Tuesday April 23, 2:01 pm Eastern Time

Company Press Release

North American DataCom Expands Board and Announces Revised Business Plan

IUKA, Miss.--(BUSINESS WIRE)--April 23, 2002--North American DataCom, Inc. (OTCBB:NADA - news) announced today that it had appointed two new members to its Board of Directors. Jack Freeman has stepped down as President of the Company, but has become a member of the Board. The second new Member is Dr. William Durham, MD, an investor in the Company.

Jack Freeman, past President of Sun America Communications, has extensive experience in the construction of broadband networks throughout the US and Central and South America. Dr. Durham is a major shareholder of the Company, and has been active in both domestic and international information technology development. We are both proud and fortunate to have these gentlemen add their contacts and experience to our Board.

The Board has approved a revised Business Plan. The revised plan continues to focus on immediate revenue growth and immediate reduction of investment and expenses associated with delayed broadband infrastructure development. ``Our goal continues to be development of a state-of-the-art broadband network in the underserved southeast,'' stated Robert R. Crawford, chief executive officer of North American DataCom. ``The realities of the current capital marketplace have limited our access to funds for the investment. The Company has therefore redirected its focus to shorter-term goals. As discussed in previous releases, the Company has directed its marketing efforts to Application Services revenues, such as provided by Global PTX, to expand data storage (EDS) and broadband services throughout the rural South. These three markets provide tremendous opportunities for immediate revenue growth. Our current broadband facilities of approximately 500 megabytes per second can support our marketing program through 2003.''

The Company's plan, which was formulated last year with Cap Gemini Ernst and Young, calls for the construction of a 3,000-mile fiber optic network throughout the Southeast United States.

The initial wireless and fiber optic network connects our facility in Iuka, Mississippi, with Memphis and Atlanta. This connection is tactically and strategically the most critical. The Company sees a large opportunity for its broadband services in this region. This region serves 15 of the 62 smaller population centers and 3 of the major 7 population centers along the planned network route. To serve the anticipated demand, the Company has opened approximately 5,000 square feet in its Major Data Storage Center. The Major Center will eventually comprise 60,000 of the planned 125,000 square feet available in the Company's facility in Iuka, Mississippi.

The capital budget over the next 9 months for the expenditures of the interim bandwidth network, the interim EDS business and the Global PTX business is estimated at approximately $5 million. The Company's Revised Business Plan continues to project operating cash flow to reach breakeven by this summer. Under the revised Plan, North American DataCom still expects to have a positive cash flow by this summer, and to realize profits in the fall of 2002. The Company expects its 9-month results to show a continuing trend of higher revenues and reduced expenses.

``We remain determined to develop our network and increase services in the rural South, an underserved area,'' continued Mr. Crawford. ``Further, we believe this Plan positions us to benefit from expanding application service and data storage growth. We expect the capital market to react favorably to our Plan, and plan to use the equity line of credit announced last year for capital funding.''

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 capitol 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 go to our website, www.nadata.com, or contact Investor Relations, 662/424-5030, and 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