The board of directors has voted to extend the turn-in deadline until July 28, 2002. USOLW stock presently is trading for $1.25 per share. Under the exchange plan, two warrants and $5.50 will garner one share of stock. Warrant terms remain unchanged, according to a company statement. The extension does not cover 25,000 warrants that had been issued to WEB Services Co. in 1998 in line with an exclusive marketing agreement that is no longer in effect.
The 1.6 million plus warrants are a result of a July 1998 IPO that had involved Portland, OR-based FirstLink, a USOL contact tells GlobeSt.com. USOL Holdings and FirstLink had completed a reverse merger Dec. 15, 1999.
USOL Holdings is a provider of integrated telecommunications and entertainment services to the multifamily industry. The company through subsidiary, US OnLine, operates in its homeport, Dallas-Ft. Worth, Denver, Houston, Portland, San Antonio and Washington, DC. There currently are more than 53,600 operational passings in the USOL operation. USOL Holdings also owns TheResidentClub, which develops Internet platforms that provide a range of private-labeled online solutions for MDU communities and other residential markets.
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