InDigiNet Initiated Merger Talks with C2C Exchange Inc.
Last Updated: 9:00 AM ET 7/11/2003
NEWPORT BEACH, Calif., Jul 11, 2003 /PRNewswire-FirstCall via COMTEX/ -- InDigiNet, Inc., (OTC Bulletin Board: IGTT ), a provider of managed communication solutions for Small to Mid-Size Enterprises (SMEs) in the United States, is pleased to announce that it has initiated merger discussions with C2C Exchange Inc. (C2C) a website design and hosting company for restricted stock.
"We are excited about the prospects of welcoming over 400 independent marketing representatives into the IGTT family along with their complimentary products," stated InDigiNet CEO Mark Ellis. "The merger discussion thus far centers on C2C's website creation capabilities and distribution channel, and how it will propel us to the next level of success. We value their marketing depth, their creativeness with which they have implemented their product strategy and the successes they have earned in empowering end users with an alternative web building solution."
"This acquisition will be consistent with our strategic direction of remaining focused on our core products. In addition to expected savings from common operational components, product designs and distribution channels, we have identified and will realize significant 'hard' synergies, allowing IGTT to apply its competencies in penetrating the SME marketplace. We also feel that this acquisition will bring substantial value to us. Today's announcement is further proof of our commitment to building a strong revenue base while containing cost through the combination of the efficiencies gained through horizontal and vertical integration," Ellis concluded.
About InDigiNet, Inc.
InDigiNet, Inc. is an integrated solutions company that provides small to mid-size enterprises (SMEs) with an integrated communication solution. The company will offer data, local, long distance and wireless services to SMEs over third party networks enabling the company to offer a comprehensive suite of services without the capital burden of building a communication network. The company's strategy is to acquire the customer bases of smaller, single market communication companies and attractively priced Internet Service Providers (ISPs). InDigiNet will then expand the breadth of their services to grow revenue and enhance profitability. SMEs account for $120 billion in commercial telephony, data services and technology spending, or 33% of the country's total market and this spending is expected to grow at above average rates over the next ten years.
For more information about InDigiNet visit www.indiginet.com.
About C2C Exchange, Inc.
C2C Exchange, Inc. is a website design, hosting and complete e-commerce provider delivering one of the easiest and most powerful website building solutions on the Internet. The company and its development team have automated the ability for a user to quickly and easily create powerful, feature rich, professionally designed websites. C2C Exchange has incorporated state-of-the-art features with styles, layout and graphics in addition to powerful functional management tools that every successful business needs for e-commerce. In a fraction of the time it once took, a user can now create a fully functional e-commerce website using any Internet access method. Compared to the traditional costs of web development, this service is simple and affordable. For more information, go to www.C2Cexchange.com.
Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.
For additional information, please email investorrelations@indiginet.com.
SOURCE InDigiNet, Inc.
InDigiNet, Inc., Investor Relations,investorrelations@indiginet.com
http://www.C2Cexchange.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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