Newsbit
Quest Net Corp. Acquires Assets and Technologies of Internet Kiosk Manufacturer AVX IncMIAMI (May 17) BUSINESS WIRE -May 12, 1999--Quest Net Corp. (OTC BB:QNET), www.questnetcorp.com has announced that it has signed an agreement for the purchase of the assets AVX Inc. ( http://www.avxinc.com). AVX is a Virginia based manufacturer and developer of "axcess" Internet enabled kiosk systems. "This acquisition will allow Quest Net to offer a fully integrated Internet access strategy to the public. By combining the full-service broadband networking and wireless solutions with public access terminals, Quest Net hopes to position it self as a truly vertically integrated Internet supplier. Quest Net has always been committed to offering its customers the fastest, most reliable Internet service available," said Camilo Pereira, chief executive officer of Quest Net. "Now we can extend that capability to the over 65% of U.S. households who do not have Internet access at home. We now have the opportunity to make the Internet accessible to people without the need for a major capital investment in computer equipment. Quest Net plans to deploy kiosks in the United States as well as South Africa and Europe. Initially Quest Net plans to offer free e-mail access via its Internet Kiosk to hotel guests lodging with a participating hotel, passengers waiting in airports and others. A report by Frost & Sullivan predicts the installed base of self-service terminals will accelerate in the next few years from 65,000 units in 1997 to approaching 500,000 units in 2003 in the U.S. alone." Pereira added, "Quest Net intends to be a major facilitator of that growth. Our Internet Kiosk deployment will complement the current telecommunications services Quest Net offers to their clients. Further, the addition of our Kiosk program will allow Quest Net to offer a wider array of services to future customers." Kevin Lockerby, President and Founder of AVX, will be joining Quest Net as Director of Operations and will concentrate on giving continuity to this project. The consideration for the acquisition will be paid in Quest Net restricted common stock. Based in Miami, Quest Net (OTC BB:QNET) is a provider of secure, full-service global Internet and Intranet broadband digital networking solutions for businesses and individuals. It also has its own Frame Relay 45 Mbps connection into the Internet Cloud. Quest Net is one of the largest regional Internet Service Providers with Dialup POPs (point-of-presence) in 228 cities. It also offers dedicated high-speed Internet access, metropolitan and wide area network data transport services, including virtual private networks, to several commercial clients and other ISP's, and Wireless Internet Connection at a speed of up to 3 Mbps to a distance of 8 miles on a license free spectrum. Quest Net offers one of the fastest and cleanest routing systems for the transfer and delivery of voice, video and data streams at several speeds ranges. This press release may contain forward-looking statements made pursuant
to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, continued acceptance of the Company's products, subscriber
growth, product demand, competition, and other risks and uncertainties
detailed from time to time in the Company's periodic reports. This and
additional information can be found on the Company's website at
www.questnetcorp.com or can be obtained from the Company upon request.
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