Neos Restructures Finances

Converts 80% of debt to equity, raises additional £5 million equity

April 16, 2002

1 Min Read

LANGLEY, U.K. -- Neos, the creator of the UK Long Haul Ethernet market, announces today that it has restructured its finances. The restructuring leaves Neos with a strong capital base of 90% equity and debt of 10%. An additional £5m of equity has also been raised from Neos’ controlling investors, which include 3i Group, Dolphin Communications and Young Associates."This has been a great year for Neos" comments John Wheeler, CEO Neos "When we became the UK’s first Ethernet Service Provider (ESP) last year we knew we had a compelling proposition. This restructuring places us in a very strong position to serve our customers and to expand the range and reach of the Ethernet services we offer"Neos launched Long Haul Ethernet services last November and has 100% market share of this new and growing market. Neos achieved almost £20 million revenues for 2001, up from £5 million the year before, which represents a growth of 250%. The company’s revenue is expected to reach £30 million in 2002 making Neos cash flow positive in Q1 2003.Neos Networks

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