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INFORMATION HIGHWAY.COM, INC. SIGNS TERM SHEET TO
ACQUIRE A SERVICE PROVIDER COMPANY FOR $35,000,000 OF
PREFERRED SHARES For Immediate Release: July 26, 2001 –
Vancouver, BC –
Information Highway.com, Inc. (OTCBB:IHWY (www.ihiway.com) wishes to
announce it has signed a term sheet to acquire 100% interest
in a privately-held company for $35,000,000 of Information
Highway.com, Inc.'s preferred stock, convertible into common
shares of Information Highway.com, Inc. on December 31,
2003. Closing of the transaction is subject to
completion of satisfactory due diligence by both parties,
negotiation of definitive agreements between the companies and
Information Highway.com, Inc. raising not less than $2,000,000
for the needs of the private company. The
private company is a service provider that provides broadband
Internet service, telephone, television, property management
and other state of the art technologies to multi-dwelling unit
(MDU) residents, owners and managers. The
private company retained IBM (NYSE: IBM) to construct a $1.5
million carrier class Network Operations Center (NOC);
contracted with Convergys, one of the largest
billing and customer care call center companies in the world,
to provide resident billing, customer care and related
functions; and Broadwing to initially fund the
installation of 5,000 units and provide wide area network
connectivity. The private company has rights to
contracts totalling 57,000 residential apartment units
and has a prospect list of over 1,000,000 units. Information
Highway.com, Inc. will be able to offer to the multi-dwelling
unit owners, residents and managers their own community portal
site including message board, local news and weather, access
to our Voice over IP services, our financial site (www.stocktracker.com) services,
travel services (www.pavliktravel.com), our portal
site (www.theexecutive.com), multiple email
accounts, and web hosting including customer's personal
sites. Information Highway.com, Inc. through its
alliance with SOVO Computers (www.sovo.net) can supply
computer and all hardware required for the residential units
Internet broadband service. Information
Highway.com, Inc. will release further details regarding the
private company upon completion of the financing and
negotiation of the definitive agreement. ABOUT
INFORMATION HIGHWAY.COM, INC. Information
Highway.com is an Internet Service Provider engaged in Web
content management and development, e-commerce, Voice over IP
solutions, and Internet access and emerging Internet
technologies and is currently focusing on wireless Broadband
networking. Information
Highway.com provides dial-up and ADSL fast Internet and
dedicated Internet access as well as Web site hosting and has
business relationships with Yahoo Broadcast (NASAQ: YHOO) and
Verizon (NYSE: VZ). For
more information on Information Highway.com, visit
www.ihiway.com CONTACT:
John
Robertson President and
CEO Email: john@ihiway.com 1
(800) 665-4616 or 604-278-7494 |