H-NET.NET, Inc. Closes Acquisition of DONOBi, Inc.
February 19 2004 - 5:30AM
PR Newswire (US)
H-NET.NET, Inc. Closes Acquisition of DONOBi, Inc. BREMERTON,
Wash., Feb. 19 /PRNewswire-FirstCall/ -- H-NET.NET, Inc. (BULLETIN
BOARD: HNNT) announced today that it has closed the acquisition of
DONOBi, Inc., a Seattle-area based business serviceintegrator with
full-service Internet, video, and telecommunication services. The
Company also announced that Anton Stephens will be stepping down as
President and CEO, and Christine Stephens will be resigning her CFO
position. New executive management will consist of the current
management team of DONOBi, including President and CEO, Bill
Wright, Vice President, Brett Green, and Interim CFO, Terry Stein.
The Company anticipates officially changing its name to DONOBi,
Inc., as well as its trading symbol in the coming weeks. Commenting
on the closing and the Company's new direction, CEO, Bill Wright
said, "We are obviously very excited as we embark on this new
chapter in DONOBi's history. We plan to make this brief transition
period as simple as possible on all parties involved, including our
new shareholders. In the coming weeks we will be communicating more
with the investment community, while announcing new customers and
strategic partners that have come to fruition since we undertook
this merger that will generate new revenues for the company. Also,
we will be developing an investor relations page on our corporate
Web site (http://www.donobi.com/) and will make a series of
announcements to keep our existing and potential shareholders
informed as to our progress and growth. We are very pleased with
the continued progress of the Company and now look forward to
sharing our success. Since our inception in 1999, we have grown
revenues steadily each year, including a 128% increase in 2003. We
are able to maintain positive growth of revenues due in part to the
reoccurring nature of our service revenues. We anticipate continued
expansion of our customer base to include entry into additional
states, and are expecting to release newly developed product lines
to enhance services to existing customers and attract new
customers. About DONOBi, Inc. Located in the tech-heavy Pacific
Northwest, DONOBi is a regional provider of integrated Internet
services, e-commerce solutions, business systems integration,
network analysis and implementation, and business applications
development and deployment. Since its inception, DONOBi has rapidly
expanded through mergers and acquisitions of several small ISPs,
consolidating talented personnel and technical infrastructure into
a highly efficient and responsive service company. DONOBi
specializes in helping clients with technical, state-of-the-art,
high quality customer and B2B solutions. These products and
services are matched to the customer's needsand goals by providing
a full range of services and expertise within one company. For more
information about DONOBi, please visit the company's Web site at
http://www.donobi.com/ Safe Harbor statement under the Private
Securities Litigation Reform Actof 1995: Statements in this press
release regarding the expansion of the Company's operations are
forward-looking statements. Words such as "expects," "intends,"
"anticipates," and "likely" also identify forward-looking
statements. Actual results may differ from such forward-looking
statements as a result of a number of factors. DATASOURCE:
H-NET.NET, Inc. CONTACT: Bill Wright of DONOBi, Inc.,
+1-360-782-4477, or Web site: http://www.donobi.com/
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