|
|
| Press
Releases
Interquest Communications
Acquires BroadBandNow! Network.
Interquest Continues to Deepen
Operations in 7 Western States
Interquest Communications, a leading
provider of broadband Internet services to the multi-family
real estate industry, and one of the "Top 100" venture funded
companies of 2002, according to Venture Reporter, today
announced it has purchased substantially all of the assets
of the BroadBandNow! Network. BroadBandNow!, one of the
last remaining first generation multi-family high-speed
Internet service providers, filed for Chapter 11 bankruptcy
protection in February, 2003. The company provided broadband
services to approximately 80,000 apartment units at 220
properties located within Texas, Colorado, California and
Oregon. The acquisition will increase Interquest's reach
to over 350 properties serving over 120,000 individual apartments,
making it one of the largest multi-family broadband ISP's
in the country.
Interquest has successfully deployed its on-premise high-speed
Ethernet and DSL services in over 130 multi-family communities
in seven western states owned and operated by some of the
nation's largest property management firms since September
2001, when it acquired assets of several other defunct service
providers. "We are very pleased with the opportunity to
acquire these assets. Through this strategic acquisition
we will have gained a critical mass of properties and subscribers
well in advance of our projected schedule. Overlaying our
service and marketing approach into these newly acquired
properties offers a tremendous opportunity to substantially
increase our subscriber base. This accelerates our business
model by nearly two full years," stated Glenn Meyer, Interquest
CEO. "This gives us the kind of economies of scale in each
of the markets in which we operate that we had envisioned
at the outset. With scale comes efficiency, which is a critical
key to success in this business.
"Interquest has been, and continues to be an outstanding
ISP for a number of Camden communities. I have heard nothing
but good things from Camden residents regarding their service
experience with InterQuest," stated Greg McDonald, Director
of Telecommunications at Camden Property Trust. "I am excited
about the new business opportunities this merger will create
for our two companies. Their recent acquisition of Broadband
Now will expand the competitive environment to many more
Camden communities."
"Interquest has once again demonstrated its vision and market
leadership by making this strategic acquisition," said Cliff
Higgerson, Partner at ComVentures. "We are confident that
the company is well positioned to achieve tremendous success
and will continue to provide their customers with superior
service."
"We knew from day one that in order to build this company
on the schedule we had envisioned, we were going have to
make strategic acquisitions. This portfolio is an excellent
fit for us, it is completely within our existing footprint,
we won't have to make any significant changes to our network
infrastructure, and our existing back office capabilities
can comfortably handle the addition. Our biggest concerns
are making sure the property transitions are seamless, the
management staffs are kept informed, and most importantly,
the customers experience an increased service level. If
our subscriber take rates in these new properties follow
the same path as our existing properties, we will have a
great platform on which to grow into more markets," stated
Doug Woods, Interquest COO.
About Interquest Communications, Inc.
Interquest is a national leader in providing broadband Internet
services to the multi-family and condominium industry as
well as commercial office buildings. It was named by Venture
Reporter as one of the "Top 100 Venture Funded Companies
of 2002". The company is headquartered in Seattle, Washington
and maintains a regional office in Walnut Creek, California.
For more information please visit www.Interquest.net,
or by telephone 206-574-5460.
About Camden Property Trust.
Camden Property Trust is a real estate company engaged in
the ownership, development, acquisition, management and
disposition of multifamily apartment communities. Camden
owns interests in and operates 141 properties containing
50,398 apartment homes in the Sunbelt and Midwestern markets
from Florida to California. Upon completion of four properties
under development, the Company's portfolio will increase
to 51,882 apartment homes in 145 properties. For more information
please visit www.CamdenLiving.com
About ComVentures.
ComVentures, based in Palo Alto, California, is a venture
capital firm managing over $1.2 billion. ComVentures focuses
its investment expertise on pioneering, progressive companies
that capitalize on the constant drive to build next-generation
network infrastructure, software, and services. ComVentures
consistently uncovers groundbreaking communications technologies,
helps lead and grow its portfolio companies, and assists
these companies in deploying new technologies in an ever-changing
marketplace. For more information, please visit www.comventures.com.
Interquest Corporate Contact:
Glenn Meyer, CEO
Interquest Communications
(206) 574-5480
gmeyer@interquest.net
ComVentures Contact:
Kathleen Jensby
(650) 325-9600
kjensby@comventures.com
Camden Investor Relations Contact:
Kim Callahan
(713) 354-2500
kcallahan@camdenliving.com
|
|
of Operation
