Datafast Moves to Grow Regional Base
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[Sydney, Australia, June 16, 2000]: Regional wireless telecommunications carrier Datafast will become one of the largest regional service providers in south eastern Australia, after announcing it will acquire fellow regional business and private ISP Network Technology.
With the purchase, Datafast will add more than 6500 new customers and over AUS$1 million (US$580,000) to its annual gross revenue.
Datafast will issue 3.75 million shares for the acquisition, 75 percent of which will be held in voluntary escrow for two years.
Datafast sees the purchase as key to its strategy to expand its network infrastructure across regional areas. "Our intention is to deliver to regional Victoria cost effective phone and Internet services, and this particular deal signals our commitment to strategically grow the business and expand out service offering," said Datafast chief executive officer Kim Wood.
Four-year-old Network Technology has built its customer base around small to medium enterprises, software suppliers and domestic users.