InDigiNet to Acquire VoIP Gateways from UBC

May 1, 2003 -- (FIND VPN) -- Managed communications solutions provider InDigiNet Inc. (InDigiNet.com) announced on Thursday that it has submitted a letter of intent to acquire certain assets from Universal Broadband Communications, valued at between $1.5 million and $2.5 million in exchange for InDigiNet common stock.

InDigiNet says the acquisition reflects the company's strategic focus on advanced end-to-end connectivity. Under the terms of the letter of intent agreement, the selected assets to be acquired include Clarent routers and gateways, says InDigiNet. Through the acquisition, the company says it intends to increase its product offering to the SME market by offering transport services to and from certain destinations.

"InDigiNet stands for Integrating Digital Networks," stated InDigiNet CEO Mark Ellis. "The acquisition would expand our offerings to cover a more complete spectrum of customer requirements, including a large network of global Points of Presence (POPs), thus broadening the capabilities of IGTT's strategic vision. This is also a win for UBC which will be able to turn an under utilized asset into a potentially appreciating equity position of a publicly traded company. We are extremely excited about being in a position to put these assets to work for both our customers and shareholders."