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News >> Technology >>
Jai Bhagat's Air2lan to merge with US Wireless Online
By agencies
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Thursday, 17 February 2005, 20:30 IST
JACKSON, MS: Wireless Online, Inc., and Air2Lan, Inc. today announced that they have entered into a formal agreement to merge their businesses. The transaction represents a merger of two wireless broadband Internet solutions providers, creating one of the largest Wireless Internet Broadband companies in the United States.
Under terms of the transaction, Air2Lan will receive US Wireless Online preferred stock in exchange for its assets, liabilities, and customer base. The companies expect to close the transaction on or before February 28, 2005.
When combined, Air2Lan and US Wireless (which recently acquired MJS Holdings, United Broadband Networks and YYireless1.net), will serve thousands of corporate, municipal, government, and institutional customers and will generate approximately $5 million in annualized revenue. The new Company will leverage increased economies of scale and be positioned to accelerate growth organically in its existing markets and by expanding its wireless broadband Internet footprint. The Company also intends to leverage its prominence in the broadband wireless industry to pursue additional strategic acquisitions.
Air2Lan, headquartered in Jackson MS, operates in Mississippi, Alabama, Louisiana, Tennessee, Arkansas and Texas. US Wireless Online, headquartered in Louisville KY, operates in Kentucky, Georgia, Pennsylvania, Ohio, and Indiana.
Upon completion of the transaction, Jai Bhagat, co-founder and former Vice Chairman and CEO of SkyTel Communications, Inc. and Chairman and Founder of Air2Lan, will become Executive Chairman of the Board of US Wireless Online, Inc.