HILLSIDE, N.J. -- Wire One Technologies, Inc. (NASDAQ:WONE), a video communications service provider, announced today that it completed the sale of substantially all of the assets of its Video Solutions business to an affiliate of Gores Technology Group. Wire One reached a definitive agreement to sell the assets to Gores on June 10, 2003 and the Company's stockholders subsequently voted to approve the sale on August 21, 2003. Wire One received total consideration of up to $24 million for the transaction, consisting of $21 million in cash, including $19 million at closing and a $2 million holdback, an unsecured $1 million promissory note maturing on December 31, 2004, and a $2 million earnout based on performance of the assets over the next two years. Pursuant to the terms of the agreement, the cash payment reflects a purchase price adjustment of approximately $1 million, which is the amount by which the net assets transferred to Gores, as measured on June 30, 2003, were less than $15 million. Net proceeds from the transaction will be used to repay existing bank debt, to further expand sales, marketing, engineering and customer support for the Company's award-winning Glowpoint videoconferencing service, and for general corporate purposes. With the completion of the sale and the transfer of the "Wire One Technologies" name to Gores, the Company is now exclusively focused on providing video communication services. Reflecting this transition, the Company has changed its corporate name to Glowpoint, Inc. and its stock will commence trading on the NASDAQ National Market under the "GLOW" stock symbol starting September 25. "An independent, financially viable Glowpoint can grow faster than it would as part of a larger organization, and we're excited to begin this next chapter in our corporate history," said Richard Reiss, Chairman and CEO of Glowpoint, Inc. "We look forward to scaling Glowpoint to its fullest potential in the periods ahead." Glowpoint Inc.