G2A networks Inc
CEO Mitch Viegut FAVE : NASDAC
The acquisition is part of FAVE's new business plan that divides the company into three operating units, Retail, Production: including television production and distribution, and Wireless: including internet, wireless technology and cable television.
FAVE's wireless frequencies in Wisconsin and its license rights to Costa Rica and its Internet assets will be contributed to the new subsidiary, G2A Networks, Inc., with a view to providing wireless ISP and cable television services. Mitch Viegut, CEO of the new subsidiary stated, "With wireless as a growing alternative for Video on Demand, High Speed Internet access, Private Data Networks and Wireless Telephony, we see huge growth potential. This acquisition, combining FAVE's wireless holdings with our experience and ISP infrastructure affords us the opportunity to build a state-of-the art profitable Internet access company, is very exciting. We are also looking forward to our role in the further development of 5th Avenue's `VIPER' patent-pending wireless Internet camera technology." The VIPER (Video Internet Protocol Encoding in Real time) technology enables on-the-fly encoding of video into Internet delivery format at the camera. Go2America (www.g2a.net) was formed in 1997, and has grown into a profitable Internet company. Go2America currently provides Internet access, hosting, web design and high-speed data services to business and residential customers. G2A Networks Inc. plans to expand its subscriber base via competitive Wireless broadband Internet, telephony and more via fixed wireless services. It currently serves approximately 11,000 subscribers with points-of-presence in 10 Wisconsin cities and their surrounding communities including: Wausau, Stevens Point, Wisconsin Rapids, Wisconsin Dells, Rhinelander, and Baraboo. G2A has redundant wire-line, and wireless connections to the Internet backbone via different tier one providers, minimizing any potential downtime, or slowdowns. FAVE, in addition to the new G2A Networks Inc. subsidiary, operates NetVideoNetworks, a television production division, and a retail products division, FAVE Retail. FAVE has operated a wireless cable television system in Lacrosse Wisconsin since 1994. By combining FAVE's wireless assets, with G2A's ISP business, the new entity, G2A Networks Inc., anticipates offering cost competitive fixed wireless broadband access to both G2A's existing subscribers, and FAVE's MMDS subscribers that will be part of G2A Networks. Many of the businesses and households that G2A Networks can reach are ideal candidates for wireless broadband Internet services since they have no other convenient, cost effective broadband access alternative. G2A Networks Inc. will continue providing dial-up services as well. Mitch Viegut, Chief Executive Offer of G2A Networks Inc., emphasized the competitive advantages of wireless broadband access: "The Internet speeds achievable using the MMDS frequencies of 2.5 and 2.6 Gigahertz are dramatically faster than the standard dial-up connection, and the equipment necessary on the consumer end involves nothing more than an antenna and special modem. Installation is much faster than wire-line connections, and service is more reliable. Even more exciting is the fact this method of Internet access is completely independent of the local telephone company. In other words, there would be no telephone charges associated with the subscribers Internet access." Fixed wireless broadband services are particularly competitive in rural, suburban, and other areas that do not have wire-line broadband connectivity. Eric Lefkowitz, Executive VP of 5th Avenue Channel Corp., said, "G2A Networks Inc. will be an operating platform enabling 5th Avenue to grow its Internet business internally and through acquisitions." "New technologies such as time division duplexing, spreadspectrum, and adaptive networking make fixed wireless delivery an attractive cost-effective alternative to wired Internet access," stated Stuart Volkow, VP of Business Development for FAVE. Timothy L. Kostka, owner and Chief Financial Officer of G2A, says "Now that we have been acquired by 5th Avenue Channel, G2A Networks is firmly positioned as an Internet Service Provider ("ISP") with the assets we need to offer broadband access with state of the art wireless technology. MMDS frequencies can also be used to deliver local telephone service throughout our service areas." This acquisition further develops and organizes FAVE's triad of operating divisions, Retail, Production and Wireless. Its Retail division specializes in developing, sourcing and selling unique products to mass merchants, via direct response television and live home shopping. The Production division, "or NetVideoNetworks" operates the television production and distribution division of 5th Avenue including the recently acquired business of the Educational Broadcast Network, which expands the production of sponsored, national cable television programming in the areas of travel, healthcare, business, and entertainment. About FAVE FAVE, is publicly traded company , and operates in the cable, retail and production industries. The company operates a wireless cable system in Wisconsin, and owns microwave frequencies in Costa Rica. Its retail division, 5th Avenue Channel Retail, Inc., is a business-to-business sales division that sells products to mass-market retailers across the country. Its production division Net Video Networks produces business, financial and other programming for cable television and Internet distribution, the programs can be found at www.netvideonetworks.com, www.5thavenuechannel.com. This press release contains statements that are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this press release the words "believes," "plans," "estimates," "expects," "intends," "anticipates," "may," "will," "should," "could," and other similar expressions are intended to identify forward-looking statements. All forward-looking statements are based largely on current expectations and beliefs concerning future events that are subject to substantial risks and uncertainties. Actual results may differ materially from the results suggested herein. 5th Avenue Channel's actual results may differ materially from the results discussed, implied or forecasted in the forward-looking statements. Further information on the factors that could affect the actual results of 5th avenue Channel Corp. are included in its report on Form 10-KSB for the year ended December 31, 1999, and the most recent form 10QSB/A for the quarter ended September 30, 2000, which are on file with the Securities and Exchange Commission. 5th Avenue Channel Corp. assumes no obligation to revise or update any forward-looking statements contained in this press release. |
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