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DSL.net Trims Jobs, Attracts Investment
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Business New Haven
10/29/2001
By: BNH
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NEW HAVEN - DSL.net Inc. (NASDAQ: DSLN), which provides high-speed Internet access to small- and mid-sized businesses, announced that VantagePoint Venture Partners had agreed to invest $15 million in DSL.net convertible redeemable preferred stock, subject to certain conditions. The investment is expected to fund the DSL.net through cash-flow positive, based on the company's current plans and projections.
VantagePoint will initially invest $6 million in DSL.net, with an additional $9 million invested in two installments, contingent upon the achievement of agreed-upon milestones.
“VantagePoint has been an investor in DSL.net since the beginning. We've watched this company execute to plan, quarter after quarter. Given DSL.net's track record, its seasoned management team, and its strong competitive position, we are very excited about its future prospects,'' said James Marver, VantagePoint's managing partner.
DSL.net has also implemented an expense-reduction plan, which includes the elimination of 86 employee positions across four locations. The company expects that these actions will enable it to achieve its cost reduction goals, while continuing to allow it to support its existing customers and grow its new customer base.
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