RealTime IT News

Rocky Mountain Buys Stonehenge

Rocky Mountain Internet Inc. (RMI) announced today it that entered into a letter of intent to purchase Stonehenge Internet Communications Corp. in a stock transaction valued at $450,000.

As a result of the acquisition, Denver-based RMI will obtain control of Stonehenge's network operations, facilities and customers. In addition, Todd Keener, Stonehenge's president, and other employees are expected to join the RMI team.

Founded in 1992, Stonehenge is a Colorado-based ISP with 2,200 subscribers. In addition to Internet access, the company also provides network consulting and cabling. Recorded revenues for 1997 amounted to $500,000.

"We are excited about the acquisition because of the momentum it creates in our drive to build a national Internet communications company," said Douglas H. Hanson, president, CEO and chairman of Rocky Mountain Internet. "Stonehenge is also a very reputable Internet business, and we are glad to have them aboard."

The transaction is expected to close by the end of October 1998, the firms said.

Rocky Mountain Internet is a full-service, national telecommunications company providing Internet access, high-speed Internet access through wireless cable technology, Web development and hosting, network management, system integration, co-location services, local phone service and IP Telephony long distance standards.