AAPT & AOL In JV To Take On Australia
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AOL Australia will maintain exclusive rights to offer AOL (AOL) and Compuserve services in Australia and now utilize AAPT's telecommunications infrastructure.
The announcement comes more than a week after AAPT announced it was in discussions with AOL. That announcement quickly pushed AAPT's stock price up from below $9 to a high of $11.15 last week. AAPT stock had eased back below $10 at close on Wednesday but should jump around until details of the joint venture are disclosed at a briefing in Sydney at 1300 (AET) Thursday.
As part of the joint venture, AOL Australia will also launch a new wireless Internet portal using AOL's wireless technologies to deliver content services to the wireless market. Among the services will be consumer content for AAPT's CDMA cellular network.
Carol Veriga is stepping down from the position of AOL Australia managing director. Brett Wayn, currently director of AOL Australia content and programming will take over the day to day running joint venture as general manager.