NetNation stockholders approve Hostway merger
Vancouver, BC August 21, 2003 -
NetNation Communications, Inc. (Nasdaq: NNCI) announced today that the holders of a majority of its outstanding shares have approved the proposed agreement and plan of merger with a wholly owned subsidiary of Hostway Corporation, pursuant to which all of NetNation's stockholders will receive cash for their NetNation stock.
The merger transaction is expected to close immediately following the close of trading on August 22, 2003, subject to a filing with Delaware's Secretary of State. Upon closing, NetNation's common stock will delist from the Nasdaq stock exchange, and its shares will no longer be publicly traded.
About NetNation Communications, Inc.
NetNation Communications, Inc. (http://www.netnation.com) is a pioneer in web
hosting and domain name registration. With more than six years in operation,
the Company has extended its products to offer enhanced-dedicated servers, co-location,
shared hosting and managed services to clients worldwide. NetNation is recognized
by industry evaluators for its excellent customer service and support, as reflected
by its frequent top web host rankings worldwide. The Company was recently ranked
the fourth fastest growing company in British Columbia by Business in Vancouver
magazine, based on percentage revenue growth from 1997 to 2001. NetNation was
also recently ranked the 26th fastest growing company in Canada by Profit Magazine,
based on percentage revenue growth from 1997 to 2002.
Hostway Corporation (http://www.hostway.com) provides award-winning web hosting services with five locations in the US, the UK, the Netherlands, Korea, and Australia. Serving customers both small and large, Hostway provides best of breed hosting infrastructure with innovative online tools to help customers broaden their reach and grow their businesses online. Hostway offers a wide range of managed hosting services ranging from simple shared hosting plans to complex dedicated server programs to over 100,000 customers worldwide.
Hostway's recent launch of the TruFlex line of dedicated servers with its simple, flat pricing underscores its commitment to innovation, security, and affordability.
This release contains forward-looking statements within the meaning of the
"safe harbor" provisions of the U.S. Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and
beliefs and are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. These risks and uncertainties include the following: (1) technological
changes or changes in the competitive environment adversely affecting the service-packages,
market share, revenues or margins of the combined business; (2) changes in general
economic, financial or business conditions adversely affecting the combined
business or the markets in which it operates and adversely affecting future
revenues; (3) availability of financial resources to carry out plans; and (4)
authorization from third parties to carry out plans. The matters discussed in
this news release also involved risks and uncertainties described from time
to time in NetNation's filings with the Securities and Exchange Commission,
including the most recent Form 10-K filed on February 11, 2003, Form 10-Q filed
on August 14, 2003, and Forms 8-K and other filings. NetNation assumes no obligation
to update any forward-looking information contained in this news release.
NetNation is a registered trademark of NetNation Communications, Inc. and DomainPeople is a trademark of DomainPeople, Inc. All other products and company names are the trademarks or registered trademarks of their respective owners.
« Return to the News Releases