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Eureka Networks and InfoHighway Communications Announce MergerNEW YORK, June 9 /PRNewswire/ -- Eureka Networks and InfoHighway Communications, two leading providers of integrated communications services to small and medium-sized businesses, today announced their merger plans. The combined entity will have annual revenue of over $100 million, serve approximately 15,000 customers and 150,000 access lines in 14 Northeastern and Mid-Atlantic states, and benefit from substantial concentration in the New York, Boston and Washington, D.C. metropolitan areas. Closing is expected in early August pending approval from federal and state regulatory agencies. "We are very enthusiastic about introducing Eureka's facilities-based voice and data products, especially our Voice over IP and hosted PBX solutions, to InfoHighway's customer base and partner channel," said Raul Martynek, President and CEO of Eureka. Both companies have successfully served small- and medium-sized businesses for years, are known for delivering a best-in-class customer service and possess complementary skill sets. We are collaborating with InfoHighway management to adopt the best practices, processes and technology from each company. The result will be a powerful combination that yields significant benefits for all of our customers." "This merger has numerous built-in strategic advantages and synergies," said Joseph Gregori, the CEO of InfoHighway. "It enhances our business model with the addition of state-of-the-art network capabilities and is clearly beneficial given recent changes in the regulatory environment. It will strengthen our market position throughout the Northeast corridor, and it brings us opportunities to offer a full suite of facilities-based services to our customers." He added, "Eureka's product offerings combined with InfoHighway's agent distribution and billing/OSS platforms will produce both immediate value and a number of exciting future possibilities." InfoHighway will operate as a wholly-owned subsidiary of Eureka Networks, and both companies will continue to operate under their respective names. Jeff Ginsberg and Raul Martynek will continue in their current roles with the combined entity. Joseph Gregori, CEO of InfoHighway, will become Vice Chairman. Eureka's current Board of Directors will remain intact. About Eureka Networks Eureka Networks offers businesses in the New York and Washington, D.C. metropolitan areas a single source for reliable voice communications services, high-speed Internet access, Voice over IP ("VoIP") and hosted PBX solutions, managed security services and data networking. With a state-of-the-art voice switching platform and a robust, high-speed data network deployed in over 550 commercial office buildings, Eureka Networks services small- to medium-sized companies, and a variety of telecommunications service providers. Each customer is fully supported by a team of technology professionals and a customer care organization that is dedicated to best-in-class service and support. Eureka is backed by a diverse and blue-chip investor group, including Apollo Real Estate Advisors, Trimaran Capital Partners, Lazard Technology Partners, Bass Brothers and LLR Partners. For more information about Eureka Networks, please visit http://www.eurekanetworks.net/ . About InfoHighway Communications InfoHighway Communications Corporation is a leading Integrated Communications Provider ("ICP") offering competitively priced and state-of- the-art local, long distance voice and data telecommunications and Internet services to small- to medium-sized businesses in the Northeastern and Mid- Atlantic United States. Services are currently offered in major metropolitan markets in New York, New Jersey, Massachusetts, Pennsylvania, Maryland, Delaware, Washington, D. C., Virginia, Maine, New Hampshire, Vermont, Rhode Island and Connecticut. For additional information, please visit our website http://www.infohighway.com/ or call (877) 375-4636. Contact: 5W Public Relations: Adam Handelsman Sr. Vice President [email protected] (212) 999-5585 ext. 202 Eureka Networks CONTACT: Adam Handelsman, Sr. Vice President of 5W Public Relations,+1-212-999-5585 ext. 202, [email protected] Web site: http://www.eurekanetworks.net/http://www.infohighway.com/ |