October 8, 2004 — (WEB HOST INDUSTRY REVIEW) — Internet access and Web hosting provider DSL.net (dsl.net) announced on Thursday that it has closed a $5 million financing with Laurus Master Fund, a New York City-based institutional fund that specializes in financing small-cap companies.
According to DSL.net, the financing consists of a $4.25 million two-year convertible term note and a $750,000 revolving credit facility.
“We intend to use these funds to pursue strategic opportunities, including subscriber-line acquisitions and other corporate transactions,” said Kirby G. Pickle, chief executive officer of DSL.net. “It also represents the successful completion of a third important strategic goal that we set our sights on earlier in the year. These included simplifying the company’s capital structure through the conversion of our Series X preferred stock, obtaining a listing for our common stock on the American Stock Exchange and securing financing to pursue strategic opportunities.”
