Speedia.com, assuming total ownership of the company.

Speedus.com issued 950,000 shares of its Common Stock to Speedia.com's selling shareholders, TIS Worldwide, Inc and Daniel Doyon. It has been agreed that additional shares will be issued if the previously announced deal with VisionStar does not come to fruition within 12 months.

If Speedus.com does not accept the offer made by VisionStar chairman and chief executive officer Shant Hovnanian, Speedia.com selling shareholders will receive an additional 150,000 shares.

On top of that, 150,000 shares will also be issued of the Speedus.com share price does not reach $10 per share over the next nine months.

Speedus.com, Inc. owns and operates its SPEED411 Portal to promote broadband high-speed Internet access on a nationwide basis. Its Network Operations Center is set up in the Brooklyn Army Terminal and contains a data center with a Linux-based Internet gateway transmitter and a teleport facility with satellite down links and fiber optic backbone.

Speedus.com also provides standard direct dial-up and ISDN service, as well as Web hosting and e-mail.

Speedia.comoperates a flexible and scalable wireless Web app service technology. Contracts have been announced to provide mobile information services to Metrocall, BellSouth Wireless Data and iGo Corporation..