ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, May 3, 1996 TAG: 9605030043
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
DATELINE: BLACKSBURG
SOURCE: ELISSA MILENKY STAFF WRITER
The parent company of NRVnet, a six-month-old Blacksburg-based Internet access provider, is seeking private investors in an effort to raise operating capital.
Internet World Headquarters, which runs NRVnet, has set aside 20 percent of the company's stock to sell to private investors, said NRVnet President Ted Hudson. Initially, the company's six-member board of directors voted to set aside only 10 percent of the stock, which already has been sold.
Hudson said the board recently decided to sell another 10 percent because of NRVnet's fast-paced growth.
The company called a meeting Wednesday night to discuss investment opportunities, but the five people who had signed up to come did not show. Hudson said NRVnet will continue to offer meetings until the remaining 10 percent is sold.
NRVnet opened in November, becoming the first local modem pool provider in the New River Valley that was separate from the Blacksburg Electronic Village. In March, the BEV staff announced it would no longer take nonuniversity subscribers into its modem pool.
In six months, the company has signed on nearly 2,000 subscribers, increased its staff by 26 people and expanded its offices to a second location in Christiansburg.
The growth, Hudson said, requires constant equipment upgrades and additional phone lines.
"It's all capital-intensive," he said. "We've got the talent; it's just a matter of making sure we can fund the project."
The stock is being sold in blocks of 100 for $20 a share, requiring a minimum $2,000 investment. NRVnet has been advertising the sale on its home page.
LENGTH: Short : 41 linesby CNB