Thursday November 08, 3:11 pm Eastern Time

Company Press Release

North American DataCom Acknowledges Equity Investment Support

IUKA, Miss.--(BUSINESS WIRE)--Nov. 08, 2001--Jack Freeman, president of North American DataCom, Inc. (OTC BB: NADA - news), the broadband data storage company, today acknowledged the local continuing capital support that has been of great assistance to the Company. Since June 2000, employee investment in the Company has exceeded $3 million. Employees and local investors have personally made equity investments to support the Company's projects, and to provide for operational expenses. North American DataCom (NAD) has primarily used these investments for working capital needs. These capital sources have indicated that they intend to continue their support. "Although the capital markets have been very weak over the past year, I see no better investment opportunity at this time than in our Company. I continue to believe strongly in the Company's information technology business model and in the opportunities available in the Southeast US and throughout the world,'' said Mr. Freeman.

"The need for the Company services and products has not diminished during the past 12 months,'' said Robert R. Crawford, NAD's chief executive officer. "I intend to continue to invest in the Company. The opportunity to expand the Company exists now as never before. Management and I are determined to position the Company to service the increasing worldwide market demand for information technology.'' To that end, the Company continues to develop its state-of-the-art broadband communications network with its strategic partner Sun America Communications Corporation. The initial fiber optic segment of the network is still planned to begin operation in late 2002. In the interim, the Company is rapidly developing the business applications using its existing broadband network. The Company has formed Global PTX, LLC, a joint venture with Infusion Software Group, LLC, to develop international private trade exchanges and related application services. The Company also continues to expand its paging services and internet service businesses. In addition, the Company is exploring and investing in opportunities to bring its engineering and network-building resources to new strategic global markets.

The Company has developed plans to raise additional capital to reach its investment goals. These plans include the financing agreement previously announced for a minimum of $25 Million in equity financing, with an option for an additional $25 Million, with IFG Private Equity, LLC, an Atlanta-based institutional investor. "While the capital market has been weak in the past year,'' said Mr. Crawford, "the Company's shareholders have personally acted to sustain the Company's capital needs. NAD has overcome, and it plans to continue to overcome, the many challenges presented by adverse market conditions. Opportunity abounds, and I encourage our shareholders and potential investors to see and understand how North American DataCom is positioned to serve the growing information technology market.''

Mr. Crawford alone has invested over $2.4 million. In return, he has received $2.1 Million worth of convertible Series B preferred shares, subject to resale restriction. The conversion rights on the preferred stock vary from $3 per share to $0.16 per share based on the common stock market price at the end of each quarter in which the investments were made. Last Spring, Mr. Crawford exchanged his accrued 2000-2001 corporate salary for 400,000 shares of NAD common stock, which has been registered under SEC Form S-8. Other employees and local shareholders have invested over $600,000 during this period.

Safe Harbor Statement

Statements in this release express management's beliefs and expectations regarding future performance. These statements are forward-looking and involve risk and uncertainties. These risks include, but not limited to, the ability to negotiate venture agreements, properly identify acquisition partners, manage and integrate acquired businesses, react to quarterly fluctuation in results, raise working capital and secure other financing, respond to competition and other rapidly expanding technology, deal with market and stock price fluctuation, and other risks. These risks are and will be detailed, from time to time, in North American DataCom, Inc. Securities and Exchange Commission filings. Actual results may differ materially from management's expectations.

North American DataCom's principal executive offices are located at 751 County Road 989, Building 1000, Iuka, MS 38852. For further information, contact Investor Relations, 662-424-5030, or by e-mail at investorrelations@nadata.com.

 


2003-05-02
North American DataCom, Inc. (NADA), announced today that has halted its operations due a lack of funding.

2003-01-03
North American DataCom Reports Unaudited Fiscal Year 2002 and First Quarter Results

2002-05-21
North American DataCom Reports Nine-Month Results: Debt and Losses Reduced

2002-04-30
North American DataCom Expands Its Operation in Greater China/Shangai

2002-04-25
North American DataCom Announces Bandwidth Agreement

2002-04-23
North American DataCom Expands Board and Announces Revised Business Plan

2002-02-21
North American DataCom Reports Six-Month Results: Revenues Up and Expenses Down

2001-12-04
North American DataCom Announces Expansion of Internet and Data Services Business

2001-11-08
North American DataCom Acknowledges Equity Investment Support

2001-10-31
North American DataCom Reports First Quarter Results: Revenues Up and Expenses Down

2001-10-24
North American DataCom Announces Revised Business Plan

2001-10-16
North American DataCom Reports Fiscal Year 2001 Results: Net Revenue and Development Expenses Up

2001-08-28
North American DataCom, Inc. and Infusion Software Group, LLC Launch GLOBAL PTX

2001-08-07
North American DataCom Announces Management Changes

2001-05-15
North American DataCom Announces Third Quarter Financials: Net Revenues Increased by 113% and Development Expenses Up

2001-03-15
North American DataCom Enters Into Agreement for Up to $50 Million of Equity Financing

2001-03-07
North American DataCom Announces New Lease with State of Mississippi

2001-02-19
North American DataCom Reports Second Quarter Results: Net Revenue and Development Expenses Up

2001-02-15
North American DataCom Announces Interim Business Plan

2000-11-07
North American DataCom Receives Enterprise Data Storage Contract

2000-09-07
North American DataCom Announces Deployment of Microwave Tower and Right of Way Agreement With Local Railroad

2000-09-01
North American DataCom Subsidiary Announces Appointment of Gordon Evans

2000-08-22
North American DataCom Announces Fiber Optic Conduit Agreement

2000-05-12
North American DataCom Receives Certification as a Competitive Local Exchange Carrier -CLEC-

2000-05-11
Broadband Pioneer Makes Tracks With EMC As Core Info Infrastructure

2000-04-07
North American DataCom Changes Trading Symbol

2000-03-24
Pierce International Changes Name To North American DataCom

2000-03-07
Pierce International Names Jerry Buuck to Head Sales for Its Newly Formed Subsidiary North American InfoTech, LLC

1999-12-21
Pierce International Acquires North American Software

1999-05-20
North American Software Acquires Freedom 2000 Internet Service