Press Release Source: Dot VN, Inc.
Dot VN, Inc. Signs Letter Of Intent to Merge with Spot-On Networks, LLC
Tuesday December 5, 1:43 pm ET
SAN DIEGO--(BUSINESS WIRE)--Dot VN, Inc., a Delaware corporation ("Dot VN" or the "Company") (www.DotVN.com), (Pink Sheets:DTVI - News), an Internet and Telecommunications Company and authorized global domain name registrar (www.VN) for the Country of Vietnam, announced today that it has signed a Letter of Intent (the "LOI"), which contemplates a proposed merger, with Spot-On Networks, LLC, a Delaware limited liability company ("Spot-On"), an integrated Wi Fi voice, video and data provider based in the United States (the "Merger").
This non-binding LOI dated November 27, 2006 sets forth the principal terms for the proposed Merger by and among Spot-On, Dot VN, Inc., and a wholly-owned subsidiary of Dot VN, whereby all of the membership interests in Spot-On issued and outstanding would be exchanged for a combination of stock and warrants in Dot VN. Upon closing the Merger, Spot-On would be a wholly owned subsidiary of Dot VN.
Neither Spot-On nor Dot VN shall be obligated to consummate the proposed acquisition unless and until both parties have executed a definitive Merger Agreement, within sixty (60) days after the date of this LOI and further, the Merger is contingent upon, among other things, the acquisition of certain licensing agreements by Dot VN.
Richard Sherwin, CEO of Spot-On Networks, LLC, said, "Dot VN, Inc. has established a business with a unique position in the provision of specific data services that can make use of high speed data infrastructure in Vietnam. Spot-On Networks has the expertise and technology know how to implement wireless infrastructure that reduces implementation time and costs associated with the development of broadband data and voice capabilities in Vietnam. We look forward to our merger with Dot VN, Inc. that will create an entity to enhance capabilities available to the people of Vietnam in a shortened time frame."
Thomas Johnson, Chairman and CEO of Dot VN, added, "We are extremely pleased to have executed the LOI with Spot-On Networks. The shareholders and management of Spot-On Networks, LLC have a proven track record of performance, both within the United States and in international emerging markets, and the addition of this talented team will bring tremendous value to our Company's goal of building out our products and services to meet Vietnam's growing needs. We anticipate that the synergistic union of Dot VN and Spot-On will allow the Company to successfully develop and deploy Wi Max and Wi Fi services in Vietnam thereby capturing a significant portion of Vietnam's rapidly growing population of internet users. Further, we believe that the addition of Spot-On's Wi Max, WiFi and VoIP services will greatly enhance Dot VN's comprehensive product and service offerings."
About the Companies:
Dot VN, Inc. (www.DotVN.com) is the online service provider of .VN (Vietnam) domain name registrations globally. The Company has established agreements with the Vietnamese government and international ISP's (Internet service providers) such as VNPT, Netsoft, VDC, FPT, along with Verisign, MarkMonitor.com, NetNames.com, Ascio.com, MelbourneIT.com, RGNames.com, EbrandSecure.com, IPMirror.com and over 70 top domain resellers to commercialize Vietnam's Internet and Telecommunications services. Dot VN, Inc. has strived to deliver high value online communication and commerce solutions along with outstanding customer service both domestically and internationally with a focus on Vietnam. The Vietnam Internet Network Information Center (VNNIC) awarded Dot VN, Inc. an "exclusive long term contract" to be the first registrar to promote, market and register its country code Top Level Domain (ccTLD) of .VN (Vietnam) via the Internet. Dot VN, Inc. is developing an Internet based distribution network through which the Company delivers business applications and services and digital software content to a network of more than 70 Service Providers in over 30 countries. The Company is developing the latest Internet domain registration software technologies for marketing, sales and managing the .VN domain name registration, website design and hosting, email systems, e-commerce and e-marketing, Vietnamese Search Engine for .VN and VOIP telecommunications for Vietnam and other customers worldwide.
Spot-On Networks, LLC (www.SpotOnNetworks.com) is a rapidly growing telecommunications company with its headquarters in New Haven, CT. Founded by a group of well known professionals in the telecommunications field, Spot-On provides cost-effective communications and Internet services to businesses and residential subscribers.