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DSL.net Completes NAS Deal
Broadband firm hopes acquisition will help it grow by half
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Business New Haven
1/20/2003
By: BNH
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NEW HAVEN - DSL.net Inc. (NASDAQ: DSLN), which provides broadband communications services to businesses, has completed its acquisition of network assets and associated subscriber lines of Herndon, Va.-based Network Access Solutions Corp. (OTC: NASC.OB).
“This acquisition represents a major milestone for DSL.net by further improving our already strong position as a national broadband service provider with a significant concentration of network assets in the densest region for data communications traffic in the U.S.,” said DSL.net chairman and CEO David F. Struwas.
As a consequence of the deal, said Struwas, “We expect that both our monthly revenue and current subscriber lines will increase by approximately 50 percent. In addition, we have more than doubled our network points of presence and increased our ability to drive new sales onto our network.”
The acquired network extends from Virginia to Massachusetts and includes more than 300 central offices in major metropolitan areas, the company said.
Struwas said the acquired network assets complement DSL.net's existing network, located primarily in second-tier cities. He said that customers presently serviced by the acquired network assets should experience a seamless transition since no new installations or equipment changes are required.
DSL.net's $14 million bid - including $9 million in cash and a $5 million note - was recently approved by the U.S. Bankruptcy Court for the District of Delaware following an auction of the NAS network assets and associated subscriber lines. NAS had filed for Chapter 11 reorganization last June.
DSL.net sells high-speed Internet access and related services directly to small- and mid-sized businesses throughout the U.S. and Puerto Rico. DSL.net products include Web hosting, DNS management, enhanced e-mail, online data backup and recovery services, firewalls, virtual private networks and nationwide dial-up services.
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