FirstWorld Acquires InteleNet

FirstWorld Communications Inc.
this week announced that it had acquired InteleNet Communications, Inc. for approximately $16
million in cash and stock.

The deal completes FirstWorld’s second acquisition this month. The
agreement will expand FirstWorld’s ability to offer collocation services,
digital subscriber lines and long distance telephony in Southern California.

Sheldon S. Ohringer, FirstWorld president and chief executive officer, said
the company was looking to expand their data warehousing capabilities and
that InteleNet offered the business resources FirstWorld desired.

“By leveraging InteleNet’s expertise in Web hosting and data warehousing
with FirstWorld’s focus on the customer, we will be able to provide
businesses of all sizes with a broad range of advanced Internet solutions
and a superior level of customer service.”

Mark Towfiq, InteleNet president, said much like the Internet, the company
has experienced significant growth demanding more complex services.

“By joining FirstWorld, we will enhance our ability to give businesses a
reliable, high speed and secure Internet presence.

Towfiq added, “we are excited about leveraging our data center and Web
hosting expertise to establish FirstWorld as an Internet solutions leader.”

Earlier this month FirstWorld completed the acquisition of Transport Logic, a Portland-based Internet service
provider, for $7.4 million.

Denver-based FirstWorld Communications is an Internet solutions and
telecommunications provider offering bundled voice and data services
through a combination of owned and managed facilities. FirstWorld
currently serves businesses in California, Oregon, and Washington.

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