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EXHIBIT 99.1
NEWS RELEASE
FOR RELEASE AT 7:20 AM EDT ON THURSDAY, OCTOBER 12, 2000
DATALINK.NET ANNOUNCES STOCK REPURCHASE PROGRAM
SAN JOSE, CALIF., OCTOBER 12, 2000 - Datalink.net (NASDAQ: XLNK), a leading
Wireless Application Service Provider (w-ASP) and infrastructure architect,
announced today that the Company's board of directors has approved a plan to
repurchase up to 1 million shares of its common stock.
"This repurchase plan demonstrates our continuing confidence in the business of
and future for Datalink.net," stated Anthony N. LaPine, Chairman and CEO. "The
stock repurchase program addresses the Company's significantly undervalued stock
which provides a historic buying opportunity. We believe the current price of
our stock also provides potential investors a buying window to achieve increased
returns over the longer term."
Datalink.net has continued its successful growth strategy signing substantial
new contracts including Chase Manhattan Bank. Additionally, Datalink.net has
increased its wireless market presence with the acquisitions of Cross
Communications, Inc. and Simkin, Inc., both of which bring enhanced technology
and Fortune 500 clients.
"The future continues to look very bright for us as we successfully execute our
business plan. The company expects second quarter results will reflect a
significant increase in revenues resulting from the growth of our B2B and
Infrastructure business." explained Mr. LaPine. "Datalink.net has signed a
Memorandum of Understanding to acquire a major player in the e-commerce ASP
arena, and expects to sign a definitive agreement by the end of the week. This
e-commerce ASP is a profitable company with meaningful revenues."
The stock repurchases will be made from time to time over the next twelve
months. The methods of purchase may include private transactions as well as open
market transactions. The repurchase plan does not obligate Datalink to
repurchase any specific number of shares and it may be suspended or discontinued
at any time.
DATALINK.NET - THE WIRELESS ARCHITECTS(TM)
Datalink.net powers a new generation of wireless devices, enabling enterprises
and consumers to customize, interact with and respond to critical business data.
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As a pioneering wireless application service provider and infrastructure
architect, Datalink.net has become the top provider of consumer wireless data
and the first company to deliver real-time wireless financial information.
In conjunction with Chase Manhattan Bank, Datalink.net developed Global Market
Pro(TM), a wireless application for traders and financial professionals. Through
its acquisition of Cross Communications the company serves a portfolio of
marquee customers, including AOL, AT&T, Bank of America, Citibank, EDS, Motorola
and Qualcomm. Datalink.net is based in San Jose, CA with research facilities in
Vancouver, British Columbia and offices in Chicago and New York. For more
information: http://www.datalink.net.
This release contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. Although the
Company believes that the expectations reflected in the forward-looking
statements and assumptions upon which forward-looking statements are based are
reasonable it can give no assurance that such expectations and assumptions will
prove to have been correct.
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