🚀 go-pugleaf

I said that you might want to keep an eye on eSAT Inc., stock symbol ASAT. I ran the subject by you guys a few weeks back when the company was around a buck and a half and the stock has been in the four to five range since. Check out this recent press release.

You can do your research here:  www.esatdata.com

Company Press Release

eSat Inc. Announces $25 Million in Financing

Agreement Secures Equity-Based Line of Credit

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Dec. 29, 1999--eSAT Inc. (OTCBB:ASAT - news; Frankfurt:ES8), a global knowledge provider and creator of satellite-based information delivery systems for businesses, governments and educational institutions, Wednesday announced that it has entered into an agreement with a third-party investor for the immediate purchase of $5 million of convertible preferred stock and the establishment of a $20 million equity line of credit. 

These funds will help satisfy working capital requirements of eSAT for the year 2000 and beyond enabling eSAT to ensure sufficient liquidity for the company's operations while continuing to implement its plans for building its global satellite backbone. eSAT's mission is to become a leading satellite based broadband service provider worldwide. 

``We are very pleased to have secured this financing. This is an important strategic funding for the company as we continue to implement our business strategy and projected growth. Additionally, it strengthens our financial position in pursuit of building out our reseller network, while expanding our broadband service offerings to wide range of vertical markets in the U.S. and abroad,'' stated Michael C. Palmer, director and chief executive officer. 

Under the terms of the $20 million equity line, the company has a right to sell to the investor, and the investor has an obligation to buy from the company, up to an additional $20 million of convertible preferred stock. The maximum amount of each such individual sale of preferred stock will be determined by a formula. 

``This provides us the capital to fund our expected growth and keep our balance sheet free of debt,'' added Palmer. 

About eSAT Inc. 

eSAT Inc. is a broadband service provider for businesses, educational, and government institutions via satellite. The company's core products provide Internet access and networking services through its Global Satellite Internet (GSI) gateway and its recently introduced, Nexstream(TM) (bi-directional) solutions. eSAT's Nexstream(TM) provides organizations with an untethered, secure, transportable, cost-effective communications solution for facilities anywhere regardless of communications infrastructure. Additionally, eSAT's ChannelCasting(TM) (IP multicasting) provides delivery for consistent, accurate, secure and reliable content instantaneously within an eSAT Virtual Private Network (VPN) or Private Network (PN). Information about eSAT is available by calling 888/895-0007 or by visiting www.esatinc.com. 

Certain statements in this news release may constitute ``forward-looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied, by such forward-looking statements to differ. 


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Contact: 

eSAT Inc., Fountain Valley
www.esatdata.com