NEWPORT BEACH, Calif., -- Nov. 9, 2004 -- InDigiNet, Inc., (OTC Bulletin Board: IDGN), a provider of managed communication solutions for Small to Mid-Size Enterprises (SMEs) in the United States, is pleased to announce that the Company will follow shareholders’ suggestion of seeking a reverse merger candidate even as it continues to expand and grow through product additions along with sales force recruitment.
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“A number of shareholders have suggested exploring other means of increasing shareholder value including putting the Company up for sale through a reverse merger,” stated InDigiNet CEO Mark Ellis. “As CEO, I am entrusted with the power to make things happen for all shareholders and am eager to listen to ideas that will make us all realize our maximum potential. We are certainly willing to try different variations of the theme, take greater risks with exposure to a different audience by putting ourselves on the block — if it doesn’t work out, all we’ve lost is a bad idea. It’s not like we paid for each shareholder idea. Since they’re free, we’ll explore as many as our shareholders want — failure costs nothing, but success comes with all the trimmings.”
Ellis further stated, “While we continue to build our Company as fast as possible through a strong solid product mix and good customer relationships, we will immediately take action on our shareholders’ ideas. Based on the collective suggestions, we will take a three-track course of exploration action: Reverse merger; Rolling ourselves up to a Business Development Company under Sections 54-64 of the Investment Company Act of 1940; and Possible spin-off of divisions and/or subsidiary.”
“We agreed with most of the shareholder suggestions and comments about ‘enough is enough’ and that, ‘If Wall Street doesn’t like our current course of action, we should change it until they do.’ Our share price is reflective of Wall Street’s thirst for make-it-better-cheaper-faster-MORE-NOW type companies. We listen, we hear and we will get it done,” concluded Ellis.
About InDigiNet, Inc.
InDigiNet, Inc. is an integrated solutions company that provides small to mid-size enterprises (SMEs) with an integrated communication solution. The Company will offer data, local, long distance and wireless services to SMEs over third party networks enabling the company to offer a comprehensive suite of services without the capital burden of building a communication network.
