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Exhibit 99.1
SPEEDUS.COM Acquires SPEEDIA.COM, A Leading Wireless Web Application
Service Provider
July 5, 2000 - New York, New York
SPEEDUS.COM, Inc. (NASDAQ: SPDE) today announced that it has purchased the
remaining 55% interest in wireless application service provider, SPEEDIA.COM
that it does not already own. SPEEDUS.COM issued 950,000 shares of its Common
Stock to SPEEDIA.COM'S selling shareholders, TIS Worldwide, Inc. and Daniel
Doyon. Additional shares will be issued if the previously announced VisionStar
transaction is not consumated within 12 months. SPEEDIA.COM has become a wholly
owned subsidiary of SPEEDUS.COM.
SPEEDIA.COM currently supplies wireless web and unified messaging mobile
device services globally and has announced contracts to provide mobile
information services to Metrocall, Inc. (NASDAQ: MCLL), BellSouth Wireless Data,
L.P., and iGo Corporation (NASDAQ: IGOC). SPEEDIA.COM is a member of Wireless
Application Protocol (WAP) Forum, the Palm Developers Program and the PHONE.COM
Alliance Program. SPEEDIA.COM also provides mobile services directly to
consumers from its portal located www.speedia.com.
SPEEDIA.COM operates a flexible and highly scalable wireless web
application service technology with an experienced technical team that enables
them to deliver powerful mobile solutions. This wireless web technology is
scalable to millions of simultaneous mobile data and commerce transactions.
SPEEDIA.COM efficiently addresses the needs of end-customers, along with the
co-branded portal market segment and the wireless vertical applications market
segment. Additionally, SPEEDIA.COM's flexible core technology can adapt to
emerging popular mobile devices and standards.
SPEEDIA.COM's end-to-end platform choice is Sun Microsystems
Enterprise-class servers and Oracle 8i database software. SPEEDIA.COM has also
developed proprietary data agent technology, based on XML, to create interactive
mobile applications that can address a wide range of devices from traditional
web browsers to Palm Pilots, RIM pagers, WAP mobile phones and voice mail.
Under the terms of the agreement, an additional 150,000 shares will be
issued to the SPEEDIA.COM selling shareholders in the event that SPEEDUS.COM
does not accept the offer made by its Chairman and CEO, Shant S. Hovnanian,
relating to VisionStar Inc., the FCC licensed Ka-band Broadband Satellite
company. An additonal 150,000 shares will be issued if the SPEEDUS.COM share
price does not reach $10 per share over the next nine months. Eighty percent of
the SPEEDUS.COM shares initially issued are subject to lock up agreements for up
to three years.
SPEEDUS.COM is an emerging facilities-based broadband and wireless super
high-speed Internet company. The Company owns and operates its SPEED411sm Portal
to promote broadband high-speed Internet access on a nationwide basis. The
Company's Network Operation Center (NOC) in the Brooklyn Army Terminal contains
a data center with a Linux-based Internet gateway transmitter and a teleport
facility with satellite down links and fiber optic backbone. SPEEDUS.COM also
provides standard direct dial-up and ISDN service, as well as web hosting and
e-mail.
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Currently, the company is conducting a limited pilot program of its SPEEDsm
broadband Super High-Speed Internet service. SPEED is delivered via 14 Internet
Broadcast Stations operating under the Company's FCC license covering Metro New
York. The Internet broadcast signal is currently not available at all locations
in the license area. A full marketing effort will not commence until new LMDS
equipment becomes commercially available with cost and performance that allow
implementation of SPEED service on an economically attractive basis.
SPEEDUS.COM also explores additional incubation opportunities in Internet
and e-commerce companies. SPEEDUS.COM's NOC is a high-tech facility that can
host new, cost-conscious Internet startups that need Internet backbone
connectivity and quick ramp-up capabilities.
For additional information on SPEEDUS.COM, Inc. and its services, please
click Corporate Info at www.speedus.com or call 718.567.4300.
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Statements contained herein that are not historical facts, including but
not limited to statements about the Company's product, corporate identity and
focus, may be forward-looking statements that are subject to a variety of risks
and uncertainties. There are a number of important factors that could cause
actual results to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited to, the continuing
development of the Company's sales, marketing and support efforts.
All rights reserved. SPEEDUS.COMsm, SPEEDsm, SPEED411sm and SPEEDIAsm are
service or trade marks of SPEEDUS.COM, Inc.
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