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Sitestar Acquires Two Internet
Companies
Release Date: 7/2/2004
LYNCHBURG, Va., Jul 01, 2004 (PRIMEZONE via COMTEX)
-- Sitestar Corporation (SYTE) today announced that it has entered into
an agreement with Virginia Link Internet, a local Internet company in
Galax, and Mount Airy Networks LLC, a local Internet company in Mount
Airy, N.C. The arrangements consist of acquiring the dial-up Internet
customer base and related assets of both companies.
Larry Thompson, one of the owners of Virginia Link,
will continue to operate the computer repair, web design and web hosting
business in a non-competitive manner and he will become an agent selling
Sitestar's Internet Services.
"This move frees me up to focus on our other businesses
and provide our Internet dial-up customers the enhanced services and greater
calling area offered by Sitestar," said Thompson. "Our customers
will still be able to come in for any computer and web support they need."
"These agreements will add additional revenue
with nearly 2,000 new dial-up customers to our company and they are consistent
with the acquisition facet of our growth strategy," reported Frank
Erhartic Jr., President and CEO of Sitestar Corporation. "We already
locally serve the geographic footprint of these companies and anticipate
substantial cost savings resulting from the consolidation of resources.
"Transitioning these customers to our system should
be fairly seamless and quick. We will be keeping the office space in Galax
for customer convenience. We look forward to working with Mr. Thompson
to build both of our businesses together."
About Sitestar Corporation
Sitestar Corporation is a mid-Atlantic Internet Service
Provider and computer services company offering a broad range of services
to business and residential customers. Sitestar's main customer base is
primarily in the Virginia and North Carolina markets but also sells most
of its existing services nationwide. Sitestar's wholly owned subsidiaries
provide narrow and broadband Internet access, Web-hosting and design services,
computer sales and repair and other technology-related solutions to its
residential and business customers.
Sitestar's wholly owned subsidiaries include Sitestar.net
(http://www.sitestar.net), Sitestar Applied Technologies (http://www.sitestarapplied.net),
SurfWithUs.Net (http://www.surfwithus.net),
Lynchburg.net (http://www.lynchburg.net),
Advanced Internet Services (http://www.advi.net),
Computers by Design (http://www.computersbydesign.com)
and CBD Toner Recharge (http://www.recharge.net).
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