EX-99.1 OTHER DOC
PRESS RELEASE
NXGEN NETWORKS, INC.
f.k.a. OLD NIGHT, INC.
Global Tech Center, Don Juan Road, P.O. Box 218, Hertford, North Carolina 27944
PINK SHEET SYMBOL: NXNW
September 5, 2000
NEWS RELEASE
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Acquisition of 82% Interest in International Long Distance Corporation Completed
RENO, NEVADA - Pursuant to a Share Exchange Agreement dated June 30, 2000 (the
"Agreement") between Old Night, Inc., now known as NxGen Networks, Inc. (the
"Company"), International Long Distance Corporation ("ILDC") and certain
stockholders of ILDC (the "ILDC Stockholders"), the Company acquired 4,529,054
or 82.35% of the issued and outstanding shares of common stock of ILDC in
exchange for 4,529,054 shares of the Company's common stock. As a result of the
transaction, the ILDC Stockholders now hold approximately 43% of the Company's
total issued and outstanding shares of common stock.
ILDC was incorporated in 1998 for the purpose of providing third generation
telecommunication services using Internet Protocol and a high speed data network
that creates a suite of advanced networking solutions, including Voice over
Internet Protocols and Virtual Private Networks.
Change of Directors
The Stockholders and the Company have appointed Messrs. Anthony Overman, Mark
Sampson and Don Spears as Directors of the Company. The Company has also
appointed Mr. Overman as its President, Mr. Sampson as its Chairman and Chief
Executive Officer, and Mr. Spears as its Corporate Secretary. Mr. Xenios
Xenopoulos has resigned as a director and officer of the Company.
Name Change
In connection with the foregoing transactions the Company has changed its name
from "Old Night, Inc." to "NxGen Networks, Inc." on August 31, 2000. The Company
commenced trading in the Pink Sheets under the symbol "NXNW" on September 1,
2000.
Contact Number: 252-426-3210
OLD NIGHT, INC.
/s/ Anthony Overman
Per: Anthony Overman, President
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THE SEC AND NASD HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements and comments in
this press release are made pursuant to safe harbor provisions of the Securities
Exchange Act of 1934. Certain statements which describe the Company's
intentions, expectations or predictions, are forward-looking and are subject to
important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include, among
other things: the impact of rapid technological and market change; general
industry and market conditions and growth rates; international growth and global
economic conditions, particularly in emerging markets and including interest
rates and currency exchange rate fluctuations; and the impact of consolidations
in the technology industry. These risks may further be discussed in periodic
reports and registration statements to be filed by the Company from time to time
with the Securities and Exchange Commission in the future.
