Pipex Communications Discussion

Nettworx Aims to Raise Up To GBP5 Million Via AIM IPO

12-05-05 10:44 AM EST
Edited Press Release

LONDON -(Dow Jones)- Nettworx plc (Nettworx), a newly-incorporated company that intends to invest in the fast-growing area of voice and data networks, said Monday that it is to seek admission to AIM via an Initial Public Offering.

The Company intends to raise at least GBP5 million through the issue of shares via an institutional placing. Canaccord Capital (Europe) Limited is acting as the Nominated Adviser and Broker.

The Company has been formed to take advantage of the increasing convergence between voice, video and data, fixed line and mobile networks.

While the Board of Nettworx believes that most services will in time be offered over IP, the industy will still rely on fast, efficient networks to deliver content. Nettworx plans to buy existing telecom and network companies, integrate them and improve their performance to create the type of rich, high- performance, flexible services that Monday's operators and users expect.

The Company has identified a number of network companies with existing customers and revenues, that lack either the scale or the technological skill sets to capitalise on the convergence of technology and telecommunications.

Nettworx has assembled a board of experienced technology investors, managers and entrepreneurs that will identify and execute acquisitions as well as providing the requisite skills.

The Company is headed by Jonathan Rowland, founder of jellyworks, the internet investment company, and Jason Drummond, founder of Virtual Internet, the web hosting company, and Co-Founder and Chairman of Gaming Corporation, the operator of the world's leading gaming search engine.

Nettworx intends to seek the appointment of a senior non-executive chairman early in the New Year, and to recruit further executive directors to the board when appropriate.

(END) Dow Jones Newswires