Quest Net Corp. Acquires Assets and Technologies of Internet Kiosk Manufacturer AVX Inc
MIAMI (May 17) BUSINESS WIRE -May 12, 1999--Quest Net Corp. (OTC
www.questnetcorp.com has announced that it has signed an
agreement for the purchase of the assets AVX Inc.
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
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.
CONTACT: Quest Net Corp., Miami
George Elia, 305/935-1080
Newsbit furnished by:
A: NetShift Software Ltd.
A: Hughenden Yard, Marlborough, Wilts,SN8 1LT, UK
T: +44 (0)1672 511 094
F: +44 (0)1672 511 078
E: [email protected]