Internap (AMEX:IIP)
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Today, Internap Network Services Corporation (AMEX:
IIP), a leading provider of performance-based routing solutions over
the Internet, announced that it will effect a 1-for-10 reverse split
of its common stock for stockholders of record as of the close of
business on July 10, 2006.
The reverse split will go into effect after market close on July
10, 2006. Internap's stock will begin trading on the American Stock
Exchange on a split-adjusted basis on July 11, 2006.
The exercise or conversion price, as well as the number of shares
that can be issued, under the company's outstanding stock options,
warrants and convertible securities, will be proportionately adjusted
to reflect the reverse stock split. The number of shares reserved for
issuance under Internap's equity compensation plans will also be
reduced proportionately.
Internap stockholders approved the reverse split via an amendment
to the company's articles of incorporation during the annual
stockholders meeting held on June 21, 2006.
Internap will not issue any fractional shares of its new common
stock as a result of the reverse split. Instead, the company will pay
cash for the value of the fractional shares to the holders thereof.
Stockholders who hold their shares in brokerage accounts or "street
name" will not be required to take any action to effect the exchange
of their shares. Stockholders of record who hold share certificates
will receive a letter of transmittal requesting that they surrender
their old stock certificates for new stock certificates reflecting the
adjusted number of shares as a result of the reverse stock split.
American Stock Transfer & Trust Company will serve as Internap's
transfer and exchange agent, implementing the exchange of stock
certificates in connection with the reverse split.
About Internap
Internap is a market leader of intelligent route control solutions
that bring reliability, performance and security to the Internet. The
company's patented and patent-pending technologies address the
inherent weaknesses of the Internet, enabling enterprises to take full
advantage of the benefits of deploying business-critical applications
such as e-commerce, Voice-over-IP (VoIP), video-conferencing and
streaming audio/video across the Internet.
Through a portfolio of high-performance IP and WAN optimization
solutions, customers can bypass congestion points, overcome routing
inefficiencies and optimize performance of their applications.
Internap solutions are backed by an industry-leading performance
guarantee that covers the Internet as opposed to just one network.
These offerings include: network- and premise-based route optimization
solutions, colocation, VPN, content distribution and managed security
services.
Internap currently serves more than 2,100 customers, including
Fortune 1000 and mid-tier enterprises in the financial services,
government, travel/hospitality, manufacturing, media/entertainment,
technology and retail industries. The company provides services
throughout North America, Europe, Asia and Australia. For more
information, please visit the company website at www.internap.com.
Internap, P-NAP and Performance IP are trademarks of Internap. All
other trademarks and brands are the property of their respective
owners.