March 31, 2005 ? (WEB HOST INDUSTRY REVIEW) -- High-speed wireless Internet access, VOIP and IPTV/VoD products developer CoConnect Inc. (coconnect.com) announced on Thursday that it has signed a letter of intent to acquire all of the issued and outstanding shares of Web hosting provider Rndtuit.com, Inc. and automated Web design provider EonDeck.com, Inc.
CoConnect plans to acquire 100 percent of both companies in exchange for 1.5 million shares of restricted common stock. Management confirmed that the acquisitions should bring in revenues of approximately $1,000,000 per year to the consolidated financial statements of CoConnect, and is expected to close on the acquisitions within 45 days.
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Rndtuit.com, Inc. and EonDeck.com, Inc. are both Nevada corporations in operation for six years under the direction of CEO and president Michael McGee. Both companies will become wholly owned subsidiaries of CoConnect upon the completion of the acquisition.
"These acquisitions provide CoConnect with the ability to grow our top line as well as strengthen our competitive position in the Wireless Internet industry," says CoConnect CEO Tim Thayne. "With the acquisition of EonDeck.com and Rndtuit.com, CoConnect can establish an immediate market presence in Las Vegas, where our acquisitions have existing solid infrastructure and a strong customer base in place."
