FOR IMMEDIATE RELEASE:
December 17, 1997
For additional information contact:
John Brennan (919) 890-6071
Jim Goodmon (919) 821-8504
INTERPATH MERGING WITH CARONET
RALEIGH, NC – Capitol Broadcasting Company (CBC) announced today that its subsidiary, Interpath, is merging with CaroNet (a subsidiary of Carolina Power and Light) to become part of a new company called Interpath Communications. For its contribution of Interpath to the new corporation, CBC is receiving stock in the new corporation and will be a minority shareholder in Interpath Communications. CP&L will be the majority shareholder and will operate Interpath Communications as a subsidiary. The merger is effective January 1, 1998.
Interpath, which began operations in 1994 as the Internet Division of CBC, has experienced dramatic growth over the last three years. The network spans three states offering local dial access to the Internet in 29 cities in North Carolina, South Carolina and Virginia. The Company was recently recognized among the North Carolina 50 Fastest Growing Companies and received the NCEITA 21 award for its revenue growth. The company has more than 9000 customers and its expanded products include Internet access, Web Development services, Web Hosting and Virtual Private Networks. Interpath recently upgraded and expanded its facilities base to accommodate the business’s staff and equipment requirements. Interpath currently employs 70 employees.
CaroNet is a subsidiary of Carolina Power and Light and markets access to the utility’s extensive fiber optic telecommunications network.
In making the announcement James F. Goodmon, President and CEO of CBC, said, “The combination of Interpath and CaroNet really makes sense. Success on the highly competitive communications superhighway requires strategic partnerships. The infrastructure which CaroNet owns, combined with the organization and technical capability of Interpath, will create an extremely comeptitive and capable communications provider serving the needs of North Carolina and the Southeast. I have a great deal of pride in what has been accomplished at Interpath. Both CaroNet and Interpath have a tradition of community service and involvement that will continue through the combined, Interpath Communications.”
CBC, while no longer operating an ISP, will continue to produce its many successful websites, including: WRAL-TV online, Race Shop, Fantasy Racing, Drive Time, Carolina Hurricanes, Carolina Panthers, Tennessee Oilers, Duke Athletics, NCSU Athletics, ECU Athletics, High School Football Scoreboard, and several more.
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL-Digital, WRAL-FM, Microspace, the North Carolina News Network, DTV Plus, Wolfpack Sports Marketing, and Capitol Sports Management in Raleigh, NC; WJZY-TV and WFVT-TV in Charlotte, NC; WILM-TV in Wilmington, NC; WRAZ-TV and the Durham Bulls Baseball Club in Durham, NC; and the Myrtle Beach Pelicans Baseball Club in Myrtle Beach, SC; Capitol Broadcasting Company also founded Local TV on Satellite in Raleigh, NC.