June 1, 2000--NetLojix (Nasdaq: NETX - news), a leading eBusiness enabler that provides network infrastructure and technical support to the mid-size business market, Thursday announced that it has terminated discussions to acquire privately-held onShore, Inc. (onShore.)
``We have determined that it is not in the best interests of NetLojix stockholders to pursue this transaction at this time,'' stated Craig Clark, vice president of Business Development. ``The Chicago market continues to remain a target region for us. We will continue to build our sales and service presence while investigating other acquisition opportunities.''
NetLojix will spend approximately $40,000 to repurchase shares, which will be held in treasury for use in connection with a newly established employee incentive plan. NetLojix expects repurchases to commence on Friday, Jan. 28, 2000.
NetLojix Communications is a single-source provider of Enterprise Network Solutions integrating data, voice and Internet communications services and IT support. The company markets and sells a broad range of advanced network services including network design, installation, management and service; eBusiness solutions; and remote network monitoring.
The company provides a host of bandwith services including dedicated voice and data connectivity, frame relay, ADSL, ISDN, as well as dedicated and dial-up Internet access. For further information, visit the company's Web site at www.netlojix.com.
Market Capitalization $36.3M
Shares Outstanding 11.0M
Float 2.20M
