NEW YORK, Aug. 19, 2002 (PRIMEZONE) -- Exus Networks Inc. (OTCBB:EXUS), a global provider of end-to-end eLearning services, announced today that it has entered into an agreement to acquire a division of New Millennium Development Group (NMDG). The resulting merger will create the infrastructure for the largest Global Education Network. This acquisition of a global platform of clients, relationships and a base of over 500 shareholders will be a major breakthrough in Exus' restructuring and deployment of Exus' Global Education Network. Exus has been hampered in its efforts to deploy its Global Network because of difficult market conditions, limitations in its global presence and credibility with strategic partners worldwide. The acquisition brings well-established global relations and 500-shareholder base that is supportive to this global initiative.
Under the term's agreement, Exus will issue restricted Exus common shares to the approximately 500 shareholders of NMDG in return for the acquiring of the Global Business Development Division headed by Mr. Daniel Imperato. The agreement is subject to Exus restructuring its current debt, which Mr. Imperato will assist with.
The agreement furthers Exus' international expansion strategy, allowing Exus to establish its Global Education Network based on its shared satellite network. The acquisition will provide Exus a major breakthrough to a global platform of clients and relationships in order to deploy the network around the world. As part of Exus reorganization, the focus will be towards eLearning and the delivery of content through its Shared satellite network and its global partners.
Ike Sutton, CEO of Exus Networks, stated: "This acquisition, will bring Mr. Imperato's 25 years of Global experience to our management team. As a leader with morals, integrity and relentless energy with a commitment and desire to achieve success for the shareholders, he will be a big asset for Exus. His strong political, religious and entrepreneurial skills will enable Exus to deploy our strategy more rapidly.
Daniel Imperato, Founder of New Millennium Development Group, added: "Exus' program fits into our business model by taking advantage of our ability to provide a complete end-to-end solution, our worldwide partners would create many opportunities for Exus business. It has been my desire for the longest time to establish a global Education Network and now with Exus we can achieve these goals and bring value to Exus and NMDG shareholders".
About Exus Networks Incorporated
Based in New York, Exus Networks is a global provider of a broad array of value-added, satellite and terrestrially based communication services to a diverse client base that includes medium to large multi-national businesses, Internet Service Providers (ISP's) and governmental agencies. Through service agreements with satellite, teleport, and terrestrial network operators, strategic relationships with leading telecommunications partners, and the Company's satellite gateway and data center in New York, Exus Networks is poised to benefit from the growing need for affordable, premium quality managed data networking services. This is particularly true in emerging markets, where EXUS benefits from a first-mover advantage.
The preceding includes forward-looking statements which involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: market conditions, competition and other risk factors listed from time to time in the Company's