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PRESS RELEASE
Phillip J. Storin
Chief Financial Officer
NetNearU
409-775-3405 or
512-327-6152
November 17, 1999
PAYNET APPOINTS NEW TOP MANAGEMENT TEAM:
CHANGES NAME TO NetNearU
Internet Access Terminal Provider Poised for Rapid Growth College Station, Texas, November 17, 1999 - PayNet Communications, Inc., a pioneer and leader in providing public Internet access terminals, today announced that Larry M. James has been elected chairman and chief executive officer of the company, and that Phillip J. Storin has been named senior vice president and chief financial officer.
The company name also has been changed to NetNearU, to better reflect its mission of providing consumers with convenient Internet access outside the home.
"The Internet access terminal business is in its infancy and is growing rapidly as more airports, truck stops, hotels, major retail outlets, restaurants, and other public locations seek to meet increasing demand for convenient Internet access everywhere," said Dennis H. Goehring, co-founder of PayNet, now NetNearU. "Our new management team and our new name signal our determination to lead in this exciting arena."
Mr. James, 52, brings to his position a proven record of success in the telecommunications industry. Previously, he was chairman, president and chief executive officer of USLD Communications (then U.S. Long Distance) during its period of dramatic growth in revenues, earnings and market capitalization and until its sale to LCI Communications (now a part of Qwest Communications International, Inc.).
Mr. Storin, 48, was senior vice president and chief financial officer of Destia Communications, Inc., a telecommunications company that went public in May 1999 and agreed to merge with Viatel, Inc. in August 1999. Prior to that, he was senior vice president and chief financial officer of USLD.
"Larry James and Phil Storin have the skills and experience to lead NetNearU through a period of rapid growth and expansion," said Mr. Goehring. "They built USLD into a leading company in the fast-growth, intensely competitive long distance industry in circumstances nearly identical to ours today. And like our founding management team, they also have forged strong relationships with telecommunications industry leaders, who are our primary customers," Mr. Goehring added.
Mr. James succeeds Mr. Goehring as chairman and chief executive officer. NetNearU co-founder Pete W. Catalena remains as president and chief operating officer, while Mr. Goehring becomes vice chairman of the board and vice president of administration. James Sees Rapid Growth Ahead "The Internet access terminal industry is poised for explosive growth, and Dennis Goehring and Pete Catalena have developed the software, technology and infrastructure to position NetNearU as the industry leader," Mr. James said. "Their experience in launching two highly successful telecom companies, Texas Coinphone and International Communications Solutions (ICS), has provided NetNearU with a strong framework for growth in this new industry."
"NetNearU intends to capture a large share of this market, generating revenues from usage fees, interactive advertising and system management services," Mr. James said. "A major competitive advantage is our proprietary software that allows terminal owners and licensees to instantly access data about terminal usage and revenue generation, no matter where in the world terminals are located. The software even provides quantifiable data on the reach of interactive advertising placed on the terminals."
Most NetNearU units installed today are in truck stops and airports, with a growing number of installations in the retail and restaurant sectors. Future growth will be driven by the placement of units in locations such as hotels, major retail outlets, restaurants, convention centers, bus stations, colleges and universities, shopping malls, office buildings, coin laundries and other public-access areas. Hotels have begun to make Internet access terminals available to guests as a convenience feature for business travelers.
NetNearU terminals enable users to perform a host of functions: access and browse the World Wide Web, send and retrieve text and video e-mail messages, access online services, play a variety of popular video games, conduct voice communication and video conferencing, and print documents. Terminals are equipped with a floppy drive, which allows users to download files from the Internet and files attached to e-mail messages. Users have the option of paying with cash, credit card or a NetNearU prepaid card.
NetNearU (formerly PayNet Communications, Inc.) began operations in 1997 to make Internet access available outside the home or office to anyone who needs it, anytime, anywhere. The company is focused in four areas of business: installing and operating company-owned terminals in locations provided by property owners, with usage fees shared by NetNearU and the property owning partner; selling terminals and licensing software to companies that install and operate them independently; providing monitoring and billing services to all companies that purchase NetNearU terminals, for a percentage of usage fees; and selling advertising on-screen and on-enclosure, and also earning referral fees from interactive advertising directly to company web sites.
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