EXHIBIT 99.2
HSA LOGO
HIGH SPEED ACCESS CEO DANIEL J. O'BRIEN PROVIDES ADDITIONAL
COMMENTS CONCERNING RECENT COMPANY DEVELOPMENTS
LITTLETON, Colo., October 1, 2001-- High Speed Access Corp. (Nasdaq:
HSAC), President & CEO Daniel J. O'Brien provides the following comments
concerning recent company developments:
" High Speed Access Corp. today announced the signing of a definitive
agreement by which Charter has agreed to purchase substantially all of the
assets used by HSA to serve Charter's high-speed data customers. The purchase
price for these assets is $81.1 million in cash, subject to certain closing
adjustments and indemnity reserves, and the assumption of certain liabilities
related to the purchased assets. In addition, all 75,000 shares of our Series D
Senior Convertible Preferred Stock currently held by Charter and its affiliate,
Vulcan Ventures Incorporated, will be canceled. All warrants currently held by
Charter to purchase shares of our common stock will also be canceled. Lehman
Brothers, a leading investment banking firm, and the law firm of Weil, Gotshal &
Manges LLP have been advising the board.
"The board of directors participated in the negotiations and carefully
reviewed the terms of this agreement with Charter. Based upon the advice of our
advisors, our assessment of our market value and current market conditions, the
board has determined that the transaction is fair to and in the best interests
of the company.
"We continue to reduce our operating costs. We have completed our exit
from one-way cable TV markets, and are completing our exit from all two-way
cable system agreements except for those with Charter. We have scaled back the
operations of Digital Chainsaw, and are actively pursuing its sale. We have also
ceased our entry into the DSL market.
"At the present time, with the exception of the continuing Charter
operations, the wind-down of our non-Charter turnkey and web hosting businesses,
the only assets we are operating are those directly related to the provision of
international cable-based Internet services to Kabel Nordrhein-Westfalen GmbH. &
Co. KG, in Germany. In February of this year, we signed the three-year master
services agreement with Kabel NRW, which is managed by Callahan Associates
International. We are paid on a fee-for-service basis and believe that this
business will be profitable in the current year.
"Additionally, we have reduced our workforce to include only those
employees that Charter has agreed to hire on the closing date, those necessary
to operate any assets to be operated as a going concern after the closing, and
those necessary to effect the orderly wind-down of our remaining assets.
"We have not yet made a final determination as to the net effect of
this transaction on our ongoing operations and obligations. Our cash
requirements will vary based upon certain factors, including the liabilities we
incur before and after the closing, the length of time to the closing and our
ability to manage the orderly wind-down of our remaining assets."
About High Speed Access Corp.: High Speed Access Corp. (Nasdaq: HSAC),
a Wired World Company (TM), is a provider of broadband Internet access and
related communications services to residential and commercial customers
nationwide, primarily through cable modem technology. HSA's core service
offering currently consists of cable modem-based Internet access, which HSA
offers at several speeds and prices to residential end users through
partnerships with cable multiple system operators.
Cautionary Note Regarding Forward-Looking Statements about HSA: This press
release contains statements about future events and expectations that are
"forward-looking statements." Any statement in this press release that is not a
statement of historical fact is a forward-looking statement that involves known
and unknown risks, uncertainties and other factors which may cause the company's
actual results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Specific factors that might cause such a difference
include, but are not limited to: the company's uncertain ability to control
expenses, particularly in light of the current economic environment and the
company's limited capital; the company's history of losses and anticipation of
future losses, the potential fluctuations in the company's operating results;
disruptions to operations and accounting charges that could occur if the company
decided to pursue an acquisition or liquidation; rapid technological change and
evolving industry standards in the markets for the company's services; the
magnitude of any adjustments or reductions to the proceeds received by the
company in connection with the sale of certain of its assets to Charter; the
satisfaction of the conditions to, and the timing of, the consummation of the
sale of certain of its assets to Charter; whether the company consummates the
sale of claim of certain of its assets to Charter; whether the company
consummates an extraordinary transaction; and those risks and uncertainties
discussed in filings made by the company with the Securities and Exchange
Commission. The forward-looking statements in this press release are as of the
date hereof and the company assumes no obligation to update these
forward-looking statements.
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Contact:
Katina Vlahadamis Arnold, Dir. of Media Relations Ron Dart, Dir. of Investor Relations
720-922-2823 720-922-2844
kvlahadamis@hsacorp.net rdart@hsacorp.net
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