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8.30.1999
Duro Announces Acquisition Of Southern Kentucky Network (Kih Online)
Boston, Mass., August 30, 1999 - DURO Communications, Inc. recently acquired Southern Kentucky Network (KIH Online), an ISP/CLEC operating out of London, Kentucky. With just under 22,000 customers and $5.4 million of annualized revenues, KIH will make a significant addition to DURO's network of Internet Data Service Providers. In particular, KIH will enhance the operations of DURO's Mid-South Region. This transaction culminates an active two months for DURO, which saw the acquisition of five (5) additional ISPs. To date, the Company has acquired eighteen (18) ISPs with a total of 142,000 customers and $33.9 million in annualized revenue. "KIH is a very important acquisition for DURO. Strategically, it gels the Kentucky/Tennessee Region, and its assets will significantly reduce DURO's telecom cost in that territory," said John Hayes, Managing Partner, Great Hill Partners.
About Great Hill Partners:
Great Hill Equity Partners, a Boston-based private equity firm, is one of the leading private investors in the telecommunications sector, having managed investments in all segments of the telecommunications industry including wireless telephony, competitive local exchange companies, telecom services, and ISP/Internet Data Services. Great Hill Partners also specializes in providing equity financing and strategic guidance to companies in the Media, Information, and Business Service sectors. The firm has closed on, and has begun investing, Great Hill Equity Partners Limited Partnership, a $330 million private equity fund.
About DURO Communications, Inc:
DURO is a leading provider of a full range of Internet Data Services focusing on II-IV Tier markets in the Southeastern United States. Employing a rapidly deployed consolidation and integration strategy, DURO plans to provide these underserved markets with all of their Internet Data Service needs. Targeting both the residential and business communities, the Company intends to be the dominant Internet Service Provider in the Southeast. The senior management of the Company presently consists of John Stanley as Chairman and Peter Hopper as the Chief Executive Officer.
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