HSAC - High Speed Acess Corp (HSAC)

[jmhollen]

High Speed Access Corp. Completes Purchase Price Adjustments With Charter
Communications and Announces Departure of Two Senior Executive Officers

LOUISVILLE, Ky., May 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- High Speed
Access Corp. (Nasdaq: HSAC) announced today that it and Charter Communications
(Nasdaq: CHTR) have agreed upon final purchase price adjustments in connection
with the previously announced sale of substantially all of HSA's assets to
Charter. These amounts include the payment by Charter to HSA of $750,000 of the
purchase price held back by Charter to cover potential purchase price
adjustments in accordance with the asset purchase agreement, and an additional
$650,000 of purchase price adjustments related primarily to the settlement of
accounts receivable. Charter still holds $2 million of the purchase price to
secure potential indemnification claims against HSA, which will be paid by
Charter to HSA on February 28, 2003, less the amount of any indemnification
claims asserted by Charter, in accordance with the asset purchase agreement.

As stated in the company's Annual Report filed on Form 10-K for the period ended
December 31, 2001 (filed with the Securities and Exchange Commission (SEC) on
April 1, 2002), the company intends to make a cash distribution or distributions
to its stockholders at some time in the future. However, the number, amount,
timing, and record date(s) of such distribution(s) have not been determined.
While HSA's board of directors has determined that it intends to distribute at
least a portion of the proceeds from the asset sale to HSA's shareholders, it
has not yet determined what its strategic direction will be with respect to any
undistributed portion of the asset sale proceeds. Furthermore, if the board
determines that material contingent liabilities exist, any distribution may be
reduced or delayed.

As previously disclosed, the company does not presently own or manage any
revenue-generating businesses. To further reduce expenses as the board considers
its alternatives, the board has terminated the employment of two of the
company's senior executive officers, Daniel J. O'Brien, President and CEO, and
Gregory G. Hodges, COO, effective April 30, 2002. Mr. O'Brien will continue to
serve as a director of HSA and assist in evaluating its strategic options.
George E. Willett, the company's CFO, has been appointed to serve as President
effective May 1, 2002. Following these and other planned workforce reductions
(and before any distribution to shareholders), the company expects that, after
July 1, 2002, its normal net loss, exclusive of any unforeseen or unusual items,
will not exceed $50,000 per month.

The board expresses its appreciation for the hard work and dedication of Mr.
O'Brien and Mr. Hodges during their respective tenures with HSA. Commented board
chairman David A. Jones, Jr., "Dan and Gregg have worked tirelessly to maximize
shareholder value in a challenging environment. Their leadership produced
operating metrics that enabled the company's cable modem business, alone among
its competitors, to attract a buyer; their tenacity in negotiating the asset
sale with Charter and navigating the lengthy closing process preserved value for
common shareholders. We are especially pleased that Dan will continue as a
director, and we wish them well in the next phase of their careers."

As previously announced, on February 14, 2002, the company received notification
from the Nasdaq Stock Market that the price of its common stock had closed below
the $1.00 per share minimum (as required for continued listing on the Nasdaq
Stock Market) for 30 consecutive trading days. At this time, the company does
not believe it will be able to maintain its Nasdaq listing and, consequently,
expects that its common stock will soon trade on the OTC-Bulletin Board.

SOURCE High Speed Access Corp.

CONTACT: Investors and Media, George E. Willett, President and CFO of
High Speed Access Corp., [phone], [e-mail]