“Sitestar Corporation …, a diversified Internet holding
company, today announced that it has successfully completed the
previously announced acquisition of Neocom Microspecialists, one of
Southern Virginia’s largest Internet Service Providers.”
“Financial terms of the acquisition were not disclosed.”
“Neocom is a diverse Internet services company offering Internet
access, web design and web hosting services. Located in
Martinsville, Virginia, Neocom has over 4,600 Internet access
subscribers and a host of Fortune 500 business customers,
including, among others, Bassett Furniture. Operating as a
Linux-based ISP and using Linux for the majority of its ISP
infrastructure , Neocom’s 1999 revenues are forecast to exceed $1.8
million. “We chose Linux early in the development of our ISP
because we recognized it had excellent stability and value. Linux
has become quite popular recently, and we are pleased to see it is
finally beginning receive the attention it deserves,” said Joseph
M. Albanese, Executive Vice President and Director of Internet
Operations of NEOCOM. Neocom is cash flow positive and the
acquisition will be accretive to Sitestar’s EBITDA.”